The Monetary Authority of Singapore (“MAS”) issued an advisory on 7 February 2020 advising Financial Institutions (FIs) in Singapore to adopt additional measures recommended by the Ministry of Health (“MOH”) and the Ministry of Manpower (“MOM”) following the raising of the Disease Outbreak Response System Condition (“DORSCON”) Alert Level from Yellow to Orange.
MAS advises FIs to ensure the following when carrying out their business continuity plans:
MAS also reminded FIs to stay vigilant as there are cases of cyber threat actors taking advantage of the situation to conduct email scams, phishing and ransomware attacks. MAS has been informed about scammers impersonating MOH contact tracing officials and requesting for financial information from individuals. MAS advised the public to call the MOH hotline to verify if such calls are genuine.
RHT Compliance Solutions (“RHTCS”) recommends for FIs and companies to step up their Business Continuity Plans (BCP) so as to be prepared in the event of a widespread community transmission.
As advised by MOH, companies should:
Full details can be found in the link below
Should you have any questions / clarification, please do not hesitate to reach out to RHT Compliance Solutions (“RHTCS”).