Cybersecurity & Singapore - Mitigating risks posed by digitalised payments

Given increased adoption of new technology for payment systems and within the financial ecosystem, the relevant authorities in Singapore have provided guidelines to mitigate cybersecurity risks. Despite adopting mitigating practices, disruptive cybersecurity events can and do occur. When such events occur, the relevant authorities have prescribed certain reporting requirements. This fifth article in our Cybersecurity & Singapore series highlights some of the key points that providers and users of such payment or financial service need to take note of from a cybersecurity perspective.