Practical Considerations on IT Outsourcing Implementation under the Monetary Authority of Singapore's Technology Risk Management Guidelines

Singapore ranks third overall in the Global Financial Centres Index. The Monetary Authority of Singapore (MAS), Singapore's central bank, has helped to achieve this success through guidance and regulation of the financial industry including how to conduct themselves in a secure and reliable manner. The Technology Risk Management Guidelines (TRM) are both a cyber philosophy and a set of regulatory requirements for financial institutions to address existing and emerging technological risks. However, successful implementation of TRM can be challenging from a practical standpoint for today's Cybersecurity Managers. TRM's Management of IT Outsourcing Risk is a key focus area which encompasses many of the principles and requirements promoted throughout the Guideline. By utilizing threat based, hierarchical measures such as those advocated by the Centre of Internet Security, Cybersecurity Managers can adhere to the Spirit of the Guidelines while implementing effective operational cybersecurity and safe Vendor integration.