Financial services have been at the center of cyberattacks in 2019. As attackers continue to make their techniques more complex, financial institutions need to realize and take precautionary measures to address these threats.
DDOS (Distributed Denial of Service) attacks are one type of cyberattack that have increased significantly in the last few months.
MAS Takes Notice
The Monetary Authority of Singapore (MAS) has recently taken notice of the rise in the number of DDOS attacks on financial institutions and has provided recommendations in its latest circular MAS/TRS/2019/03.
It has been reported to the MAS that an increasing number of financial institutions in Singapore had reported DDOS attacks on their systems in October. Some financial institutions even received threats via email for further attacks if the demanded ransom was not paid.
What MAS Advisory Recommends
In light of these events, the MAS advisory has advised all financial institutions to remain on high-alert and monitor their IT systems for suspicious activities. In the case of any doubts, it is recommended that you trigger your DDOS defense systems.
Furthermore, if a DDOS attack does take place, financial institutions are now required to immediately notify the MAS. You should include the following information when reporting a DDOS attack:
- The impact of the attack including the services that it affected.
- The time at which the attack began.
- Whether the attack has been stopped or if it is still on-going.
Informing MAS immediately of such attacks will not only help you in minimizing the damages caused by such attacks but will also other financial institutions in your sector to get enough notice to put their systems on high-alert.
Apvera Can Help
DDOS attacks can cause quite a lot of damage to financial institutions by rendering their services almost useless for long periods. The MAS now requires financial institutions to adopt DDOS mitigation and prevention techniques as illustrated above.
Apvera is a cybersecurity partner that helps financial institutions secure their digital assets, become compliant with regulations such as those put forward by the MAS, and enjoy uninterrupted IT operations.
If you would like to learn more about how we can help you secure your financial institution against DDOS attacks as advised by the MAS and ensure proper reporting of such attempts, please get in touch with our team.