Phishing Attacks with Multiple Replica Sign-Ins are on the Rise

Organizations have elaborate multi-layer cybersecurity defense mechanisms in place and yet hackers manage to penetrate through to access their data. With these stronger defense mechanisms, the number of machine and direct network exploits have decreased. However, hackers have now turned towards phishing attacks and social engineering.   Reports suggest that more than 90% of data breaches start with a phishing attack. Phishing does not involve…

What should your Cybersecurity budget be?

Cybersecurity has become a matter of great concern for governments, corporations, and SMEs across the globe. The reason is that these organizations collect and store sensitive information from their users that can be breached and accessed by hackers. Data breaches and other cyberattacks have become very common in the last couple of years with over…

“Asia’s Digital Transformation”- Remarks by Mr Ravi Menon, Managing Director, Monetary Authority of Singapore, at the GIC Institutional Investors Roundtable on 31 October 2018

Ladies and gentlemen, good morning.  I thank GIC for the invitation and am pleased to meet all of you. Why FinTech? About three-and-a-half years ago, the Monetary Authority of Singapore (MAS) made a momentous decision – to promote an innovative and dynamic financial sector by working with the industry to harness the power of technology.…

Singapore SME Cyber Threats on the Rise

Singapore is a highly-connected country that consists of a strong network of Small and Medium Enterprises (SMEs). However, despite several efforts made in the past to strengthen the security of this network, these SMEs have been, and continue to be vulnerable to cyber attacks. In 2017, there was a significant rise in the cybercrimes in…

America Plays Catchup to GDPR

The United States (US) is working on its own version of the European General Data Privacy Regulation (GDPR). However, this regulation, which is currently in its drafting phase, will not constitute any laws or fines for rule-breakers. On 25th September, the US government initiated a public comment period for its initial proposal so that the…

Monetary Authority of Singapore Proposes 6 Legally Binding Cyber-Security Measures

In June 2013, the Monetary Authority of Singapore (MAS) released their Technology Risk Management Guidelines (TRM) advising Singaporean Financial Institutions’ (FI) on how to protect their systems, data, and networks from a magnitude of technology risks. The guidelines set out risk management principles & best practices standards to guide FI’s in establishing a robust technology…

IMPORTANT THREAT ALERT! MAS Guidelines– Apache Struts Vulnerability (CVE-2018-11776)

Have you deployed security updates yet?  Are you vulnerable to the recent threat? Apache Struts is a popular open-source Java-based web application framework used for developing many enterprise web applications globally. On August 22, 2018, the Apache Foundation released a critical security update for CVE-2018-1176, a remote code execution vulnerability affecting Apache Struts versions 2.3 to 2.3.34 and…