Singapore’s central bank and financial regulator, the Monetary Authority of Singapore (MAS) has unveiled a $22 million (S$30 million) cybersecurity fund targeting the financial sector.
According to an official statement, the fund will strengthen the cyber resilience of Singapore’s financial sector and help financial institutions develop local talent in cybersecurity.
The MAS will co-fund up to 50 per cent of qualifying expenses capped at $2.2 million (S$3 million) under this scheme. The grant may be used by financial institutions to establish global or regional cybersecurity centres in Singapore or deepen their local cybersecurity capabilities.
Tan Yeow Seng, chief cyber security officer, MAS said, “The Singapore financial sector has made significant progress in recent years in building up cyber resilience and managing cyber risk. But the cyber threat landscape continues to evolve and we have to constantly strengthen our cyber capabilities. The Cybersecurity Capabilities Grant will support financial institutions in advancing their cybersecurity technology and manpower needs.”
The cybersecurity functions that qualify for this scheme include security operations, cyber threat surveillance and intelligence gathering, computer forensics, malware research and analysis and cyber threat hunting.