Security & Support | |
Security & Support | |
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The
Monetary Authority of Singapore (MAS) today announced the launch of a new S$30
million Cybersecurity Capabilities Grant to strengthen the cyber resilience of
the financial sector in Singapore and help financial institutions develop local
talent in cybersecurity.
The
Grant, funded under the Financial Sector Technology and Innovation Scheme
(FSTI)1, will support the development of advanced cybersecurity
functions2 in Singapore-based financial institutions. The Grant
will co-fund up to 50% of qualifying expenses, capped at S$3 million, for:
I. financial
institutions to establish their global or regional cybersecurity centres of
excellence in Singapore; and
II. financial
institutions with key global or regional cybersecurity functions and operations
in Singapore to expand and deepen their cybersecurity capabilities locally.
The
Grant will also encourage Singapore-based financial institutions to upskill
their local workforce through cybersecurity-related training programmes. This
will help attract more cybersecurity professionals and expand the local talent
pool in the financial sector.
Mr 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.”
Applications
for the grant are now open for financial institutions. Interested financial
institutions can write to fsdf@mas.gov.sg for
more information.
Footnotes
1 FSTI
was introduced by MAS in June 2015 to support the creation of a vibrant
ecosystem for innovation in the financial sector. MAS has committed S$225
million to the FSTI.
2 Examples of cybersecurity functions that
could qualify for the Cybersecurity Capabilities Grant are security operations,
cyber threat surveillance and intelligence gathering, computer forensics,
malware research and analysis, and cyber threat hunting.
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