Singapore's MAS Steps Up Cyber Defences Against AI-Driven Threats

Singapore's financial regulator is intensifying its focus on cyber and technology resilience as artificial intelligence reshapes the threat landscape. The Monetary Authority of Singapore, together with the Association of Banks in Singapore, has established a taskforce to strengthen the sector's defences against AI-driven cyber threats, aiming to help banks and financial institutions prepare for more sophisticated attacks. As part of a broader push, the regulator has also asked financial institutions to report their exposure to cryptocurrency-related activities, seeking clearer oversight of risks as digital assets become more intertwined with the traditional financial system. The measures reflect growing supervisory concern that the rapid adoption of AI, cloud services and digital platforms increases the potential impact of outages, fraud and cyberattacks on customers and the wider system, while emerging technologies such as quantum computing pose longer-term risks. By coordinating industry-wide preparation and improving visibility into crypto exposure, the authority aims to keep Singapore's status as a secure and competitive financial hub intact. The initiatives build on the regulator's earlier work on operational resilience, AI governance and cyber security, signalling that technology risk remains a central supervisory priority.