Data theft: MAS to review bank's report

Data theft: MAS to review bank's report

SINGAPORE- Standard Chartered Bank could find itself in hot water with the regulator after yesterday's data theft revelations.

The Monetary Authority of Singapore (MAS) said it will examine the bank's own report into the incident and decide if action needs to be taken.

MAS has also reminded all financial institutions to step up their vigilance in safeguarding computer systems and customer information, including controls at third-party service providers.

Its statement came after StanChart revealed that the February statements of 647 private banking clients had been stolen through a server of Fuji Xerox, which does printing for the bank.

"The bank has confirmed to MAS that this incident has not compromised the bank's own IT systems or infrastructure," MAS said. "We will review StanChart's investigation report and consider if regulatory action against the bank is warranted."

MAS noted that financial institutions across the world have been facing an increasing number and variety of cyber threats.

"MAS takes a serious view of such threats and has stringent requirements in place for financial institutions to protect the security of their IT systems and confidentiality of their client data."

These include regular "vulnerability assessments" and penetration tests, which are carried out regardless of whether such client data is processed in-house or at third-party service providers.

"The recent theft at StanChart is an isolated case, but underscores the need for heightened vigilance in financial institutions, including close management of risks pertaining to service providers," it said.

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