No significant increase in fraud, cyber-risk incidents from remote working in 2020: MAS-ABS

THE Singapore banking system did not observe any significant increase in operational, fraud and cyber-risk incidents from remote working in 2020, compared with a year ago.

This was the conclusion of a white paper jointly published on Tuesday by the Monetary Authority of Singapore (MAS) and The Association of Banks in Singapore (ABS).

However, the paper, which sets out best practices for banks, signalled potential risks ahead. It said: "Given that large-scale ongoing remote working is a relatively recent development, the associated risks may emerge only over time. The forms that remote working will take, and the resultant risks, will also continue to evolve."

MAS and ABS encourage financial institutions (FIs) to benchmark their remote working controls against the examples in the white paper. "FIs should also continually review and enhance their risk-management practices to address evolving risks," both parties said in a joint statement.

The white paper comes as MAS and ABS foresee significant remote working arrangements, as well as a hybrid mix of remote working and work-in-office arrangements; these will likely continue until the Covid-19 pandemic is under control.

The paper looks at possible risks to FIs in the areas of operations, technology and information security, fraud and staff misconduct, and legal and regulatory risks. It also examines the impact on people and culture that may be brought about by remote working.

FIs which collaborated with MAS to co-publish the information paper include Citibank, DBS, HSBC, Maybank, the Network for Electronic Transfers (Singapore), OCBC, Standard Chartered, UOB and the Singapore branches of Bank of America, Bank of China, Barclays Bank and Deutsche Bank.