Page 50 - 期貨和衍生品行業監管動態（2024年8月刊）
P. 50
期貨和衍生品行業監管動態
To ask the Prime Minister and Minister for Finance (a) how many financial
institutions in Singapore were affected by the recent outage on 19 July 2024 that was
caused by a software update; (b) how were the account holders of the respective
financial institutions affected by the outage; (c) how long did the financial institutions
take to restore their operations back to normalcy; and (d) what are the lessons learnt
from the said outage.
Answer by Mr Gan Kim Yong, Deputy Prime Minister and Minister for Trade
and Industry, and Chairman of MAS:
On 19 July, a faulty security update from a major cyber security vendor resulted
in a global disruption of numerous organisations’ IT systems and operations.
Major financial institutions (FIs) in Singapore reported limited or no impact to
their critical systems and customer-facing operations. A few FIs experienced
disruptions to some of their IT systems meant for internal staff.
The Singapore Exchange experienced a temporary disruption to its post trade
services on the Central Depository, resulting in a limited number of trades being
rolled over for settlement on the next business day. However, all other trading and
clearing services continued to operate normally.
Among the affected financial institutions, operations proceeded normally by the
next business day on Monday, 22 July.
The incident highlights the importance of having FIs implement robust processes
and controls to identify and manage risks, including those arising from the reliance on
third parties. It also underscores the need for FIs to build capabilities to recover
systems and operations quickly in the event of a disruption as this will minimise the
impact on customers. MAS expects these of all FIs, and will continue to work with
FIs to strengthen their operational resilience.
https://www.mas.gov.sg/news/parliamentary-replies/2024/written-reply-to-parliament
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