In some ways, IT teams had a great life in the early 2000s. Data was stored inside data centers and accessed through known ingress and egress points like a castle with a limited number of gates. As a result, organizations had control over exactly whom and what devices could access company data. This is no longer the case. With users accessing cloud applications with whatever networks and devices are at their disposal, those defense mechanisms have become inadequate.
As a major financial hub in Asia and globally, Singapore is very aware of the challenges facing the financial industry, especially the accelerated digital transformation that stemmed from the COVID-19 pandemic. In response to the sector’s increased exposure to cloud technology, the Monetary Authority of Singapore (MAS) has released a guideline to address cybersecurity risks associated with the adoption of public clouds.
