MAS appoints first-ever chief cyber security officer

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Photo credit: neydt / 123RF.

The Monetary Authority of Singapore (MAS) has appointed its first-ever “chief cyber security officer” (CCSO) to take the lead on strengthening its resilience against cyber attacks and other online security issues.

Tan Yeow Seng – who has worked at MAS since 1998 – will take up the newly created position while continuing in his existing role as executive director for technology risk and payments.

MAS said in a statement that Tan’s responsibilities as CCSO will include “setting cyber resiliency standards and overseeing their implementation,” both within MAS and in Singapore’s wider financial services industry.

Cyber security has become a central theme in Singapore’s tech ecosystem of late, as global concerns grow over the vulnerability of online assets.

Telco Singtel launched its Cyber Security Institue last year, while the National Research Foundation recently announced it will dispense US$12 million to companies and research institutions to help them develop and deploy cyber security technologies.

The government also has a new cyber security law in the works which, among other things, could lead to the introduction of a licensing framework for cyber security professionals. The bill is expected to be tabled in Singapore’s parliament next year.

MAS announced two other appointments today. Ho Hern Shin, currently executive director in the agency’s insurance department, will become assistant managing director for banking and insurance. The current holder of the role, Chua Kim Leng, will become a special advisor to MAS.

Executive director Loo Siew Yee will take over as assistant managing director for policy, risk, and surveillance. She replaces Wong Nai Seng, who is heading off to pursue other interests.

All the new appointments will take effect on December 1.