Security Solutions
Compliance as a Service
MAS Compliance
Maximise security to ensure future growth without compromise
Today's organisations have more data than ever before, and they have a slew of duties to protect it from intrusions. The consequences include financial losses, increased operational costs, performance hazards, compromised data security, managing conflicts of interest, and providing efficient customer service. As businesses struggle to comply with data privacy and protection rules, meeting regulatory compliance has become a monumental and onerous task.
MAS is undoubtedly the greatest solution for implementing broader controls across IT security programs. It is critical to do regular risk assessments, develop and maintain security policies, conduct regular security testing, manage software and patches, protect against malware, and prevent advanced threats.
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The security sector in Singapore is expected to generate an amazing US$52.3 million by 2028.
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Singapore has made significant investments in modern security systems, establishing itself as a global market leader
Strengthening Cybersecurity through MAS Compliance - Monetary Authority of Singapore
Singapore's centralised financial regulator is the Monetary Authority of Singapore (MAS). MAS supports financial institutions in the implementation of effective risk management, the enhancement of system security, and the protection of sensitive data and transactions. MAS has released Technology Risk Management (TRM) guidelines as best practices for financial institutions operating in Singapore. Recently, MAS adopted cloud services as an outsourcing service and enforced a number of data protection and cybersecurity laws to streamline technology adoption and address difficulties affecting the financial industry's use of cloud solutions.
To address technological risk management and ensure compliance with cybersecurity regulations in the financial sector, Bizionic Technologies provides a unique way to improve the organizational security architecture through MAS compliance. We provide a sustainable governance security model that meets international compliance standards and helps financial businesses stay up-to-date on evolving technologies and cybersecurity best practices by combining the experience of tech security and governance professionals.
Why MAS Compliance Is “A Must”
In technology-driven banking, cybersecurity compliance is becoming increasingly important. Cyber resilience frameworks should handle important challenges such as data confidentiality and integrity, compliance risks, reputational damage, and many others. Inclusive and compliance-oriented financial activities can benefit in the following ways:
Businesses typically scurry to comply with newly enacted legislation, divert business resources away from other operations to focus on compliance, and strive to outperform competitors who already have market domination. Using MAS compliance can help avoid last-minute scrambles.
It allows you to stay ahead of the curve by projecting upcoming regulatory changes and implementing them efficiently without disrupting ordinary business operations.
Any resource diversion from the business's key aims might result in significant time loss. Responding to new rules on time is critical for corporate expansion since it facilitates business operations and efficiency. Businesses can use MAS Compliance to strategically comply with projected changes while remaining focused on their business objectives. It will enable development and progress without running the danger of non-adherence.
Noncompliance can result in serious reputational damage and a loss of customer trust. Businesses' licenses might be revoked, affecting their ability to meet commercial objectives. Ensuring MAS compliance can help to reduce risks and improve the efficiency of daily activities.
Customers are now concerned about how frequently firms acquire and use personal data to improve corresponding services and goods. By implementing restrictions, organizations can disclose data policies that customers may overlook. It also improves client retention and preserves customer privacy.
When firms plan to enter new markets, MAS compliance provides an additional layer of security. It facilitates speedy start-ups and encourages enterprises to establish themselves in the new market. Adapting legislation before entering new markets can help firms understand local laws and privacy practices, allowing them to focus on marketing and growth.
Technological innovation has altered the banking sector, but it is supported by data breaches and strong security measures to create cyber resilience. Compliance with cybersecurity standards helps organizations reduce the risk of malware attacks and data breaches while also protecting sensitive data. Businesses that comply with MAS can strengthen their cybersecurity compliance and framework.
Many compliance measures need structured data storage, simplified corporate processes, and routine audits of operational activities. All of this steadily improves your business's efficiency and lowers costs. Global compliance standards assist firms in determining what is required for success and encourage uniformity in the marketplace, allowing them to operate on a fair, ethical, and equal basis. Enterprises that comply with MAS can get a competitive advantage in their respective industries.
Bizionic provides comprehensive managed compliance and
compliance-as-a-service solutions.
IRAP
Based on Australian security laws and standards, the Information Security Registered Assessors Program (IRAP) provides a comprehensive framework for assessing, analyzing, and evaluating the effectiveness of an organization's cybersecurity measures. The Australian Signals Directorate (ASD) monitors this.
BANK NEGARA
Bank Negara Malaysia (BNM) oversees a significant regulatory framework and rules that specifically address operations in the banking, financial services, and insurance (BFSI) sectors.
THE CENTRAL BANK OF OMAN
The Central Bank of Oman has implemented regulations that apply to all functions in the banking, financial services, and insurance (BFSI) sector, as well as banking institutions in Oman.
SAMA
The Saudi Arabian Monetary Authority has implemented a centralized cybersecurity framework and protocols to provide guidance to firms in all industries on how to successfully safeguard their operations, assets, and data.
FINMA
The Swiss Financial Market Supervisory Authority provides regulations and frameworks to oversee banks, financial institutions, insurance companies, stock exchanges, securities dealers, and other entities.
UAE COMPLIANCE
The United Arab Emirates has implemented comprehensive legislation covering data residency, privacy, and other aspects of company operations, ensuring compliance on a wider scale.
GDPR
The General Data Protection Regulation (GDPR) is a comprehensive set of legislation that governs the acquisition and use of personal data by persons who are European Union residents.
PCI-DSS
The Payment Card Industry Data Security Standard establishes guidelines and standards to guarantee that all businesses involved in taking, storing, and processing credit card information maintain a highly secure environment.
HIP-AA
The Health Insurance Portability and Accountability Act establishes standards and protocols to guarantee the confidentiality, protection, and accuracy of sensitive patient data. Healthcare firms obtain the HITRUST (Health Information Trust Alliance) accreditation as evidence of their compliance with HIPAA regulations.
ISO STANDARDS
Compliance requirements for operations in the banking, financial services, and insurance (BFSI) sector, as well as for financial institutions, pertain to matters such as security, operational management, and data administration. The Reserve Bank of India, the leading banking institution in the country, provides these compliance requirements.
MAS
The Monetary Body of Singapore, which is the country's central body for banking, financial services, and insurance, has established guidelines for financial institutions outsourcing operations and procedures.
OJK
The Financial Services Authority of Indonesia (Otoritas Jasa Keuangan) issues and oversees the regulations governing the management and operations of financial institutions.
RBI
Compliance requirements for operations in the banking, financial services, and insurance (BFSI) sector, as well as for financial institutions, pertain to matters such as security, operational management, and data administration. The Reserve Bank of India, the leading banking institution in the country, provides these compliance requirements.
GXP
The GXP compliance standard is an abbreviation for regulatory criteria and recommendations that are applicable to many industries, such as life sciences, food, and medical items. The 'X' in GXP represents any letter that is relevant to a certain industry. Examples of these practices are good laboratory practices (GLP), good clinical practices (GCP), and good manufacturing practices (GMP).
An Impact with Difference:
Why Partner with Bizionic for
Enterprise Cybersecurity Transformation?
One of the top managed cybersecurity firms and the biggest application-focused managed cloud services provider in the world.
Pre-met standards for local, national, and international compliance, such as ISO, CSA, GDPR, HIPAA, SAMA, IRAP, and GXP certifications.
Seven Frameworks for Security Making use of CIS Critical Security Controls, MITRE ATT&CK, and other.
Extensive round-the-clock cybersecurity surveillance program.
Advanced Managed Detection and Response Solutions (MDR) are automated security solutions for threat prediction, detection, and response.
International proficiency in solutions and services for managed Security Operations Centers (SOCs). environments by integrating security and operations teams.
A portfolio devoted to DevSecOps.
Comprehensive end-to-end IT and cloud stack cybersecurity consulting, assessment, and audit reporting services.
The Cybersecurity Incident and Response Team (CSIRT) for Advanced Bizionic Solutions.
Significant experience in threat management in securing large and complex environments.
Comprehensive expertise in publicly managed cloud security services: AWS, Azure, GCP, and Oracle Cloud.