6 October 2025, 05:23 PM
In May 2024, the Singapore Monetary Authority (MAS) revised its technology risk management guidelines framework. Breaking the MAS TRM guidelines may have serious financial consequences for the financial institutions, especially the banks. Recently, MAS has fined S$27.45 million on nine firms.
It is important to understand that with the massive growth in the banking sector of Singapore, threats have become more advanced. Banks in Singapore have faced an average of 1,830 cyberattacks per week over the past six months, as per the Threat Intelligence Report of CheckPoint from December 2024.
Financial institutions are expected to demonstrate not only that they understand the TRM framework but also that they can produce evidence that proves resilience in practice. MAS’s expectation is that technology risk management must be treated as a board-level priority, not just an IT function.
In this blog, we delve deeper into MAS TRM guidelines, what they mean, their importance, and best practices for the financial sectors.
What is MAS TRM?
The MAS Technology Risk Management (TRM) Guidelines are a comprehensive set of principles issued by MAS to help financial institutions identify, address, and manage technology risks. The primary aim is to improve how financial institutions safeguard IT systems, customer data, and services. Together, the TRM Guidelines and the new FSM Notices provide a layered security framework.
Source: https://qualysec.com/mas-trm-guidelines/
It is important to understand that with the massive growth in the banking sector of Singapore, threats have become more advanced. Banks in Singapore have faced an average of 1,830 cyberattacks per week over the past six months, as per the Threat Intelligence Report of CheckPoint from December 2024.
Financial institutions are expected to demonstrate not only that they understand the TRM framework but also that they can produce evidence that proves resilience in practice. MAS’s expectation is that technology risk management must be treated as a board-level priority, not just an IT function.
In this blog, we delve deeper into MAS TRM guidelines, what they mean, their importance, and best practices for the financial sectors.
What is MAS TRM?
The MAS Technology Risk Management (TRM) Guidelines are a comprehensive set of principles issued by MAS to help financial institutions identify, address, and manage technology risks. The primary aim is to improve how financial institutions safeguard IT systems, customer data, and services. Together, the TRM Guidelines and the new FSM Notices provide a layered security framework.
Source: https://qualysec.com/mas-trm-guidelines/