Page 50 - 期货和衍生品行业监管动态（2024年8月刊）

期货和衍生品行业监管动态

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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