IT Risk Management for MAS IBTRM
IT Risk Management for MAS IBTRM: The Monetary Authority of Singapore (MAS) Internet Banking Technology Risk Management (IBTRM)
The Monetary Authority of Singapore has published the Internet Banking Technology Risk Management (IBTRM) guidelines for financial institutions that offer Internet banking solutions to their customers. The intent of the MAS IBTRM is to provide a sound framework of security best practices to allow banks to be more flexible and responsive internal operating processes, robust IT risk management systems and a secure IT infrastructure.
As banks increasingly deploy new technologies and rely on the Internet to operate their business and interact with the market, technology risks will likely increase for both individual banks and the financial industry at large. These technology risks include any adverse outcome, damage loss, disruption, violation or failure arising from the use of or reliance on computer hardware, software, electronic devices, online networks and telecommunication systems.
Tripwire helps financial institutions, including those that deploy online banking services to their custom-ers, to proactively mitigate risk, achieve operational control and prove continuous compliance.
Tripwire delivers a comprehensive solution by:
- Monitoring systems to detect changes or event activity associated with potential security attacks and intrusions into customer information systems.
- Implementing controls to ensure appropriate access to sensitive customer information
- Storing and fulfilling all MAS IBTRM log management requirements
- Addressing various requirements of the MAS IBTRM in sections 4.0, 5.0, 6.0 and appendix B
