The Monetary Authority of Singapore (MAS) has launched a new SGD30 million grant to strengthen the cyber resilience of the financial sector in Singapore.
The Cybersecurity Capabilities Grant will also help financial institutions develop local talent in cybersecurity, MAS said in a press statement.
Funded under the Financial Sector Technology and Innovation Scheme (FSTI), the initiative will support the development of advanced cybersecurity functions in Singapore-based financial institutions.
It will co-fund up to 50 percent of qualifying expenses, capped at SGD3 million.
Financial institutions can use the grants to establish their global or regional cybersecurity centres of excellence in Singapore. Those with key global or regional cybersecurity functions and operations in Singapore can expand and deepen their cybersecurity capabilities locally.
MAS noted that the grant will also encourage Singapore-based financial institutions to upskill their local workforce through cybersecurity-related training programmes. This will help attract more cybersecurity professionals and expand the local talent pool.
“The Singapore financial sector has made significant progress in recent years in building up cyber resilience and managing cyber risk. But the cyber threat landscape continues to evolve and we have to constantly strengthen our cyber capabilities,” said Mr Tan Yeow Seng, Chief Cyber Security Officer, MAS.
“The Cybersecurity Capabilities Grant will support financial institutions in advancing their cybersecurity technology and manpower needs,” he added.
Applications for the grant are now open for financial institutions. Interested financial institutions can write to fsdf@mas.gov.sg for more information.