Singapore launched a new S$30 million Cybersecurity Capabilities Grant to strengthen the cyber resilience of the financial sector

The Monetary Authority of Singapore (MAS) today announced the launch of a new S$30 million Cybersecurity Capabilities Grant to strengthen the cyber resilience of the financial sector in Singapore and help financial institutions develop local talent in cybersecurity.

Singapore, 3 December 2018

The Monetary Authority of Singapore (MAS) today announced the launch of a new S$30 million Cybersecurity Capabilities Grant to strengthen the cyber resilience of the financial sector in Singapore and help financial institutions develop local talent in cybersecurity.

The Grant, funded under the Financial Sector Technology and Innovation Scheme (FSTI) [1], will support the development of advanced cybersecurity functions [2] in Singapore-based financial institutions. The Grant will co-fund up to 50% of qualifying expenses, capped at S$3 million, for:

  • Financial institutions to establish their global or regional cybersecurity centres of excellence in Singapore; and
  • Financial institutions with key global or regional cybersecurity functions and operations in Singapore to expand and deepen their cybersecurity capabilities locally.

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 in the financial sector.

[1] FSTI was introduced by MAS in June 2015 to support the creation of a vibrant ecosystem for innovation in the financial sector. MAS has committed S$225 million to the FSTI. 

[2] Examples of cybersecurity functions that could qualify for the Cybersecurity Capabilities Grant are security operations, cyber threat surveillance and intelligence gathering, computer forensics, malware research and analysis, and cyber threat hunting.

Source: The Monetary Authority of Singapore (MAS)

Illustration Photo: Financial district in Singapore (credits: Dr. Thomas Liptak / Flickr Creative Commons Attribution-NonCommercial-NoDerivs 2.0 Generic (CC BY-NC-ND 2.0))

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