CYBER RISK SUB-COMMITTEE
The SFA Cyber Risk Sub-Committee is formed to promote the awareness of potential financial loss or damage related to use of technology, technical infrastructure or business reputation resulting from a cyber-attack or data breach involving the financial services sector.
To promote the adoption of industry-accepted approaches, frameworks and standards to assess, monitor and mitigate systemic and macro-critical risk while representing the interest of stakeholders in the financial services sector on technological innovation and development relating to Cyber Risk in Singapore and abroad.
We envisaged to foster collaboration and knowledge sharing between the Cybersecurity & Data Protection Industry with start-ups, ecosystem participants and regulators in the financial services sector.
Our mission is to encourage the development and adoption of Cyber Risk management best practices while nurturing the Cybersecurity & Data Protection ecosystem within the financial services sector by focusing on 4 key areas:
1. Engagement with Regulators
2. Engagement with the Industry
3. Nurture the Development of Cybersecurity & Data Protection Companies and ecosystem
4. Talent Development
Key Areas of Focus
ENGAGEMENT WITH REGULATORS
a) Represent the Cybersecurity & Data Protection community in Singapore and engage with regulators in a constructive discussion regarding current and future state regulation, market structure and practices within the financial services sector.
b) Be the independent voice and bridge between the Cybersecurity & Data Protection ecosystem and the regulators in the area of Cyber Risk.
ENGAGEMENT WITH THE INDUSTRY
a) Organise events to promote Cyber Risk awareness and the adoption of technological innovation, solutions, and collaboration between the financial services sector with the Cybersecurity & Data Protection Industry.
b) Support the Cybersecurity & Data Protection ecosystem by providing updated market insights, sharing of key developments and mutual understanding of the needs in the area and challenges faced in the area of Cyber Risk.
c) Be the bridge between the Cybersecurity & Data Protection Industry with start-ups, ecosystem participants and regulators in the financial services sector.
NURTURE THE DEVELOPMENT OF CYBERSECURITY & DATA PROTECTION COMPANIES AND ECOSYSTEM
a) Work with other associations in Singapore and elsewhere to broaden the application of Cyber Risk management and growth in the broader Cybersecurity & Data Protection ecosystem.
b) Facilitate the development of the partnerships, collaboration and growth of Cybersecurity & Data Protection ventures.
c) Support the development of the ecosystem through collaboration with other associations and provide a platform for collaboration and building connections through formal and informal events and activities.
a) Work with tertiary institutions in Singapore to promote the concept of Cyber Risk management and best practices.
b) Facilitate the adoption of international expertise in Singapore through the exchange of knowledge (and attracting capabilities and talent).
c) Facilitate connecting industry experts to advise and mentor Cybersecurity & Data Protection companies.
Cyber Risk Sub-Committee 2020
Chief Executive Officer, Rajah & Tann Technologies
Executive Committee Member, Singapore FinTech Association
Managing Director, Head of Singapore, OSL Brokerage
CEO & Co-Founder, Horangi
Heng Yu Lee