Meeting MAS Cyber Hygiene Requirements via Exception Policies
The Monetary Authority of Singapore (MAS) mandates strict Cyber Hygiene Requirements for financial institutions and their technology partners. Even non-financial SMEs that supply services to banks, insurers, or fintechs must often meet these expectations.
Where Exceptions Occur
Common Compliance Gaps
- Multi-factor authentication (MFA): Not rolled out across all remote access points.
- System patching: Delays when vendor dependencies exist.
- Network segmentation: Partial rather than complete segregation of critical assets.
Why SMEs Should Care
Supply Chain Impact
SMEs in the supply chain are often audited against MAS standards. Failure to manage exceptions can lead to contract loss, reputational damage, and regulatory scrutiny.
Using Exception Policies Effectively
1. Document Deviations
Maintain a clear exception register showing which MAS requirement is unmet.
2. Apply Interim Controls
For example, enable strict logging if patching is delayed.
3. Get Leadership Approval
Cyber hygiene exceptions must be escalated to management.
4. Review Frequently
Monthly reviews align with MAS's expectation of proactive risk governance.
Business Benefit
Trust and Relationships
By showing that exceptions are logged, mitigated, and time-bound, SMEs demonstrate maturity. This builds trust with financial clients and strengthens long-term business relationships in Singapore's competitive market.