Maximize Security, Maximize the Shield for Uncompromised Future Growth
Today's businesses hold more data than before that pilots a raft of responsibilities to guard data against breaches. The impact is visible as financial losses, higher operational costs, performance risks, compromised data security, managing conflicts of interest, and delivering efficient customer services. As organizations scramble to comply with data privacy and protection law, meeting regulatory compliance has become a herculean and onerous task.
MAS is certainly the best option to establish broader controls across IT security programs. It plays a vital role in imposing regular risk assessment, producing and maintaining security policies, regular security testing, software and patch management, malware protection, and advanced threat protection.
86% of companies reported that digital technologies helped in identifying financial crime.
On average, enterprises lose $4 million of revenue because of a single non-compliance event.
50% of respondents stated they spent 6-10% of their revenue on compliance costs.
Strengthening Cybersecurity With MAS Compliance- Monetary Authority of Singapore
The Monetary Authority of Singapore (MAS) is a centralized financial regulator in Singapore. MAS helps financial enterprises to establish effective risk management, reinforce system security, and defend sensitive data and transactions. MAS has published Technology Risk Management (TRM) guidelines as best practices that financial institutions must follow to run businesses in Singapore. Recently, MAS has adopted cloud services as outsourcing and imposed several data protection and cybersecurity regulations that streamline the technology adoption, and address issues impacting the financial industry's adoption of cloud solutions.
To address technology risk management and adhere to cybersecurity standards in the financial sector, Cloud4C offers an innovative approach to enhancing the organizational security framework with MAS compliance. Integrating the expertise of tech security experts and governance experts, we establish a completely sustainable, governance security model adhering to international compliance standards and aid financial organizations keep up with emerging technologies and cybersecurity best practices.
Compliance is “a Must”
In technology-driven banking, compliance with cybersecurity is gaining prominence. Cyber resilience frameworks are encouraged to address major issues such as data confidentiality and integrity, compliance risks, reputational damage, etc. among many. An inclusive and compliance-oriented financial activity can benefit in the following ways:
Businesses usually scramble to align with newly introduced laws, diverge business resources from other activities to focus on compliance, and attempt to surpass the rivalries that already have control in the market. Leveraging MAS compliance can prevent last-minute scrambles.
It helps you remain ahead of the curve via forecasting the impending changes in regulations and applying them efficiently without disturbing regular business operations.
Any resource divergence from the business's primary goals can result in huge time loss. For business expansion, responding to new regulations on time is necessary to facilitate business operations and efficacy. With MAS Compliance, businesses can comply with expected changes in a strategic way without detracting from business objectives. It will enable growth and advancement without any risk of non-compliance.
Noncompliance can lead to severe reputational damage and a loss of customer trust. Businesses can have licenses revoked impacting their proficiency to accomplish business objectives. Ensuring MAS compliance can mitigate risks and contribute to the smooth functioning of daily activities.
Today, customers are concerned about how frequently businesses collect their information and deploy it for improving corresponding services and products. By adopting regulations, businesses can publish data policies where customers can overlook them. MAS compliance allows organizations and customers to make privacy requests as per requirements and intensify the trust and sound relationship between them. It further supports customer retention and protects customer privacy.
MAS compliance adds an additional layer of security when businesses intend to step into new markets. It helps to hit the ground quickly and promotes businesses to establish themselves in the new market. Adapting regulations prior to penetrating a new market will assist in perceiving how local laws and data privacy policies work in new regions or dealing with authorities, and allow businesses to focus on marketing and grow the business.
Technological advancement has transformed the financial sector, but the same is underpinned by data breaches and sound security to achieve cyber resilience. Sound compliance coupled with cybersecurity regulations aids businesses to mitigate risks of malware attacks and internal and external data breaches as well as sheltering sensitive data. With MAS compliance, businesses can improve their cybersecurity compliance and framework.
Many compliance protocols demand structured data storage, simplified business processes, and regular auditing operational activities. All these gradually increase your business's efficiency and lower costs. Global compliance standards support businesses to perceive what is necessary to succeed and help to promote uniformity in the marketplace while enabling them to engage in fair, ethical, and equal footing. With MAS compliance, enterprises may achieve a good position in their respective verticals.
Mapping MAS Compliance
In this phase, the regulatory inspector conducts in-person meetings and workshops to discuss the business context, existing architecture, processes, and services of financial institutions.
The person also identifies systems and infrastructures being used in-scope for MAS TRM guidelines and technologies.
This phase includes reviewing all existing policies, procedures, and processes to determine how effectively financial institutions control technology risk management and cyber resilience.
The regulatory inspector adopts and performs sample-based testing to assess controls and determine the operating effectiveness of the system designed and implemented.
During this phase, the regulator inspector complies with the findings of fieldwork and generates reports being delivered to the organization.
It covers the potential gaps identified against MAS TRM Guidelines, specific areas for improvement, and applicable suggestions on how to fill those gaps.
Cloud4C Managed Compliance Services
Cloud4C’s Managed Compliance Services allow organizations to augment their IT infra, security networks, cloud platforms, data architectures, and software/apps to become utterly compliant adhering to universal regulations and standards.
Coupling with A-star compliance professionalists and modern technologies, we investigate customer landscapes, access functionalities, and workloads to validate whether or not they adhere to respective protocols while bestowing effective strategies and employing critical processes to risk-proof compliance globally. Cloud4C Managed Compliance Services shield critical cloud platforms such as hyperscaler cloud landscape, private clouds, third-party environment, or on-prem or remote ecosystem and help them become fully compliant with the following services:
Information Security Registered Assessors Program or IRAP concerns a set of security protocols and frameworks to audit, analyze, and measure cybersecurity efficiency of an organization basis Australian security requirements and standards. This is monitored by the Australian Signals Directorate (ASD)
A major compliance framework and regulations catering to BFSI activities and banking institutions monitored by Bank Negara Malaysia (BNM)
Central Bank of Oman
Regulations certified by Central Bank of Oman catering to all BFSI functions and banking institutions in Oman
Centralized cybersecurity framework and processes regulated by Saudi Arabian Monetary Authority to guide organizations across all industries to effectively protect their operations, assets, and data.
Regulations and frameworks offered by the Swiss Financial Market Supervisory Authority to supervise banks, financial institutions, insurance companies, stock exchanges, securities dealers, etc.
Broader UAE compliances regarding data residency, privacy, and other regulations governing enterprise functions in the United Arab Emirates.
Compliance regulations for BFSI activities and financial institutions concerning security, operational management, data administration, etc. Delivered by the Reserve Bank of India, the nation’s premier banking organization.
Guidelines issued by the Monetary Authority of Singapore, the nation’s central BFSI authority on outsourcing operations and processes of financial institutions.
Regulations issued and monitored by the Financial Services Authority of Indonesia (Otoritas Jasa Keuangan) on the functioning and operations of financial institutions.
General Data Protection Regulation is a set of advanced regulations governing the collection and usage of personal data from individuals residing in the European Union.
The Payment Cards Industry Data Security Standard sets frameworks and benchmarks to ensure that all enterprises engaging in accepting, storing, processing credit card data maintain a highly secure environment.
Standards and frameworks set by the Health Insurance Portability and Accountability Act to ensure the privacy, security, and integrity of sensitive patient information. The HITRUST (Health Information Trust Alliance) certification is garnered by healthcare companies as proof that they comply with HIPAA standards.
The GXP compliance standard is an acronym for regulatory requirements and guidelines applicable for the broader life sciences, food, and medical products, etc (The ‘X’ stands for any letter applicable vertical-wise). For instance, Good Laboratory Practices (GLP), Good Clinical Practices (GCP), Good Manufacturing Practices (GMP).
Introduced by the International Organization for Standardization, these frameworks certify the global standard requirements applicable to any offering or service. The number after an ISO refers to the concerned category: ISO-27001, ISO-27017, ISO-27018, ISO-22301, ISO-20000, etc.
An Impact with Difference: Why Partner with Cloud4C to become Industry Compliant?
World’s largest Application-focused Managed Cloud Services Provider and one of the leading managed cybersecurity companies. Dedicated cybersecurity assessment services.
Serving 4000+ enterprises including 60+ Fortune 500 organizations in 25+ countries across Americas, Europe, Middle East, and APAC for 12+ years
40+ Security Controls, 20+ Centres of Excellence, 2000+ global cloud experts
One of the most trusted managed compliance companies with pre-met compliance needs for local, national, and global compliance requirements including IRAP, GDPR, HIPAA, SAMA, CSA, GXP, and ISO Certifications
3200 UTMs, 13000 HBSS, 800000 EPS
7 Security frameworks utilizing the MITRE ATT&CK, CIS Critical Security Controls, and more
Experience in managing compliance requirements for multiple OEMs with modernized security and governance offerings
Automated Security Solutions for threat prediction, detection, and response: Advanced Managed Detection and Response Solutions (MDR)
Global expertise in managed SOC (Security Operations Center) services and solutions
Dedicated Cybersecurity and Compliance Consulting, Cybersecurity Assessment, and Audit Reporting offerings leveraging advanced automation solutions
Advanced Cloud4C Cybersecurity Incident and Response (CSIRT) team
Threat Intelligence powered by Industry-leading platforms such as Microsoft, OSINT, STIX&TAXI, MISP, etc., and Cloud4C Threat experts
Considerable threat management expertise in securing large and complex environments and using advanced functionalities of leading industry tools as well as Cloud-Native Security tools
Experience in deploying and managing robust SIEM – helping enterprises to proactively assess vulnerabilities and automate, accelerate incident response
Comprehensive expertise in managed public, private, hybrid, and multi-cloud governance and risk compliance services, especially powered on AWS, Azure, GCP, Oracle Cloud, IBM Cloud, etc
Solidify your Enterprise Cybersecurity with Cloud4C
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