FOLLOWING the raising of the Disease Outbreak Response System Condition (DORSCON) Alert Level from Yellow to Orange, the Monetary Authority of Singapore (MAS) issued an advisory February 7 for financial institutions in Singapore to adopt additional recommended measures and precautions by the Ministry of Health (MOH) and the Ministry of Manpower.
The DORSCON is a colour-coded framework that shows the current disease situation. The framework provides general guidelines on what needs to be done to prevent and reduce the impact of infections. Orange is the second highest level of alert.
This is the third advisory to financial institutions issued by the MAS since January.
Financial institutions are to ensure that (i) they continue to maintain effective internal controls across their operations should split team arrangements be implemented; (ii) anticipate and be prepared to manage any increase in demand for certain financial services, such as cash withdrawal or online financial services; (iii) inform customers promptly of the availability of services and operating hours; and (iv) monitor and support staff morale when carrying out their business continuity plans.
Cyber threats and scams alert
MAS also reminded financial institutions that they should remain vigilant on the cyber security front as there have been cases of cyber threat actors taking advantage of the 2019 Novel Coronavirus (2019-nCoV) situation to conduct email scams, phishing and ransomware attacks. MAS has also been informed about scammers impersonating MOH contact tracing officials and requesting financial information from individuals.
MAS is closely monitoring the 2019-nCoV situation and remains engaged with financial institutions to ensure that appropriate business continuity plans are in place.