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MAS TRM Compliance

By adhering to the Monetary Authority of Singapore’s Technology Risk Management, you can help protect your data and infrastructure using Logit.io.

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Why You Should Comply With MAS TRM

As of now, MAS-TRM guidelines are not mandated, but experts predict that in the near future, they will become law and will be accompanied by binding financial penalties for non-compliance.

Meanwhile, financial institutions that fail to follow MAS-TRM guidelines risk damaging their reputations and losing their licenses to conduct business in Singapore and other key markets.

Are you interested in learning more about how Logit.io can help you meet the requirements of the MAS TRM guidelines? Find out how we can help you by signing up for a free 14-day trial or booking a call with our compliance specialists.

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Want to request a demo or need to speak to a specialist before you get started? No problem, simply select a time that suits you in our calendar and a member of our technical team will be happy to take you through the platform and discuss your requirements in detail.

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What Is MAS TRM?

MAS-TRM is the Monetary Authority of Singapore's guidelines on technology risk management. Among the guidelines' objectives is to improve cyber security standards and strengthen the financial sector's resilience to cyberattacks.

Recently, the Monetary Authority of Singapore (MA) revised its MAS-TRM guidelines to help financial organizations protect themselves against cyber threats in response to the ever-growing cyber threat landscape.

Who Needs To Meet MAS TRM Compliance?

All financial organizations, including retail and commercial banks, central banks, credit unions, and savings and loan associations, should follow MAS TRM guidelines. Companies operating in the cryptocurrency industry, those using Bitcoin payment gateways, and even venture capitalists will also be subject to these same guidelines.

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Companies Feel The Difference When They Use Logit.io

"Internally, Logit.io has made it easier for us to provide better support for our customers, since finding individual messages based on various data in the payload has become easier.

At Youredi, pretty much everyone from our technical support teams through to our professional services teams uses Logit.io."

Mats von Weissenberg, CTO @ Youredi

Youredi testimonial

"One thing is certain when operating in the startup space, a strict budget. Before we make any purchase decision to use a SaaS Log Management platform, we need to validate the benefits of the platform and more importantly the team behind the platform.

Logit.io's customer support team stood out. Right from the beginning, the Logit.io team was there to answer questions and walk us through the process."

Ioannis Sintos, Co-Founder & CIO - Uizard

Uizard testimonial

Logit.io offers our company an excellent solution of ingesting our logs, we recently had to do quite a few updates on the platform since the previous service owner in our company left and didn't want to do them, Logit.io was of great assistance throughout the whole process.

Thierry Gysin, Cyber Security Risk Manager - Ringier

Ringier testimonial

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Logging for Compliance

Logs are mentioned as being a crucial component of ensuring compliance with many different standards within the official MAS TRM documentation. In control 7.5.7, it was highlighted that logs provide valuable information for investigation, analysis, and troubleshooting. Thus, the financial institution must enable the logging functions of IT systems to automatically log events generated during the process of implementing any new changes.

As part of 12.2.2, a procedure for collecting, processing, reviewing, and retaining system logs should be established to assist the financial institution with its security monitoring operations. Furthermore, these logs should be protected against unauthorized access and include logs related to applications, networks, and operating systems.

Security Logging

It is recommended within guideline 6.4.6 that financial institutions should conduct robust security testing and screening of APIs before they are deployed into production. It is also necessary for the financial institution to log the access sessions made by third parties. These logs will include the identity of the party making the API connection, as well as the date and time access was granted.

Control 12.2.4 suggests applying user behavioural analytics to security monitoring to improve its effectiveness. It is possible to analyze system logs in real-time using machine learning algorithms to establish a baseline of normal user activities and identify suspicious or abnormal behaviour.

Additionally, for 12.2.5, it is recommended that multiple events registered on system logs be correlated in order to detect suspicious or anomalous patterns of system activity.

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User Access & RBAC

For proper accountability purposes, guideline 9.1.3 recommends identifying and logging records of user access and management activities so that auditing and investigations can be conducted. With Logit.io, you can review all events and audit logs while guarding against unauthorized access through our fine-grained security functions and role-based access controls (RBAC).

Demonstrate MAS TRM Compliance With The Following Controls

  • 5.4.3
  • 6.4.6
  • 7.5.7
  • 7.7.4
  • 9.1.3
  • 12.2.2
  • 12.2.5
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