Determining Security Factors for Digital Infrastructure in the Financial and Banking Sector: Singapore's Approach

Abstract

The object of the study is the relations in the field of ensuring the security of digital infrastructures in the financial and banking sector. The subject of the study is represented by regulatory legal acts and sources of "soft law" of Singapore, which establish requirements for information systems, personal and confidential data. The features of the Singapore approach to the regulation of relations in this area are determined. The requirements of the Monetary Authority of Singapore for the security of digital infrastructures in both the public and private sectors are considered. The features of ensuring the security of key components of digital infrastructures are characterized: digital identity; authorization and consent; functional compatibility of payment systems and data exchange. The role of the financial regulator in ensuring the security of digital infrastructures is investigated. Singapore has identified a holistic approach to the development of regulatory policy as the main security factors of the digital infrastructure of the financial and banking sector, as well as the determining role of the financial regulator in the creation of digital infrastructure. The technical side is just one of the elements of the digital infrastructure: it is necessary to balance regulatory, technical and business standards. The key components of the digital infrastructure allocated by the Monetary Authority of Singapore determine the level of security of the production processes of financial institutions. Attention should be focused on building the trust of the end user. The protection of the digital infrastructure of financial institutions from threats increases the degree of confidence in these institutions on the part of investors. Therefore, Singapore's financial institutions have a high investment attractiveness.