The misuse of privileges remains one of the most common causes of data breaches and it is involved in 74% of data breaches worldwide. Singaporean authorities understand the value of well-thought cybersecurity and call for urgent actions to enhance the IT security status in the country. The Monetary Authority of Singapore (MAS) has already introduced a set of regulations in terms of privileged account management for financial institutions.
Understanding MAS Compliance
MAS, the Monetary Authority of Singapore, first introduced its Technology Risk Management (TRM) guidelines in 2001. The goal was to create a risk management framework for internet banking and IT operations.
As digital transformation accelerated, MAS expanded and refined these guidelines to address the growing sophistication of cyber threats. Today, the TRM guidelines include a dedicated section on Privileged Access Management, outlining requirements such as:
- Restricting the number of privileged users;
- Maintaining detailed audit logs of privileged activity;
- Prohibiting shared privileged accounts.
The revised TRM framework now applies not only to banks but to all financial institutions, including investment and asset management firms. It also introduces 12 new legal notices related to technology risk management — underscoring that compliance is no longer optional.
Why Privileged Access Management Is Essential
The financial sector is one of the most targeted industries — over four times more than others. Stolen privileged credentials remain a leading cause of breaches worldwide. Singapore’s own SingHealth data breach serves as a reminder: after the incident, regulators recommended tighter controls and continuous monitoring of administrator accounts.
Privileged Access Management plays a crucial role here. It provides a centralized, secure way to control, protect, and audit access to critical systems. PAM automates credential rotation, enforces least-privilege principles, and eliminates risks associated with manual password management or shared accounts.
For financial organizations, implementing PAM is not just a compliance requirement — it’s a foundational cybersecurity control that protects against both insider and external threats.
Who Counts as a Privileged User
Privileged users are not limited to IT administrators. In financial institutions, this category also includes:
- Third-party vendors and contractors who perform system maintenance or development work;
- CFOs and financial officers who process sensitive transactions;
- Marketing and communications teams with access to public platforms and digital assets.
All these roles involve actions that could have significant financial or reputational consequences if misused. Monitoring, limiting, and recording their access is essential.
In this context, PAM becomes the foundation of cybersecurity governance, ensuring that every privileged action is authorized, traceable, and secure.
Cybersecurity Implementation in Financial Organizations
While MAS does not prescribe specific hardware or software, it requires financial institutions to maintain strict cybersecurity controls.
Compliance frameworks such as PCI DSS and MAS TRM set expectations for layered security — covering identity management, privileged access, and incident response.
Organizations must therefore align technology, processes, and people under a single governance model that prioritizes access security.
Roadmap to Achieving MAS Compliance
Building a compliant and effective PAM program begins with clear structure and planning. Axidian recommends the following roadmap:
- Inventory All Privileged Accounts – Identify who manages them, where they are used, and what systems they access.
- Define the User Base – Determine which employees, contractors, or vendors will use PAM and what their access scope will be.
- Set Requirements and Use Cases – Establish specific technical and operational needs tailored to your organization.
- Research the Market – Evaluate vendors by capabilities, local support, development roadmap, and reliability.
- Run a Proof of Concept (PoC) – Test shortlisted solutions under real conditions before making a final decision.
- Implement Gradually – Begin with the most critical systems and expand coverage step by step to ensure smooth adoption.
This structured approach ensures that the chosen PAM solution not only meets MAS requirements but also integrates seamlessly into existing IT operations.
The Core of Compliance and Security
MAS compliance is more than a regulatory checkbox — it’s a framework for sustainable cybersecurity. Privileged Access Management lies at its core, ensuring that access to sensitive systems is secure, monitored, and compliant.
For Singapore’s financial sector, PAM is more than technology — it’s a strategic safeguard that strengthens operational resilience, builds customer trust, and supports regulatory confidence.
Organizations ready to begin their PAM journey can rely on Axidian for expertise, technology, and implementation support to meet MAS standards effectively.
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