APAC financial regulators and cloud providers recently conducted a first-of-its-kind crisis management exercise that simulated a large-scale public cloud outage impacting the region’s financial sector.
It was organized under the Financial Sector Cloud Resilience Forum. Monetary Authority of Singapore (MAS) In April 2023.
The forum, comprised of representatives from financial regulators and cloud service providers from the Asia-Pacific region, meets twice a year to discuss best practices for cloud risk management in the financial sector.
The exercise comes at a time of growing awareness of the potential for widespread disruption from technology failures.
The exercise, held on November 6, 2024, allowed participants to test incident response plans, consider potential regulatory interventions, and collaborate to develop mitigation strategies.
Working through a simulated crisis provided regulators and cloud providers with valuable insights to improve situational awareness, coordinate responses, ensure quick recovery, and maintain public confidence in the financial system. .
Attendees included senior representatives from the central banks of Australia, Hong Kong, Indonesia, Japan, Malaysia, the Philippines, Thailand and Singapore, as well as leading cloud providers such as Amazon Web Services, Google Cloud and Microsoft Azure.
Vincent Loy, Assistant Managing Director (Technology) at MAS and Chair of the Forum, said:
“This first exercise is timely as it will help strengthen the response process to large-scale public cloud incidents in the financial sector.
Through this exercise, both financial authorities and cloud service providers (CSPs) will gain deeper insight into how to effectively coordinate efforts in response to and recovery from disruptions and maintain public confidence in the financial sector. is completed. ”
Featured image credit: Edited from freepic
