Singapore banks told to boost security after StanChart data theft

Singapore’s central bank has called on financial institutions to tighten up cyber security after a database on elite customers of Standard Chartered Bank was compromised.

Police confirmed on Friday that information on private-banking clients of the British lender had been found in the laptop of a Singaporean man charged with hacking the parliamentary district website of Prime Minister Lee Hsien Loong.

The Monetary Authority of Singapore (MAS) said in a statement it has “reminded all FIs (financial institutions) to heighten their vigilance to safeguard their IT systems and customer information, including controls at third party service providers”.

“MAS is paying special supervisory attention to FIs’ compliance with MAS’ requirements for IT outsourcing.”

In a statement, the Singapore Police Force said it discovered files containing data on Standard Chartered’s clients in a laptop seized from James Raj when he was arrested on November 4 in Malaysia.

The 35-year-old was extradited to Singapore and charged on November 12 with hacking the Ang Mo Kio district website, whose MPs include Lee, and posting the image of a Guy Fawkes mask used by international hacker group Anonymous.