Cybersecurity

Proposed bill for cybersecurity to take precedence over bank, privacy rules

In a cyber attack, a new law in the works will take precedence over banking and privacy rules that forbid the sharing of confidential information.

The proposed Cyber Security Bill, which will be introduced and debated in Parliament later this year, will require a bank to report any cyber attack "within hours''.

It will have to alert a proposed Commissioner of Cyber Security and, if an investigation is ordered, will have to share information with Singapore's Cyber Security Agency (CSA). Failure to do so can lead to a fine or jail term.

Law and security experts have described the overarching Cyber Security Bill released yesterday as bold and decisive.