cyber hygiene practices are adopted. mas will soon issue a set of mandatory requirements on cyber hygiene that will apply to all financial institutions in singapore. they include basic things like : securing administrative accounts ; controlling network access at the perimeter ; installing security patches promptly ; installing anti - virus software on their systems ; and implementing multi - factor authentication for users who access confidential information over the internet. 8 / 10 bis central bankers'speeches in short, if we don ’ t get cyber security right, financial institutions will be constrained in how much they can leverage on technology. the second area financial institutions must address to ensure customer confidence is information security risk. information security is not the same as cyber security. information security is focused on protecting data, while cyber security is focused on protecting systems. they are however closely related. data leaks can occur when a system is not properly secured. in the financial ecosystem, information security risk is growing for two key reasons : one, more data are becoming digitised. the international data corporation has estimated that digital data will increase fivefold from 2018 to 2025. two, as banks begin to collaborate with fintech and bigtech players, customer data that was traditionally within the inner sanctum of banks will increasingly be shared with third party service providers. banks have to exercise care for the data they hold, as well as those that they have shared with third parties. this means : understanding at a granular level the data that are held, processed or shared ; assessing the criticality and sensitivity of all data sets ; putting in place targeted measures to safeguard data ; and taking swift recovery measures in the event of a data breach. besides their personal health data, people regard their personal financial data as most sensitive. financial institutions have a particular responsibility to safeguard this data. the third area to watch closely is risk from the misuse of data analytics and artificial intelligence. data analytics and artificial intelligence can help to uncover patterns which we are unaware of and to provide insights that we could not have gained from traditional analytical tools. but unless there is public trust that data analytics and artificial intelligence will be used responsibly, financial institutions will not get the social license they need to apply these technologies widely. to gain this trust, we must address four areas in data analytics and artificial intelligence : privacy of data. how do we safeguard the confidentiality of personal data? explainability of results. how do we minimise the “ black box ” syndrome? accountability for decisions. how can we hold humans ultimately responsible for decisions

tharman shanmugaratnam : moneysense launches new programmes to reach more singaporeans speech by mr tharman shanmugaratnam, deputy chairman of the monetary authority of singapore, at the launch of the moneysense 2006 roadshow, singapore, 31 march 2006. * * * distinguished guests friends from ntuc and various community organizations ladies and gentlemen boys and girls introduction 1. i am pleased to launch the inaugural moneysense 2006 roadshow, which seeks to bring financial education to singaporeans from all walks of life. moneysense has done well 2. moneysense is on a roll. since its launch in october 2003, it has seen over 140 talks, seminars and workshops on financial education, attracting over 15, 000 participants. it has also published 16 consumer guides with a total circulation exceeding one million. 3. these achievements are results of collaboration between government, industry, community groups and our media partners. i encourage moneysense to build on and expand these strong partnerships, and bring financial education to even more singaporeans. 4. let me now touch on a few new programmes that moneysense has lined up this year. moneysense launches new programmes to reach more singaporeans moneysense 2006 roadshow 5. today's moneysense 2006 roadshow presents simple financial education messages and tips to adults and children through fun activities. a simple game of shooting basketballs into nets from different distances is used to highlight risk - return tradeoffs. there is also a supermarket contest to illustrate the importance of spending within your budget, plus a chef to show you how you can cook up a storm without spending a bomb. 6. there are plans to bring these activities to other parts of singapore, and several community centres are in discussions with moneysense. important role of media 7. the media is still the most effective channel for financial education. in the national financial literacy survey conducted by moneysense, 54 % of the respondents said they were interested to learn about financial education through mass media. 8. i am glad the local newspapers have been very supportive in running moneysense articles on a regular basis. the straits times, lianhe zaobao and berita harian have been doing so regularly for more than two years. other publications like today and smart investor have also begun to run regular moneysense columns. i would like to thank all of you for partnering us in this important effort, and i would like to see this continue. 9.