ISO 27001
International standard for information security management systems
MAS TRM
Singapore guidelines for financial technology risk management
Quick Verdict
ISO 27001 offers voluntary global ISMS certification for all industries, while MAS TRM provides mandatory supervisory guidelines for Singapore financial firms requiring cyber resilience and annual testing. Organizations adopt ISO for broad compliance; MAS TRM for regulatory enforcement.
ISO 27001
ISO/IEC 27001:2022
Key Features
- Risk-based ISMS framework
- 93 Annex A controls in 4 themes
- PDCA continual improvement cycle
- Global certification for compliance
- Technology-agnostic across industries
MAS TRM
MAS Technology Risk Management Guidelines (January 2021)
Key Features
- Board and senior management accountability
- Proportional risk-based implementation
- Third-party risk management requirements
- Cyber resilience and defence-in-depth
- Annual penetration testing for internet systems
Detailed Analysis
A comprehensive look at the specific requirements, scope, and impact of each standard.
ISO 27001 Details
What It Is
ISO/IEC 27001:2022 is an international certification standard for establishing, implementing, maintaining, and improving an Information Security Management System (ISMS). It uses a risk-based approach to manage information assets' confidentiality, integrity, and availability across all industries.
Key Components
- Clauses 4-10: mandatory requirements (context, leadership, planning, support, operation, evaluation, improvement).
- **Annex A93 controls in 4 themes (Organizational:37, People:8, Physical:14, Technological:34).
- Built on PDCA cycle; voluntary certification via accredited auditors.
Why Organizations Use It
- Mitigates breaches, ensures compliance (e.g., GDPR alignment).
- Builds trust, wins contracts, reduces insurance costs.
- Enables resilience, efficiency via prioritized controls.
Implementation Overview
Phased: initiation, risk assessment, control deployment, audits. Scalable for SMEs (6 months) to enterprises (18+ months); requires certification audits (Stage 1/2), surveillance.
MAS TRM Details
What It Is
MAS Technology Risk Management (TRM) Guidelines (revised January 2021) are supervisory guidance from Singapore's Monetary Authority of Singapore (MAS) for financial institutions. They provide a principles-based, risk-proportional framework to govern technology and cyber risks, ensuring confidentiality, integrity, and availability (CIA) of systems and data.
Key Components
- Covers 15 sections: governance, risk frameworks, secure development, IT service management, resilience, access controls, cryptography, cyber operations, assessments, and audit.
- Synthesizes 12 core principles like board accountability, asset classification, third-party oversight, and defence-in-depth.
- No fixed controls; emphasizes proportional implementation with independent assurance.
Why Organizations Use It
- Mandatory for MAS-supervised FIs to demonstrate robust practices during supervision.
- Mitigates cyber threats, operational disruptions, and regulatory fines.
- Builds resilience, stakeholder trust, and enables digital innovation.
Implementation Overview
- Phased: governance setup, asset inventory, control design, testing, third-party management.
- Targets financial institutions in Singapore; scalable by size/complexity.
- Requires board-approved risk appetite, audits, no formal certification.
Key Differences
| Aspect | ISO 27001 | MAS TRM |
|---|---|---|
| Scope | ISMS across all security domains globally | Technology/cyber risks in financial services |
| Industry | All industries, all sizes worldwide | Singapore-regulated financial institutions |
| Nature | Voluntary international certification standard | Supervisory guidelines with enforcement |
| Testing | Internal audits, certification every 3 years | Annual PT for internet systems, regular VA |
| Penalties | Loss of certification, no legal fines | Fines, license revocation, enforcement actions |
Scope
Industry
Nature
Testing
Penalties
Frequently Asked Questions
Common questions about ISO 27001 and MAS TRM
ISO 27001 FAQ
MAS TRM FAQ
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