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MAS warns banks of critical vulnerabilities found in Microsoft Windows

SINGAPORE — Financial institutions have been warned by Singapore’s central bank that there are critical vulnerabilities in the Microsoft Windows’ operating system.

Financial institutions using affected operating systems were asked by the Monetary Authority of Singapore to install the relevant patches immediately.

Financial institutions using affected operating systems were asked by the Monetary Authority of Singapore to install the relevant patches immediately.

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SINGAPORE — Financial institutions have been warned by Singapore’s central bank that there are critical vulnerabilities in the Microsoft Windows’ operating system. 

“These vulnerabilities could allow malicious files or applications to bypass detection from security applications and gain control of the computer systems,” said the Monetary Authority of Singapore (MAS) in a media release on Friday (Jan 17). 

Financial institutions were alerted to this two days ago and those using the affected operating systems have been asked by MAS to take immediate action to install reevant patches. 

“Financial institutions should also take mitigating measures to prevent the vulnerabilities from being exploited,” it added. 

Microsoft already released security updates for its operating system on Jan 15 to address 49 vulnerabilities. 

Four of these vulnerabilities are highly critical and require immediate attention, said the Cyber Security Agency of Singapore, which released an advisory that contains more details of the vulnerabilities. 

One of the vulnerabilities could allow attackers to carry out “man-in-the-middle” attacks and decrypt confidential information of users. 

A “man-in-the-middle” attack is where the attacker secretly relays and possibly alters the communications between two parties who believe that they are directly communicating with each other. 

Other vulnerabilities could allow attackers to take control of affected systems and perform malicious activities, such as the unauthorised installation of programmes, or to view, change or delete data.

DBS and the United Overseas Bank (UOB) told TODAY that they have performed the necessary patches to their systems.

A DBS spokesperson said: “We track all known vulnerabilities affecting the operating environment on an ongoing basis and have processes in place that ensure we perform the appropriate risk assessments and patch our system accordingly.”

A spokesperson from UOB said the bank responded immediately to the advisory as it takes the security of its systems very seriously.

Related topics

MAS banks cyber security Microsoft operating system hacking

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