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1-Net’s data centre adopts ABS guidelines to better serve Singapore’s financial institutions

Nurdianah Md Nur | June 19, 2017
The move enables financial institutions to outsource certain business functions with a peace of mind.

Goh Kim Soon of 1-Net Singapore
Goh Kim Soon, Managing Director, 1-Net Singapore.

 1-Net has adopted the "Guidelines on Control Objectives and Procedures for Outsourced Service Providers" as established by The Association of Banks in Singapore (ABS) to support the republic's financial industry.

PricewaterhouseCoopers (PwC), one of the approved auditors by ABS, has attested that the 1-Net North data center environment is compliant with ABS guidelines.

This means that 1-Net maintains an equivalent level of governance, rigour and processes as financial institutions are required to adhere to by the Monetary Authority of Singapore (MAS). This is important as many financial institutions rely on outsourced service providers to perform certain, in some cases critical or material, business functions, according to 1-Net.

"Financial institutions have the responsibility of verifying the credibility of the outsourced service providers they use, especially for the key business and technology functions," said Goh Kim Soon, Managing Director, 1-Net Singapore.

"Outsourcing risks must be managed to safeguard the financial institution's operations and their customers. Services can be outsourced, but not their underlying risks. By adopting the ABS guidelines and undergoing this attestation, 1-Net is providing additional assurance to our financial services clients indicating that the data entrusted to us is securely stored according to the highest security standards," he added.

Besides being compliant with ABS guidelines, 1-Net North Data Centre is a Tier III Constructed Facility certified by Uptime Institute in Southeast Asia. It has also adopted MAS's Technology Risk Management guidelines on Threat, Vulnerability Risk Assessment (TVRA) and attained Payment Card Industry Data Security Standard (PCI-DSS) compliance.

Other industry accreditations for 1-Net North data centre include: ISO27001 on Information Security Management System (ISMS); ISO22301 on Business Continuity Management System (BCMS) and BCA-IDA Green Mark Gold Plus for New Data Centre.

 

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