Circumvent Internal Controls - Monetary Authority of Singapore (MAS) - IT Assessment Answer

IT Assessment Task

Here are some of them that you found over the Internet:
(1) A rogue trader Sam Biago had managed to circumvent internal controls in the trading operations to trade five times above his authorised trading limit. HomeGrown suffered a loss of 20 million SGD due to unauthorised and risky trades made by Sam.
(2) HomeGrown had been slammed a hefty 5 million SGD fine by the Monetary Authority of Singapore (MAS) after a significant amount of IT operations and customer data of Singaporeans were found to be located outside the borders of Singapore during their audits.
(3) HomeGrown’s senior executive and staff pay cum bonus package were published and became publicly available on the Internet. This incident has caused much embarrassment to the board and has raised much suspicion and animosity among the staff ranks, especially in view of the huge bonus
package that front office staff has been getting.
All these events had caused HomeGrown’s reputation to suffer. While many loyal customers still kept their faith, most of them had directed fresh funds to competitors instead. The 20 million SGD loss in trades had caused a dip in their earnings with HomeGrown’s share price taking a tumble.

4. Audit Engagement Terms of Reference
This section details the scope of work that the audit team has been engaged to carry out and complete.
They are:

• Review the security configuration of the bank’s trading system which comprises of 1 x linux server, 1 x windows domain controller and 1 x cisco 2960 switch.

• Produce a detailed audit report with practical recommendations to remediate any weaknesses found.

• Conduct a closing presentation to the CEO Mr John Stig to convince him that your recommendations should be implemented. Your team has also proposed to conduct the review using the engagement approach in Appendix B.

5 Throughout the audit engagement, your team may approach your tutors for more information regarding the network architecture diagram, the server and network switch configurations. ii. Servers and Switch Configuration Review
Among the four member team, you are to split the work for the following items by assigning one member to each item:

• 1 x Red Hat Enterprise Linux version 7 server

• 1 x Windows Domain
Controller server

• 2 x Cisco 2960 Switches

• Network Architecture Review
The basic inputs to this task are
• Virtual Machines for the Red Hat Enterprise Linux and Windows Domain Controller servers. • Yourweekly course references and/or CIS benchmarks for Red Hat Enterprise Linux and Windows servers.
• Cisco 2960 switch configuration (Appendix C of this writeup) • The network architecture diagram

The output of this task is
• Detailed issue sheets
The format of the detailed findings table is fixed. You can find it in the separate document in the polymall called “Project - Detailed Issue Sheet Format.pdf”.
To pass: You identify configurations in the systems that does not comply to the security standards.
This activity comes in many names – sometimes called a gap analysis or compliance review or compliance testing or security review.
You do not need to write scripts to perform the audit here. You can manually check the configurations without running scripts.
Number of vulnerabilities – The number of vulnerabilities is not available information. In real life, you would not know how many security gaps there are in a system. You need to find as many as you can.
Knowledge and skills: The lab sessions prepare you for this task. The method that you use to identify gaps can be manual as well as scripted e.g. you can examine a configuration file and identify the gaps by reading through the lines instead of writing a script.

iii. Report to CEO (10 marks to group work – all members will get the same marks for this component)
Context and purpose of this task Your team of auditors, have been asked to present your findings to the CEO over the current situation and garner support from John to implement your recommendations.

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