  FCNC processes offer important tools to test the Standard Model (SM), and to
search for possible new physics. In this work, we investigate the $s\to
d\nu\bar{\nu}$ rare hyperon decays in SM and beyond. We find that in SM the
branching ratios for these rare hyperon decays range from $10^{-14}$ to
$10^{-11}$. When all the errors in the form factors are included, we find that
the final branching fractions for most decay modes have an uncertainty of about
$5\%$ to $10\%$. After taking into account the contribution from new physics,
the generalized SUSY extension of SM and the minimal 331 model, the decay
widths for these channels can be enhanced by a factor of $2 \sim 7$.
