The Monetary Authority of Singapore (MAS), Bank of England and the Financial Conduct Authority announced yesterday that they would be working together to strengthen cyber security in their financial sectors. MAS and the UK authorities will commence work towards a Memorandum of Understanding to signify this enhanced collaboration.
Two authorities to enhance co-operation
The collaboration will involve MAS and the UK financial authorities identifying effective ways to share information and exploring potential for staff exchanges. As hosts to global financial centres and FinTech firms, Singapore and the UK have much to benefit from enhanced collaboration on cyber security.
Financial authorities in Singapore and the UK already cooperate on cyber security, both bilaterally and by supporting the Basel Committee’s work to develop the best practices for supervising cyber risk in banks and contributing to the Financial Stability Board’s Cyber Lexicon.
Cyber crime costly for financial services sector
The Governor of the Bank of England, said, “The average cost of cybercrime for financial services companies globally has increased by more than 40% over the past three years. Cyber risk is not constrained by geographic boundaries, making international cooperation essential to address this growing threat.
“That’s why I’m pleased the Bank and the Prudential Regulation Authority are working with the MAS toward a Memorandum of Understanding on financial sector cyber security. This aligns with the work we are doing with a number of other countries to enhance global collaboration on cyber risk.” Mark Carney, Governor of the Bank of England
Ravi Menon, Managing Director of the MAS, said, “Cyber risk is a growing threat to the financial ecosystem. Effectively managing this risk will be the new frontier in international supervisory co-operation. I am very pleased that MAS and the Bank of England have resolved to work closer together in promoting the cyber resilience of our financial sectors.”