The Monetary Authority of Singapore (MAS), the Bank of England and UK’s Financial Conduct Authority (FCA) have joined forces to strengthen cyber security in the financial sectors.
Image: The partnership is expected to identify effective ways to share information and explore potential for staff exchanges. Photo: Courtesy of Pete Linforth from Pixabay.
MAS and the UK financial authorities would start working towards a Memorandum of Understanding to improve the collaboration.
Under the partnership, MAS and the UK financial authorities are expected to identify effective ways to share information and explore potential for staff exchanges.
Bank of England governor Mark Carney 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.”
Being hosts to global financial centres and FinTech firms, both Singapore and the UK are expected to be benefitted from the enhanced collaboration on cyber security.
MAS managing director Ravi Menon 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.”
The financial authorities in Singapore and the UK are already in cooperation on cyber security 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.
FCA chief executive Andrew Bailey said: “Cybercrime is an ever increasing global problem, particularly in the financial services sector. It creates risks not just for individual customers’ money and data but for the UK economy.
“We will only be able to tackle this if we work together across industry and regulators to combat the threat it poses. Working closely with our global partners will help us to detect and respond to potential threats and attacks. I am pleased the FCA can work together with international partners, like MAS, to enhance cyber security in the financial sector.”