As global financial centers hosting a large number of fintech firms, Singapore and the United Kingdom have much to benefit from enhanced collaboration on cybersecurity.
The Monetary Authority of Singapore (MAS), Bank of England (BOE) and Financial Conduct Authority have announced their intention to work together to enhance cybersecurity and resilience in the financial services industry, MAS announced in a press release on Friday.
The statement added that Singapore and U.K. authorities would work towards formalizing this partnership with an MOU in due course.
According to MAS, both countries already cooperate on cybersecurity, 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.
«Growing Threat»
«Cyber risk is a growing threat to the financial ecosystem. Effectively managing this risk will be the new frontier in international supervisory co-operation,» MAS managing director Ravi Menon said.
Bank of England governor Mark Carney noted that the average cost of cybercrime for financial services companies globally has increased by more than 40 percent over the past three years.
