UK and Singapore regulators to co-operate on cyber-security

The Monetary Authority of Singapore (MAS), the Bank of England and the Financial Conduct Authority have announced that they will be working together to strengthen cyber security in their financial sectors. MAS and the UK financial authorities said they will start work on a Memorandum of Understanding on this enhanced collaboration. The collaboration will involve MAS and the UK financial authorities identifying effective ways to share information and exploring potential for staff exchanges. 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. Mark Carney, Governor of the Bank of England, said: “The average cost of cyber crime 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.”