Joint effort to enhance information sharing and cyber exercises participation – fortifying resilience in the financial services sector
Singapore, July 11, 2023 – FS-ISAC, has signed a Memorandum of Understanding (MoU) with the Cyber Security Agency of Singapore (CSA), renewing the organisations’ collaboration on information sharing and participating in cyber exercises within the financial services domain. This signing comes amid FS-ISAC's annual APAC Summit in Singapore, where leaders in security from the financial services sector will convene to discuss emerging industry trends; including cloud, fintech, and cryptocurrencies and their influence on cyber; as well as the rising need to advance cyber resilience against ever-evolving cyber risks.
According to CSA’s recent Singapore Cyber Landscape (SCL) 2022 report, the banking and financial services sector was identified as the most spoofed, accounting for 80 percent of 8,500 phishing attempts in 2022. The report also cautioned organisations of emerging cyber threats on the rise in Singapore such as ransom for reputation and AI-based cyber attacks.
With cyber criminals increasingly targeting the APAC region, there is a pressing demand to strengthen cyber intelligence cooperation in order to enhance cyber readiness. The continued collaboration between the two organisations will facilitate the sharing of security threat intelligence via an established channel and participation in cyber exercises, enabling Singapore to confront and mitigate cybercrime proactively. This underscores the mutual recognition that addressing cyber threats requires a multi-faceted approach that involves close cooperation, information sharing, and the continuous enhancement of cyber readiness measures.
As a member-driven, not-for-profit organisation that advances cybersecurity and resilience in the global financial system, FS-ISAC protects financial institutions by serving as a trusted platform for cross-border cyber intelligence sharing and a pool of expertise and resources to help these institutions effectively manage cyber risks. By bringing together FS-ISAC’s international reach and cross-border insights, and the national cybersecurity expertise and cross-sectoral charge of Singapore government agency CSA, the renewed collaboration ensures an all-encompassing approach to strengthen cyber resilience for the banking and financial services industry.
"Addressing cybersecurity is a worldwide imperative," stated Christophe Barel, Managing Director, Asia Pacific, FS-ISAC. "The increasingly collaborative nature of cyber criminals, along with the current geopolitical situation, makes active knowledge and information sharing across borders even more important to mitigate cyber risks and outpace cyber criminals.”
“As APAC’s leading financial hub, Singapore plays a critical role in the region’s financial ecosystem, and cyber risk remains a top concern in Singapore and globally. Our longstanding close cooperation with CSA plays a critical role in building a strong, resilient environment for the financial services sector whilst improving the current cyber posture of financial organisations based in Singapore," added Barel.
FS-ISAC is the member-driven, not-for-profit organization that advances cybersecurity and resilience in the global financial system, protecting the financial institutions and the people they serve. Founded in 1999, the organization’s real-time information-sharing network amplifies the intelligence, knowledge, and practices of its members for the financial sector’s collective security and defenses. Member financial firms represent $100 trillion in assets in 75 countries.
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