Monetary Authority of Singapore and UK announce cyber accord
June 13, 2019

The Monetary Authority of Singapore (MAS), the Bank of England and the Financial Conduct Authority announced today that they will be working together to strengthen cyber security in their financial sectors. MAS and the UK financial authorities will commence work towards a Memorandum of Understanding to signify 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.

Mark Carney, Governor of the Bank of England, said: "The average cost of cybercrime for financial services companies globally has increased by more than 40 percent over the past three years. Cyber risk is not constrained by geographic boundaries, making international co-operation 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."

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."





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The Monetary Authority of Singapore (MAS), the Bank of England and the Financial Conduct Authority announced today that they will be working together to strengthen cyber security in their financial sectors. MAS and the UK financial authorities will commence work towards a Memorandum of Understanding to signify 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.

Mark Carney, Governor of the Bank of England, said: "The average cost of cybercrime for financial services companies globally has increased by more than 40 percent over the past three years. Cyber risk is not constrained by geographic boundaries, making international co-operation 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."

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."



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