The Monetary Authority of Singapore (MAS) and the United States Department of the Treasury announced the finalization of a bilateral memorandum of understanding (MoU) on cybersecurity cooperation. The MoU formalizes and strengthens the existing strong cybersecurity partnership between both agencies. The MoU enhances cooperation in information-sharing for the financial sector, including cybersecurity regulations and guidance, cybersecurity incidents, and cybersecurity threat intelligence. It would also enhance cooperation in the areas of staff training and study visits as well as the competency-building activities such as the conduct of cross-border cybersecurity exercises.
This announcement was made during the Singapore visit of the U.S. Vice President Kamala Harris. The U.S. Treasury and MAS have had ongoing exchange of cyber threat information since 2018. According to Ravi Menon, the Managing Director of MAS, “Given the growing complexity of cyber attacks and how interconnected the global financial system is, close cooperation is essential to ensure the cyber resilience of our financial systems. This MoU between the US Treasury and MAS will be particularly useful in the areas of cyber threat information sharing and cross-border cybersecurity exercises. It will also help cement what is already a strong and fruitful partnership between our two institutions.”
Related Link: Press Release
Keywords: Asia Pacific, Americas, Singapore, US, Banking, MoU, Cyber Risk, US Treasury, MAS
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