MAS and UK financial authorities (BoE and FCA) announced that they will work together to strengthen cyber security in their financial sectors. The authorities will commence work toward 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 explore potential for staff exchanges.
As hosts to global financial centers and fintech firms, Singapore and the UK have much to benefit from enhanced collaboration on cyber security. Financial authorities in Singapore and the UK already cooperate on cyber security, both bilaterally and by supporting the work of BCBS to develop the best practices for supervising cyber risk in banks and contributing to the Cyber Lexicon published by FSB. Here's what the leaders from these authorities had to say about this cooperation to strengthen cyber security:
- 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% 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."
- Andrew Bailey, Financial Conduct Authority Chief Executive said: “Cybercrime is an ever increasing global problem, particularly in the financial services sector. It creates risks not just for individual customers’ money and data but for the UK economy. We will only be able to tackle this if we work together across industry and regulators to combat the threat it poses. Working closely with our global partners will help us to detect and respond to potential threats and attacks. I am pleased the FCA can work together with international partners, like MAS, to enhance cyber security in the financial sector.”
- 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. I am very pleased that MAS and the Bank of England have resolved to work closer together in promoting the cyber resilience of our financial sectors.”
Related Link: BoE News Release
Keywords: Europe, Asia Pacific, UK, Singapore, Banking, Insurance, Securities, MoU, Cyber Risk, Cyber Security, Fintech, MAS, FCA, BoE
Previous ArticleCPMI and IOSCO Consult on a Paper on CCP Default Management Auctions
The Australian Prudential Regulation Authority (APRA) released the final Prudential Practice Guide on management of climate change financial risks (CPG 229) for banks, insurers, and superannuation trustees.
The European Council adopted its position on two proposals that are part of the digital finance package adopted by the European Commission in September 2020, with one of the proposals involving the regulation on markets in crypto-assets (MiCA) and the other involving the Digital Operational Resilience Act (DORA).
The Prudential Regulation Authority (PRA) is proposing, via the consultation paper CP21/21, to apply group provisions in the Operational Resilience Part of the PRA Rulebook (relevant for the Capital Requirements Regulation or CRR firms) to holding companies.
The European Commission (EC) has adopted a package of measures related to the Capital Markets Union.
The European Banking Authority (EBA) published the final report on draft regulatory technical standards for the calculation of risk-weighted exposure amounts of collective investment undertakings or CIUs, in line with the Capital Requirements Regulation (CRR).
The Board of Governors of the Federal Reserve System (FED) published a report that summarizes banking conditions in the United States, along with the supervisory and regulatory activities of FED.
The Australian Prudential Regulation Authority (APRA) recently completed two pilot initiatives in its 2020-2024 Cyber Security Strategy, which was published in November 2020.
The Basel Committee on Banking Supervision (BCBS) published further information related to its 2021 assessment of global systemically important banks (G-SIBs), with additional details to help understand the scoring methodology.
The Financial Accounting Standards Board (FASB) is consulting on an Accounting Standards Update and the associated taxonomy improvements for requirements on troubled debt restructurings and vintage disclosures under the credit losses standard (for financial instruments) topic 326.
US Agencies issued a statement that summarizes the work undertaken during the interagency policy sprints focused on crypto-assets and provides a roadmap of future work related to crypto-assets.