The US Department of Treasury and the Monetary Authority of Singapore (MAS) have announced an expansion of their collaboration related to cyber and operational resilience issues. This move comes after a three-day cross border cybersecurity exercise held in late April 2023, where both departments ran an exercise to test protocols for data exchange and incident response coordination involving banks in the two jurisdictions. The cross-border drills were seen as critical amid growing online threats targeting financial services as well as connectivity between both countries’ financial ecosystems.
Following the exercise, both the US Treasury and MAS reviewed the lessons learned, discussed possible enhancements and involvement of other international partners in future exercises, and explored other opportunities to deepen cybersecurity cooperation, such as holding bilateral workshops on cybersecurity policies and protocols. Both departments cited timely coordination and collaboration as a necessity for a swift response and recovery of affected operations, in the event of cyber incidents that had cross-border impact, due to both countries’ roles as major international financial hubs where a number of global systemically important banks operate in.
(Source: Fintech Global, ZD Net)