The Financial Services Information Sharing and Analysis Center (FS-ISAC) and the Cyber Security Agency of Singapore (CSA) announced today the signing of a Memorandum of Understanding (MoU) to advance security threat intelligence sharing and to conduct joint exercises to protect the financial services sector.
The MoU was signed at FS-ISAC’s annual Asia Pacific Summit in Singapore where security leaders from across the financial services sector gathered to solve cyber and physical security threats facing Singapore and the broader region.
Asia Pacific is increasingly a top target for cybercriminals and the region is seeing a growing need to bolster cyberintelligence cooperation to enable cyber-readiness. The collaboration between the two entities will enhance security threat intelligence sharing, helping Singapore to combat cybercrime. The MOU is effective for a period of three years.
FS-ISAC is a non-profit member-driven organization, whose mission is to assure the resilience and continuity of the global financial services infrastructure against acts that could significantly impact the sector’s ability to provide services critical to the orderly function of the global economy. CSA is a Singapore government agency that oversees national cybersecurity functions and works with 11 critical infrastructure sectors including the banking and finance sector.
The CSA’s overview of multiple sectors will provide FS-ISAC with greater visibility of cyberthreats impacting the country. FS-ISAC will offer a global perspective based on select insights from its 7,000 members.
“Cybersecurity is a global concern,” said Bill Nelson, president and chief executive officer, FSISAC. “One of the best ways to defend the financial services sector against cyberattacks is through information sharing and readiness exercises. Cybercriminals are collaborating to break down defenses which is why it’s now more important than ever for us to work together on the global, regional and country levels both in terms of information sharing and conducting joint exercises to stay ahead of cybercrime. Our collaboration with CSA will help us move closer toward this goal.”
“Cybersecurity is a global, cross-cutting issue,” said David Koh, chief executive, CSA. “To deal with it successfully will require cooperation and intelligence sharing. This is especially so because the threat actors are actively sharing information and methods. FS-ISAC has made much progress in this area. We look forward to our partnership to address pressing cybersecurity issues together, and to further expand intelligence sharing.”