US Treasury and MAS reinforce cross-border cybersecurity

The collaboration follows the MOU on Cybersecurity Cooperation between the institutions in August 2021.

The Monetary Authority of Singapore (MAS) and US Department of the Treasury (Treasury) commenced cross-boundary cybersecurity exercises.

Between 25 to 27 April, MAS and the Treasury collaborated to put on trial the existing procedures and management styles in the event of cyber attacks on banks.

“As the United States and Singapore are major international financial hubs where a number of global systemically important banks operate in, the cyber resiliency of these institutions in the respective countries has systemic implications on financial stability globally,” said Vincent Loy, Assistant Managing Director (Technology) of MAS.

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The risks of digitalisation toward financial services have been prominent, thus both institutions exchanged viewpoints and protocols to address the matter in both jurisdictions.

The collaboration is within reason of the memorandum of Understanding on Cybersecurity Cooperation signed between Treasury and MAS in August 2021. Additionally, opportunities and future meetings for improvements in cybersecurity were identified by both governments.

“The exercise is a key milestone in Treasury and MAS’ continued and close cooperation to strengthen our collective cybersecurity preparedness, and to safeguard financial stability.” Loy added.