Joint venture to boost APAC cybersecurity information sharing
(2 December 2016 – Singapore) A Singapore-based Intelligence Centre focusing on cybersecurity information within the financial services sector, is expected to begin operations in the first half of 2017.
The centre is a joint collaboration between the Financial Services Information Sharing and Analysis Center (FS-ISAC) and the Monetary Authority of Singapore (MAS). The Asia Pacific Regional Intelligence and Analysis Centre aims to encourage regional sharing and analysis of cybersecurity information within the financial services sector.
It will employ local analysts who will monitor cyber threats to member financial institutions in the region, and provide analysis as well as recommend courses of action to mitigate those threats.
The Financial Services Information Sharing and Analysis Center (FS-ISAC) is a non-profit corporation that was established in 1999 and is funded by its 7,000 member firms located in 72 countries.
“In view of the increasing interconnectedness of financial services sector, sharing of timely and actionable cyber information between financial institutions is essential in building collective cyber resilience within the financial ecosystem,” said Sopnendu Mohanty, Chief Fintech Officer, MAS.
President and CEO of FS-ISAC, Bill Nelson said: “Cyber attacks continue to increase globally and can move around the world instantaneously. The availability of reliable, timely and actionable information and threat intelligence is critical to the security and resilience of the global financial sector.
“Threats specifically targeting the financial sector span a wide range to include account takeovers, business email compromises, Distributed Denial of Service (DDoS) attacks and destructive malware. FS-ISAC is dedicated to providing member firms in the region with the means to collect, analyse and mitigate risks through an industry collective threat intelligence analysis and sharing platform. This initiative enables financial firms both in the region as well as globally to develop an even stronger community defence model and will be an important resource to deliver deeper analysis, mitigate risks and encourage greater collaboration.”
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