US Treasury and MAS Reinforce Cross-Border Cybersecurity Collaboration
(4 May 2023 – Singapore) The United States Department of Treasury (Treasury) and the Monetary Authority of Singapore (MAS) are expanding their level of collaboration on cybersecurity and operational resilience issues with the commencement of cross-boundary cybersecurity exercises.
MAS and the Treasury partnered to trial existing procedures and management styles in the event of cyber attacks on banks.
The risks of digitalisation toward financial services have been prominent with both institutions exchanging viewpoints and protocols to address the matter in both jurisdictions.
The collaboration is within reason of the Memorandum of Understanding (MOU) 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.
“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 MAS Assistant Managing Director (Technology), Vincent Loy.
“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,” he added.
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