13/06/2024 1:35 PM

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Singapore, US to deepen cybersecurity cooperation

Singapore, US to deepen cybersecurity cooperation

The Monetary Authority of Singapore (MAS) and the United States Department of the Treasury have entered a bilateral memorandum of understanding on cybersecurity.

The agreement, which was announced during US vice president Kamala Harris’s visit to Singapore, recognises “the importance of deepening cooperation in new domains to deal with the challenges of the 21st century,” MAS said.

The MOU focuses on improving cooperation in the following areas:

  • Information sharing related to the financial sector, including cybersecurity regulations and guidance, cybersecurity incidents and cybersecurity threat intelligence
  • Staff training and study visits to promote cooperation in the area of cybersecurity
  • Competency-building activities, such as the conduct of cross-border cybersecurity exercises.

The US Treasury and MAS have been exchanging cyber threat information since 2018, and the agreement formalises and strengthens the partnership between the two agencies.

“The United States and Singapore have a longstanding bilateral partnership,” said US Treasury Secretary Janet L. Yellen. “In our interconnected world, Treasury and MAS share common goals of maintaining strength and stability, as well as operational and cyber resilience in each country’s economy and financial system.  The cybersecurity cooperation agreement will serve to improve the cyber resilience of both countries’ financial systems.”

“Given the growing complexity of cyberattacks and how interconnected the global financial system is, close cooperation is essential to ensure the cyber resilience of our financial systems,” said Ravi Menon, managing director of MAS. “This MOU between the US Treasury and MAS will be particularly useful in the areas of cyber threat information sharing and cross-border cybersecurity exercises.  It will also help cement what is already a strong and fruitful partnership between our two institutions.”

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