Singapore and UK central banks to work together to strengthen cyber security in finance

FILE PHOTO: A view of the Monetary Authority of Singapore building in Singapore.
Reuters

Singapore and the UK are coming together to ramp up cyber security in their respective financial sectors.

In a statement, the Monetary Authority of Singapore (MAS) and the Bank of England said they were working on producing a Memorandum of Understanding to officially mark the collaboration.

Under the agreement, both central banks will find effective ways to share information and could also arrange for staff exchanges.

“As hosts to global financial centres and FinTech firms, Singapore and the UKhave much to benefit from enhanced collaboration on cyber security,” the statement said.

According to Mark Carney, governor of the Bank of England, the average cost of cybercrime for financial services companies globally has increased by more than 40 per cent over the past three years.

“Cyber risk is not constrained by geographic boundaries, making international cooperation essential to address this growing threat,” he said.

Ravi Menon, managing director of the MAS, said: “Cyber risk is a growing threat to the financial ecosystem. Effectively managing this risk will be the new frontier in international supervisory co-operation.”

According to the banks, financial authorities in Singapore and the UK already cooperate on cyber security through support of the Basel Committee, and contributing to the Financial Stability Board’s Cyber Lexicon.