FS-ISAC Renews Collaboration with Singapore’s Cyber Security Agency to Strengthen Cyber Resilience in the Financial Services Sector

2 mins read

11 July 2023

The partnership aims to enhance information sharing and cyber exercises, addressing emerging threats and promoting international cooperation against cybercrime.

FS-ISAC, a member-driven organization dedicated to advancing cybersecurity and resilience in the global financial system, has signed a Memorandum of Understanding (MoU) with the Cyber Security Agency of Singapore (CSA) to reinforce their collaboration on information sharing and cyber exercises within the financial services domain. The signing took place during FS-ISAC’s annual Asia Pacific (APAC) Summit in Singapore, where leaders in the financial services sector convened to discuss emerging industry trends and the evolving cyber landscape.

The renewed partnership between FS-ISAC and CSA comes at a crucial time, given the increasing cyber threats targeting the Asia Pacific region. The collaboration aims to enhance cyber intelligence cooperation, bolster cyber readiness, and effectively address the ever-evolving cyber risks faced by the financial services industry.According to CSA’s recent Singapore Cyber Landscape (SCL) 2022 report, the banking and financial services sector accounted for 80 percent of 8,500 phishing attempts in 2022, making it the most spoofed industry.

The report also highlighted emerging cyber threats in Singapore, including ransom for reputation attacks and AI-based cyber attacks. These findings underscore the urgent need for organizations to strengthen their cyber resilience and protect themselves from sophisticated cybercriminals.

By facilitating the sharing of security threat intelligence and participating in cyber exercises, the collaboration between FS-ISAC and CSA will enable Singapore to proactively confront and mitigate cybercrime. The two organizations recognize that addressing cyber threats requires a multi-faceted approach that involves close cooperation, information sharing, and continuous enhancement of cyber readiness measures.

FS-ISAC serves as a trusted platform for cross-border cyber intelligence sharing and provides expertise and resources to help financial institutions manage cyber risks effectively. As a not-for-profit organization, FS-ISAC plays a crucial role in protecting financial institutions worldwide. With its international reach and cross-border insights, combined with the cybersecurity expertise and cross-sectoral charge of CSA, the renewed collaboration ensures a comprehensive approach to strengthening cyber resilience in the banking and financial services industry.

Christophe Barel, Managing Director, Asia Pacific at FS-ISAC, emphasized the importance of active knowledge and information sharing across borders in mitigating cyber risks and outpacing cyber criminals. Barel stated, “Addressing cybersecurity is a worldwide imperative,” highlighting the collaborative nature of cyber criminals and the current geopolitical situation.Singapore, as the leading financial hub in the APAC region, plays a critical role in the financial ecosystem. Cyber risk remains a top concern in Singapore and globally. Barel added, “Our longstanding close cooperation with CSA plays a critical role in building a strong, resilient environment for the financial services sector while improving the current cyber posture of financial organizations based in Singapore.”

The collaboration between FS-ISAC and CSA exemplifies the commitment to fortifying cyber resilience and underscores the importance of international cooperation in combatting cyber threats. By sharing knowledge and resources, the financial services sector aims to stay one step ahead of cybercriminals and ensure the security of critical financial systems.

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