Singapore and the U.S. have conducted drills to assess how well banks operating in their respective markets respond to cybersecurity threats.
The Monetary Authority of Singapore (MAS) and U.S. Department of Treasury ran a three-day exercise last week to test protocols for data exchange and incident response coordination involving banks in the two jurisdictions. The cross-border drills are critical, the government agencies said in a joint statement Tuesday, amid growing online threats targeting financial services as well as connectivity between both countries’ financial ecosystems.
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They added that ensuring timely coordination and collaboration was necessary for a swift response and recovery of affected operations, in the event of cyber incidents that had cross-border impact.
MAS’ assistant managing director for technology Vincent Loy said: “As the U.S. and Singapore are major international financial hubs where a number of global systemically important banks operate, the cyber resiliency of these institutions in the respective countries has systemic implications on financial stability globally.”
The drills would bolster the two countries’ collective cybersecurity preparedness and safeguard financial stability, Loy said.
Todd Conklin, deputy assistant secretary for the U.S. Treasury’s Office of Cybersecurity and Critical Infrastructure Protection, added: “Every day we are reminded that cyber threats cross all national borders, as there has been an exponential growth in threat actor activities. We must have a coordinated international response to the increase in threats, as the interconnectedness