The Monetary Authority of Singapore (MAS) has announced a partnership with payment technology firm Mastercard to enhance cooperation in cybersecurity and strengthen cyber resilience in the financial services sector.
The new deal will share information about cyber threat intelligence to enhance cyber situational awareness.
This will enable stakeholders to proactively identify and respond to potential threats.
MAS’ assistant managing director of technology, Vincent Loy, said with an evolving cyber threat landscape and digitalisation of financial services globally, close public-private partnership between key financial sector players is essential to engendering cyber resilience.
This MoU will help advance cybersecurity capacity building, Loy added.
The aim is to have a joint analysis of the latest cyber threats impacting the financial services sector to produce actionable insights and recommendations on countermeasures.
Both parties will get involved in competency-building activities including cybersecurity exercises, staff training, and study visits to strengthen cybersecurity capabilities.
Mastercard’s APAC president, Ari Sarker, said it’s not about securing a device or a network anymore; it’s about securing the entire ecosystem.
