UK and Singapore to collaborate on cyber security

Financial authorities in the UK and Singapore say they are working on ways of collaborating to improve cyber resilience and share expertise.

In a joint statement on June 13, the Bank of England (BoE), the UK’s Financial Conduct Authority (FCA) and the Monetary Authority of Singapore (MAS) said they would work towards signing a memorandum of understanding on cyber security.

Challenges the regulators will investigate include identifying “effective ways to share information”, and “exploring the potential” for staff exchanges. “As hosts to global financial centres and fintech firms, Singapore and the UK have much to benefit from enhanced collaboration on cyber security,” the regulators said.

The authorities note that some forms of collaboration already exist, including some bilateral work and joint efforts via forums including the Financial Stability Board and Basel Committee.

BoE governor Mark Carney said: “Cyber risk is not constrained by geographic boundaries, making international co-operation essential to address this growing threat.”

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

FCA chief Andrew Bailey also emphasised the international nature of cyber crime, saying it poses risks not only for individual customers’ money and data, but also for the economy as a whole.