MAS, Mastercard ink MOU to strengthen cyber resilience in financial services sector
THE Monetary Authority of Singapore (MAS) and Mastercard on Tuesday (Apr 9) signed a memorandum of understanding (MOU) to enhance cooperation in cybersecurity, specifically with the aim of strengthening cyber resilience in Singapore’s financial services sector.
In a joint media release on Tuesday, MAS and Mastercard said the strategic partnership aims to further cement the collaboration between the two parties in three areas: the bilateral information sharing of cyber threat intelligence to raise cyber situational awareness in the financial services sector, the joint analysis of the latest cyber threats impacting the financial services sector to produce actionable insights and recommendations on possible countermeasures, as well as competency-building activities such as joint cybersecurity exercises, staff training and study visits.
Vincent Loy, assistant managing director for technology at MAS, said close public-private partnerships between key financial sector players is essential to engendering the cyber resilience of the financial ecosystem, especially in light of a “constantly evolving cyber threat landscape and rapid digitalisation of financial services globally”.
“I am glad that this MOU between MAS and Mastercard will contribute towards this outcome and help advance cybersecurity capacity building,” he added.
Ari Sarker, president for Asia-Pacific at Mastercard, said that amid escalating cyber threats in today’s connected economy, the need for cybersecurity “has never been more acute”.
“It’s not about securing a device or a network anymore; it’s about securing the entire ecosystem, for today and tomorrow. This collaboration is a significant step in that direction,” he said.
GET BT IN YOUR INBOX DAILY
Start and end each day with the latest news stories and analyses delivered straight to your inbox.
“Synergising our resources and expertise, we will advance on our joint commitment towards securing the financial ecosystem and enhancing cyber resilience in Singapore and beyond,” he added.
KEYWORDS IN THIS ARTICLE
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Companies & Markets
Sumitomo to bolster shareholder returns in new mid-term plan
US Fed ‘less hawkish’ than expected; Singapore banks, net cash companies likely to outperform
ST Engineering bags more than S$175 million in contracts to upgrade Singapore’s public bus fleet
ING unveils 2.5 billion euros buyback as profit beats estimates
Prosper Cap halts operations at UK hotel after fire breaks out
DBS chief expects 2024 earnings to hit new highs as Q1 profit rises 15% to S$2.95 billion