On 13 June 2019, Bank of England (BoE), FCA and the Monetary Authority of Singapore (MAS) published a joint press release announcing their intention to work together to strengthen cybersecurity in their financial sectors.
The authorities plan to enter into a memorandum of understanding (MoU) to formalise the enhanced collaboration, which will identify effective ways to share information and explore the potential for staff exchanges.
The press release explains that the financial authorities in Singapore and the UK already co-operate on cybersecurity, both bilaterally and by supporting the Basel Committee on Banking Supervision’s (BCBS) work to develop the best practices for supervising cyber risk in banks and contributing to the Financial Stability Board’s (FSB) cyber lexicon
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