24 August 2021 at 15:43 UTC
Up to date: 24 August 2021 at 16:05 UTC
Memorandum of Understanding will strengthen data sharing practices
The US and Singapore have signed an settlement to reinforce cooperation and data sharing about cyber threats focusing on monetary companies.
A Memorandum of Understanding on Cybersecurity Cooperation was signed, the US announced yesterday (August 23), to deepen “cooperation in new domains to take care of the challenges of the twenty first century”.
The settlement was confirmed throughout Vice President Kamala Harris’ go to to the town state.
“Particularly, the MoU enhances cooperation between the US Treasury and the Financial Authority of Singapore within the following areas:
Info sharing regarding the monetary sector together with cybersecurity rules and steerage, cybersecurity incidents, and cybersecurity menace intelligence
Workers coaching and examine visits to advertise cooperation within the space of cybersecurity
Competency-building actions such because the conduct of cross-border cybersecurity workouts
The US and Singapore have exchanged data on cyber threats since 2018, the assertion explains.
Secretary of the US Treasury Janet Yellen mentioned the 2 international locations share “frequent objectives of sustaining power and stability, in addition to operational and cyber resilience in every nation’s financial system and financial system”.
Managing Director of MAS Ravi Menon mentioned: “This MoU between the Treasury and MAS might be notably helpful within the areas of cyber menace data sharing and cross-border cybersecurity workouts.
“It’ll additionally assist cement what’s already a powerful and fruitful partnership between the 2 establishments.”
The US has bolstered the cyber defenses of federal companies lately. For instance, President Joe Biden enacted an executive order mandating that US distributors that offer the government with software program should inform them of any safety breaches.
In the meantime Singapore, which enacted its Cybersecurity Act in 2018, has additionally tightened safety inside its authorities, for instance by establishing a framework for the authorized oversight and upkeep of nationwide cybersecurity.