The Financial Services Information Sharing and Analysis Center (FS-ISAC) has signed a memorandum of understanding (MoU) with the Cyber Security Agency of Singapore (CSA) to address cyber security threats to the country’s financial services sector.

The MoU, valid for three years, is aimed at advancing security threat intelligence sharing and conducting joint exercises to protect the financial services sector.

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“Asia Pacific is increasingly a top target for cybercriminals and the region is seeing a growing need to bolster cyberintelligence cooperation to enable cyber-readiness,” the two groups said in a joint statement.

The CSA’s overview of multiple sectors will provide FS-ISAC with greater visibility of cyberthreats impacting the country while FS-ISAC will offer a global perspective based on select insights from its 7,000 members, the statement added/

FS-ISAC president and CEO Bill Nelson said: “One of the best ways to defend the financial services sector against cyberattacks is through information sharing and readiness exercises.

“Cybercriminals are collaborating to break down defences which is why it’s now more important than ever for us to work together on the global, regional and country levels both in terms of information sharing and conducting joint exercises to stay ahead of cybercrime.

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“Our collaboration with CSA will help us move closer toward this goal.”

A non-profit member-driven organisation established in 1999, FS-ISAC works to enhance resilience of the global financial services infrastructure against all detrimental effects to ensure smooth functioning of the global economy.