The Financial Services Information Sharing and Analysis Center (FS-ISAC) and Cyber Security Agency of Singapore (CSA) have inked an agreement to jointly conduct cybersecurity exercises and exchange insights on the current threat landscape.
The partnership would span three years and “enhance security threat intelligence sharing” between the two organisations, which would better enable Singapore to combat cybercrime, they said in a statement Wednesday.
Questions remain over the kinds of services that will require a license and government officials’ liability, but the proposed legislation is clear in one thing–that cybersecurity must now be a top priority for any business operating critical infrastructures in Singapore.
“Asia-Pacific is increasingly a top target for cybercriminals and the region is seeing a growing need to bolster cyber intelligence cooperation to enable cyber-readiness,” they added.
Parked under Singapore’s Prime Minister Office, CSA manages the country’s cybersecurity operations and has centralised oversight of national cybersecurity functions. This would offer FS-ISAC greater visibility of threats Singapore faced, while the non-profit organisation would draw insights from its base of 7,000 members, which ran headquarters in 44 countries.
FS-ISAC focuses on cybersecurity for the financial services and banking industry, which is one of 11 critical infrastructure sectors identified by CSA under the nation’s cybersecurity act.
FS-ISAC President and CEO Bill Nelson said: “Cybersecurity is a global concern. 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 defenses, 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,” Nelson added.
Singapore’s cybersecurity bill was passed in February this year, outlining the legal framework for the management of cybersecurity in the country, including responsibilities that operators of 11 critical information infrastructures must fulfil to safeguard their systems from attacks.
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