Amid growing concerns about the impact of cyber crime on the global financial sector, regulators in the U.K. and Singapore are teaming up to bolster cybersecurity.
The Monetary Authority of Singapore (MAS), the Bank of England and the U.K.’s Financial Conduct Authority (FCA) announced plans on Thursday to enhance information sharing, and potentially exchange staffers, as part of an expanded effort to strengthen cyber security in the financial sector.
“The average cost of cybercrime for financial services companies globally has increased by more than 40% over the past three years. Cyber risk is not constrained by geographic boundaries, making international cooperation essential to address this growing threat,” Mark Carney, governor of the Bank of England, said in a statement.
“Effectively managing this risk will be the new frontier in international supervisory co-operation,” added Ravi Menon, managing director of the MAS.
The regulators also said that they are developing a memorandum of understanding (MOU) to formalize their enhanced collaboration.
“We will only be able to tackle this if we work together across industry and regulators to combat the threat it poses. Working closely with our global partners will help us to detect and respond to potential threats and attacks,” said Andrew Bailey, CEO of the FCA.