Global info-sharing platform to help central banks fight cyber crime
Singapore
AN information-sharing group for central banks, regulators and supervisors will soon be launched to combat cyber and physical crime and to build a more resilient financial sector.
Called the CERES (CEntral banks, REgulators and Supervisory entities) Forum, it is the first such global platform bringing together these entities.
The platform will be officially launched on July 1 by the Financial Services Information Sharing and Analysis Center (FS-ISAC), a non-profit organisation which aims to assure the resilience of the global financial services infrastructure.
The Forum will provide a means for central banks, regulators and supervisors to share best practices related to regulatory and compliance controls, gather feedback about the most effective controls and distribute information on cyber threats, vulnerabilities, incidents and other threat intelligence that could hit financial services, including attacks targeting central banks, regulators and supervisors themselves.
Bill Nelson, FS-ISAC president and chief executive officer, said: "Cyber threats have become increasingly frequent, complex and sophisticated.
"The sharing of information and best practices among the authorities in a timely way to address the rapidly evolving threats is critical.
"Today, there is no dedicated forum or system for regulators, central banks and supervisors to share information on cyber and physical threats.
"The CERES Forum will bridge that gap with a platform that facilitates secure sharing of information about threats, vulnerabilities and incidences to stay ahead of crime."
The Monetary Authority of Singapore (MAS), Singapore's central bank, played a key role in developing the CERES Forum.
MAS' chief cyber security officer Tan Yeow Seng said: "There is a pressing need to enhance situational awareness of cyber threats. The CERES Forum will help us do this.
"This initiative is timely, following the recent decision by Asean finance ministers and central bank governors to facilitate information sharing on cyber threats and incidents in the region.
"The CERES Forum complements on-going efforts by the MAS and financial institutions in Singapore to strengthen cyber resilience in our financial sector. We look forward to working with fellow central banks and financial regulators on this project."
