MAS, US Treasury conduct cross-border cybersecurity exercise

THE Monetary Authority of Singapore (MAS) and the US Treasury have explored opportunities to deepen cybersecurity cooperation, following a cross-border cybersecurity exercise from Apr 25 to Apr 27. 

This includes holding bilateral workshops on cybersecurity policies and protocols, said both agencies on Tuesday (May 2). 

MAS and the Treasury also reviewed the lessons gleaned from the exercise and discussed possible enhancements and the involvement of other international partners in the future. 

“This exercise allowed both agencies to test and strengthen existing protocols for information exchange and incident response coordination for cyber incidents involving banks operating in both jurisdictions,” said the agencies. 

The joint exercise follows a memorandum of understanding on cybersecurity cooperation signed between both parties in 2021. 

Todd Conklin, deputy assistant secretary in the office of cybersecurity and critical infrastructure protection at the Treasury, noted the need for a “coordinated international response” to the increase in cyber threats amid the interconnectedness of financial systems. 

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“The exercise is a key milestone in Treasury and MAS’ continued and close cooperation to strengthen our collective cybersecurity preparedness, and to safeguard financial stability,” said Vincent Loy, MAS’ assistant managing director for technology.