We are creating some awesome events for you. Kindly bear with us.

Singapore-U.S. Joint Exercise Strengthens Cyber Cooperation

A cross-border cybersecurity exercise was conducted by the Monetary Authority of Singapore (MAS) and the United States Department of the Treasury (Treasury). The exercise allowed both agencies to put existing protocols for information exchange and incident response coordination for cyber incidents involving banks operating in both jurisdictions to test and strengthen them.

Given the increasing cyber threats targeting financial services, as well as the interconnectedness of the financial ecosystems in Singapore and the U.S., timely coordination, and cooperation during a cyber incident with cross-border implications are essential for prompt action and successful recovery of the affected operations.

As Singapore and the U.S. are major international financial hubs where several globally systemically important banks operate, the cyber resiliency of these institutions in the respective countries has systemic implications for global financial stability, according to the Assistant Managing Director (Technology) of MAS, Vincent Loy.

The exercise represents a significant milestone in the Treasury and MAS’ ongoing and close collaboration to strengthen their collective cybersecurity preparedness and safeguard financial stability.

On the other hand, Todd Conklin, Deputy Assistant Secretary in the Office of Cybersecurity and Critical Infrastructure Protection at the Treasury, stated that this exercise represents an effort to strengthen cybersecurity cooperation and their ability to communicate in the event of a significant cross-border incident.

He added that they appreciate the cooperation of their Singaporean partners in making this feasible. Daily, they are reminded that cyber threats transcend all national borders, as threat actor activities have grown exponentially. Due to the interdependence of their financial systems, they can only be as robust as their weakest endpoint.

After the exercise, Treasury and MAS talked about what they had learned, how they could improve future exercises, and how they could include other international partners. They also looked into other ways to improve cybersecurity cooperation, such as holding bilateral workshops on cybersecurity policies and protocols.

Cyber exercises are crucial because it gives enterprises and agencies a chance to evaluate their cybersecurity policies, enhance incident response coordination, and discover system vulnerabilities. Organisations may improve their cyber resilience, be ready for real-world scenarios, and lessen the potential effect of cyber catastrophes by simulating cyber-attacks.

Additionally, cyber exercises give different organisations and jurisdictions a chance to collaborate and share information, which is essential in addressing cyber threats, which frequently have cross-border repercussions.

In addition, negotiations on a new and contemporary UK-Singapore Bilateral Investment Treaty (UKSBIT) have begun between Singapore and the United Kingdom (UK).

Singapore and the UK are both investor-friendly countries with significant and expanding stakes in each other’s markets, according to Minister-in-Charge of Trade Relations S Iswaran. By implementing a new UKSBIT that offers updated protections for Singapore investors entering the UK and vice versa, they can further solidify this crucial investment connection.

Both parties are going to discuss how to promote and facilitate two-way investment flows. The UK-Singapore Free Trade Agreement, the Digital Economy Agreement, and the Green Economy Framework are only a few examples of the recent bilateral economic cooperation that has gained significant momentum.

The old bilateral investment treaty, which went into effect in 1975, will be replaced by the new UKSBIT. To modernise the investment protection offered and, where necessary, investigate investment facilitation support, it will include strong and current laws on the treatment of investments and investors from Singapore and the UK.

PARTNER

Qlik’s vision is a data-literate world, where everyone can use data and analytics to improve decision-making and solve their most challenging problems. A private company, Qlik offers real-time data integration and analytics solutions, powered by Qlik Cloud, to close the gaps between data, insights and action. By transforming data into Active Intelligence, businesses can drive better decisions, improve revenue and profitability, and optimize customer relationships. Qlik serves more than 38,000 active customers in over 100 countries.

PARTNER

CTC Global Singapore, a premier end-to-end IT solutions provider, is a fully owned subsidiary of ITOCHU Techno-Solutions Corporation (CTC) and ITOCHU Corporation.

Since 1972, CTC has established itself as one of the country’s top IT solutions providers. With 50 years of experience, headed by an experienced management team and staffed by over 200 qualified IT professionals, we support organizations with integrated IT solutions expertise in Autonomous IT, Cyber Security, Digital Transformation, Enterprise Cloud Infrastructure, Workplace Modernization and Professional Services.

Well-known for our strengths in system integration and consultation, CTC Global proves to be the preferred IT outsourcing destination for organizations all over Singapore today.

PARTNER

Planview has one mission: to build the future of connected work. Our solutions enable organizations to connect the business from ideas to impact, empowering companies to accelerate the achievement of what matters most. Planview’s full spectrum of Portfolio Management and Work Management solutions creates an organizational focus on the strategic outcomes that matter and empowers teams to deliver their best work, no matter how they work. The comprehensive Planview platform and enterprise success model enables customers to deliver innovative, competitive products, services, and customer experiences. Headquartered in Austin, Texas, with locations around the world, Planview has more than 1,300 employees supporting 4,500 customers and 2.6 million users worldwide. For more information, visit www.planview.com.

SUPPORTING ORGANISATION

SIRIM is a premier industrial research and technology organisation in Malaysia, wholly-owned by the Minister​ of Finance Incorporated. With over forty years of experience and expertise, SIRIM is mandated as the machinery for research and technology development, and the national champion of quality. SIRIM has always played a major role in the development of the country’s private sector. By tapping into our expertise and knowledge base, we focus on developing new technologies and improvements in the manufacturing, technology and services sectors. We nurture Small Medium Enterprises (SME) growth with solutions for technology penetration and upgrading, making it an ideal technology partner for SMEs.

PARTNER

HashiCorp provides infrastructure automation software for multi-cloud environments, enabling enterprises to unlock a common cloud operating model to provision, secure, connect, and run any application on any infrastructure. HashiCorp tools allow organizations to deliver applications faster by helping enterprises transition from manual processes and ITIL practices to self-service automation and DevOps practices. 

PARTNER

IBM is a leading global hybrid cloud and AI, and business services provider. We help clients in more than 175 countries capitalize on insights from their data, streamline business processes, reduce costs and gain the competitive edge in their industries. Nearly 3,000 government and corporate entities in critical infrastructure areas such as financial services, telecommunications and healthcare rely on IBM’s hybrid cloud platform and Red Hat OpenShift to affect their digital transformations quickly, efficiently and securely. IBM’s breakthrough innovations in AI, quantum computing, industry-specific cloud solutions and business services deliver open and flexible options to our clients. All of this is backed by IBM’s legendary commitment to trust, transparency, responsibility, inclusivity and service.

Send this to a friend