Singapore and French Regulators Carry Out Joint Cyber Crisis Exerciseby Fintech News Singapore June 20, 2022
The Monetary Authority of Singapore (MAS), the Banque de France (BdF) and the Autorité de contrôle prudentiel et de résolution (ACPR) had carried out a joint crisis management exercise focused on cybersecurity threats.
Backed by the Banque de France, ACPR is the administrative authority that supervises the banking and insurance sectors and ensures financial stability.
The exercise follows from the Memorandum of Understanding on Cooperation in Cybersecurity signed between MAS, BdF and ACPR in November 2019.
The joint exercise tested the effectiveness of cyber crisis coordination and response by the three financial authorities when managing scenarios such as ransomware, zero-day vulnerabilities and IT supply chain attacks.
Given the global nature of cyber threats and the interconnectedness of our financial systems, cross-border cooperation has become increasingly important to safeguard financial stability and the resilience of essential financial services.
Vincent Loy, Assistant Managing Director (Technology), MAS said,
“The joint exercise demonstrates the commitment of MAS, BdF and ACPR to sharpen our collective response to major cyber attacks targeted at financial institutions operating on a cross border basis, through effective information sharing protocols.
Such close cooperation improves our ability to maintain operational resilience and stability in the global financial system.”
Nathalie Aufauvre, Director General for Operations and Financial Stability at BdF said,
“Cyber-risk being cross-border by nature, the conduct of international crisis exercises is essential to increase our level of readiness and collective cyber-resilience, especially in this period of heightened cyber-threats.
The exercise also illustrates the diversity of our joint MAS-BdF cooperation after the opening of BdF’s office for Asia-Pacific in Singapore in 2020.”