It will improve information sharing and cyber exercises.
The CSA and FS-ISAC inked a memorandum of understanding to renew their collaboration on information sharing and promote cyber exercises in financial services.
In a joint statement, the two firms will facilitate the sharing of security threat intelligence via an established channel and participation in cyber exercises to confront and mitigate cyber security threats.
“This underscores the mutual recognition that addressing cyber threats requires a multi-faceted approach that involves close cooperation, information sharing, and the continuous enhancement of cyber readiness measures,” read the statement.
According to CSA’s recent Singapore Cyber Landscape (SCL) 2022 report, the banking and financial services sector was the most spoofed, accounting for 80% of 8,500 phishing attempts in 2022. The report also warned organisations against emerging cyber threats on the rise in Singapore such as ransom for reputation and AI-based cyber attacks.
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