News15 Nov 2017

APAC:Cyber information sharing to strengthen across nine countries

15 Nov 2017

The Financial Services Information Sharing and Analysis Center (FS-ISAC) and the Monetary Authority of Singapore (MAS) have launched the FS-ISAC Asia Pacific Regional Analysis Centre's office and operations in Singapore, which will support information sharing on cyber incidents across nine APAC countries.

The Centre currently supports 49 financial institutions across the nine countries, which are Australia, India, Japan, Malaysia, New Zealand, Singapore, South Korea, Taiwan and Thailand. The setting up of the Regional Centre in Singapore shows the growing collaboration between the two organisations to fight cybercrime, said a joint statement from both issued yesterday.

“Information sharing remains one of the most effective ways to stay ahead of cybercrime. Strengthening local intelligence capabilities and cyber-resilience is critical at both a regional and a global level,” said Mr Bill Nelson, president and CEO, FS-ISAC. “Strengthening our presence in Asia Pacific helps build the resilience of the entire global financial services sector.”
 
Chief FinTech Officer of MAS Sopnendu Mohanty said “Against the backdrop of increasingly complex and sophisticated cyber-attacks, it is even more important for countries to stay engaged, foster stronger relationships and exchange information and expertise freely. The Centre’s operations and the regional intelligence reports it produces will help Asia Pacific countries to deal better with cross-border cybercrimes.”
 
To help its Asia Pacific members stay ahead of cybercrime in the region, the Centre provides 24/7 local and global coverage with threat information sharing, actionable intelligence, as well as tools and resources to respond to incidents. Members also benefit from regional meetings, regionally-focused monthly threat calls, webinars on hot topics, cybersecurity training and summits.
 
To meet the growing need for cybersecurity talent, FS-ISAC signed a memorandum of understanding with a local institution of higher learning, Temasek Polytechnic, to provide internship opportunities for the Polytechnic’s students. Students will be exposed to real world cyber threats to build up their skills in cybersecurity. This initiative supports the financial services industry transformation map initiative to build a local pipeline of specialised IT talent for the financial services sector, including in the area of cybersecurity. 

The Financial Services Information Sharing and Analysis Center, formed in 1999, is a member owned, non-profit and private financial sector initiative. With 7,000 members worldwide today, FSISAC was designed and developed by its member institutions. Its primary function is to share timely, relevant and actionable physical and cyber security threat and incident information to enhance the ability of the financial services sector to prepare for, respond to and mitigate the risk associated with these threats.

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