The Monetary Authority of Singapore (MAS) has agreed a new collaboration agreement with Bank of England and Financial Conduct Authority to strengthen cyber security in their respective financial sectors.

MAS, who signed a similar contract with the Asia-Pacific Future Financial Research Institute,  said it will work with the UK authorities to finalise a Memorandum of Understanding to act as a clear representation this enhanced collaboration.

Mark Carney, Governor of the Bank of England, commented: “The average cost of cybercrime for financial services companies globally has increased by more than 40% over the past three years.

“Cyber risk is not constrained by geographic boundaries, making international cooperation essential to address this growing threat.”

All three entities said they will work together to identify more effective methods to share information and possibly explore staff exchanges in the future.

“I’m pleased the Bank and the Prudential Regulation Authority are working with the MAS toward a Memorandum of Understanding on financial sector cyber security,” Carney continued.

“This aligns with the work we are doing with a number of other countries to enhance global collaboration on cyber risk.”

The three will continue supporting the Basel Committee’s work to develop the best practices for supervising cyber risk in banks and contributing to the Financial Stability Board’s Cyber Lexicon.

Ravi Menon, managing director, MAS, explained:“Cyber risk is a growing threat to the financial ecosystem. Effectively managing this risk will be the new frontier in international supervisory cooperation.

“I am very pleased that MAS and the Bank of England have resolved to work closer together in promoting the cyber resilience of our financial sectors.”