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Singapore to Enhance Threat Intelligence Sharing in Financial Sector

Hey there! Did you know that Singapore’s Cyber Security Agency (CSA) is strengthening its defenses against cyber attacks, by joining forces with a US-based threat intelligence center? Yep, it’s true. These heavy-hitters have come together to exchange intelligence information and engage in joint cyber security drills aimed at safeguarding Singapore’s financial services industry – a crucial backbone of the economy!

You may be wondering, “Who is this US-based ally?” Well, let me introduce you to the Financial Services Information Sharing and Analysis Centre (FS-ISAC). Comprised of over 7,000 members, including significant players from the banking and insurance sectors, FS-ISAC has a presence in over 45 different countries. With a collective like this, they’re sitting on a goldmine of global threat information, which will be invaluable to safeguarding the financial industry in Singapore.

What’s even more fascinating is that the CSA would be participating in FS-ISAC’s cyber security exercise come September 2018. Can you believe it? They are pulling out all the stops to simulate real-world incidents to test their prowess in defending against cyber attacks on payment systems. These guys mean business!

We’ve all heard about those horrifying cyber attacks, like the malware attack on the Far Eastern International Bank of Taiwan in late 2017, right? Well, guess what? FS-ISAC came to the rescue, assisting members in damage control during such crises.

With cyberattacks becoming increasingly commonplace, it’s all too clear that information sharing and readiness exercises have become non-negotiable. “Cyber criminals are teaming up to break down defenses!” says Bill Nelson, head honcho of FS-ISAC. “So, now, more than ever, we need to band together globally and regionally to stay ahead of these bad guys.”

David Koh, the big boss of CSA, supports this sentiment, applauding the strides FS-ISAC has made in the area of cyber security. Strengthening international and regional partnerships naturally facilitates knowledge sharing to tackle these pressing cyber security issues. The CSA has a network of powerful alliances with countries like Germany, Japan, UK, France, India, the Netherlands, Britain, the US and Australia.

Last summer, in June 2017, the CSA and the Australian government even announced regular exchanges on cyber threats, shared best practices to drive innovation in cyber security, and concentrated on building up cyber security capabilities. Their joint goals are clear: to conduct regular information exchanges on cyber threats, share best practices to encourage innovation in cyber security, and develop a team specifically for tackling cyber security issues. They are committed to keeping the digital world a safe place!

Isn’t it amazing how the CSA is actively fighting against cybercrime by these measures? Imagine the heights they could reach with more such strategic partnerships, sharing crucial insights, and constantly evolving safeguarding tactics. An inspiration for us all, wouldn’t you say?

by Morgan Phisher | HEAL Security

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