US Treasury and Monetary Authority of Singapore Conduct Joint Exercise to Strengthen Cross-Border Cyber Incident Coordination and Crisis Management

The Monetary Authority of Singapore, MAS, has published a statement to inform that it has conducted a joint cross-border cybersecurity exercise from April 25, 2023 to April 27, 2023 together with the U.S. Department of the Treasury (USDT). The exercise tested the cybersecurity incidence response mechanism for information exchange that was put in place following the signing of a corresponding Memorandum of Understanding (MoU) in August 2021. The test involved cybersecurity incidents at institutions operating in both jurisdictions.
In view of increasing cybersecurity threats and since the U.S. and Singapore are both home jurisdictions to some of the most relevant, systemically important financial institutions, this exercise was more so needed and appreciated. Following the exercise, both regulators drew initial conclusions on the lessons learned and contemplated on additional measures to further enhance their cybersecurity cooperation. Additionally, they talked about getting other international partners involved in future exercises.