MAS and Mastercard Partner to Strengthen Financial Sector Cybersecurity – Fintech Singapore

The Monetary Authority of Singapore (MAS) and Mastercard have signed a Memorandum of Understanding (MoU) to bolster cybersecurity within the financial services sector.

The partnership is built on a foundation of bilateral information sharing of cyber threat intelligence, aiming to enhance cyber situational awareness across the financial services sector.

Additionally, the MoU includes provisions for joint analysis of the latest cyber threats that are impacting the financial sector.

By combining their expertise and resources, MAS and Mastercard intend to produce actionable insights and develop recommendations for countermeasures that can effectively mitigate these threats.

The collaboration also extends to competency-building activities aimed at strengthening the sector’s cybersecurity capabilities.

These initiatives include joint cybersecurity exercises that simulate real-world cyber incidents, staff training programs to enhance cyber literacy, and study visits.

Vincent Loy

Vincent Loy, Assistant Managing Director (Technology), MAS said,

“With a constantly evolving cyber threat landscape and rapid digitalisation of financial services globally, close public-private partnership between key financial sector players is essential to engendering cyber resilience of the financial ecosystem.

I am glad that this MoU between MAS and Mastercard will contribute towards this outcome and help advance cybersecurity capacity building. We look forward to a strong and fruitful partnership between MAS and Mastercard.”

Ari Sarker

Ari Sarker, President, Asia Pacific, Mastercard, said,

“Amid escalating cyber threats in today’s connected economy, the need for cyber security has never been more acute. It’s not about securing a device or a network anymore; it’s about securing the entire ecosystem, for today and tomorrow.

This collaboration is a significant step in that direction, and we are delighted to be the chosen partner for MAS. Synergising our resources and expertise, we will advance on our joint commitment towards securing the financial ecosystem and enhancing cyber resilience in Singapore and beyond.”

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• Source: https://fintechnews.sg/94409/security/mas-and-mastercard-partner-to-strengthen-financial-sector-cybersecurity/