Singapore to enhance intelligence sharing to combat threats in the financial sector

Hey there Bay Area health and cybersecurity enthusiasts! Have you heard the latest news about Singapore partnering with U.S.-based thinkers in the cyber world to amp up their threat intelligence?

Singapore’s got a Cyber Security Agency (CSA), and they’re taking steps to secure their financial services sector. They’ve joined forces with the Financial Services Information Sharing and Analysis Centre (FS-ISAC). You might think, “Why should I care?” Have a look at the stats – FS-ISAC has more than 7,000 members around the world, including banks and insurance companies.

This partnership provides a 360-degree view of the global threat landscape, including the risks that could impact the financial industry. Remember guys, finance is just one out of 11 critical areas in Singapore’s information infrastructure!

What’s more, the CSA will feature in FS-ISAC’s upcoming exercises in September aptly titled ‘Cyber-Attack Against Payment Systems’. These simulated real-world scenarios will test how well the organization defends itself against cyber-attacks on payment systems.

Now, let’s listen to Kunal Sehgal, the Asia-Pacific executive director of FS-ISAC. In my humble translation, he basically says FS-ISAC refines their threat intel and even has a dedicated regional analysis center in Singapore to counter and control threats to the financial sector.

For a recap, FS-ISAC recently helped out their members during a major incident – remember the malware attack in Taiwan that routed the Far Eastern International Bank’s $60m to accounts in different countries? Deadly stuff, right?

So, it’s clear from Bill Nelson, the president/CEO of FS-ISAC, that cybersecurity is a global issue that needs a cooperative approach. He strongly believes in staying ahead of cybercrime through the sharing of information and conducting joint exercises to improve our defenses.

Nelson stated, ‘Cybercriminals are working together to break down defenses, so it’s vital for us to collaborate too at all levels to stay one step ahead.’

David Koh, the CSA chief executive, agrees and he’s enthusiastic about this partnership and looking forward to addressing cybersecurity issues head-on with FS-ISAC.

But the CSA isn’t just sticking to one partner. They’re branching out and partnering with other countries such as Germany, Japan, the UK, France, India, and the United States to name a few. Back in 2017, they announced they will exchange information regularly on cyber threats, share best practices, and build cybersecurity capabilities with the Australian government.

In summary, the world is becoming an interconnected web of nations working together to strengthen cybersecurity. Looks like we’re fighting one step ahead, folks! Keep this spirit alive Bay Area, because unity is strength when it comes to cybersecurity.

by Morgan Phisher | HEAL Security