UK and Singapore Regulators Announce Enhanced Cybersecurity Collaboration


UK regulators are pursuing similar cybersecurity goals in several other countries

On 13 June 2019, the Bank of England, the Financial Conduct Authority, and the Monetary Authority of Singapore announced that they will be working together to strengthen cybersecurity in their countries’ financial sectors.

The regulators have characterised the aims of this new collaboration as “identifying effective ways to share information and exploring potential for staff exchanges”.

All three regulators have identified cybercrime as an increasing global problem. Speaking about the new initiative, Mark Carney, Governor of the Bank of England, said, “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”.

The three regulators intend to agree on a Memorandum of Understanding to underpin this collaboration. The press release indicates that the UK regulators are also pursuing a similar goal in several other countries.

Source:  Andrew C. Moyle, Grace Erskine and Charlotte Collins - Latham & Watkins LLP