On 13 June 2019, the Bank of England (BoE) published a press release alongside the FCA and the Monetary Authority of Singapore (MAS) regarding collaboration in the field of cyber security.
Specifically, the MAS, the BoE and the FCA have announced that they will be working together to strengthen cyber security in their financial sectors. The MAS and the UK financial authorities will commence work towards a Memorandum of Understanding to signify this enhanced collaboration. The collaboration will involve MAS and the UK financial authorities identifying effective ways to share information and exploring potential for staff exchanges.
Commenting on the development, Andrew Bailey, Chief Executive of the FCA, commented:
“Cybercrime is an ever increasing global problem, particularly in the financial services sector. It creates risks not just for individual customers’ money and data but for the UK economy. We will only be able to tackle this if we work together across industry and regulators to combat the threat it poses. Working closely with our global partners will help us to detect and respond to potential threats and attacks. I am pleased the FCA can work together with international partners, like MAS, to enhance cyber security in the financial sector.”