Treasury, Singapore sign cybersecurity cooperation MOU

Privacy/Cyber Risk & Data Security Department of Treasury Singapore MOUs

On August 23, the U.S. Treasury Department and the Monetary Authority of Singapore finalized a bilateral Memorandum of Understanding (MOU) on cybersecurity cooperation. The MOU formalizes and strengthens a strong cybersecurity partnership between the two countries and, among other things, enhances cooperation in the following areas: (i) “[i]nformation sharing relating to the financial sector including cybersecurity regulations and guidance, cybersecurity incidents, and cybersecurity threat intelligence”; (ii) “[s]taff training and study visits to promote cooperation in the area of cybersecurity”; and (iii) “[c]ompetency-building activities such as the conduct of cross-border cybersecurity exercises.” According to Treasury Secretary Janet L. Yellen, the MOU serves “to improve the cyber resilience of both countries’ financial systems.”