20 June 2018
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Data-sharing group to help fight cyber and physical crime

Straits Times
12 Jun 2018
Chia Yan Min

It lets central banks, regulators and supervisors share best practices, get feedback

A new information-sharing group for central banks, regulators and supervisors will be launched to help combat cyber and physical crime, as well as build a more resilient financial sector.

The CERES (CEntral banks, REgulators and Supervisory entities) Forum is the first such global platform bringing together these entities.

It will be officially launched on July 1 by the Financial Services Information Sharing and Analysis Center (FS-ISAC), a non-profit organisation that aims to ensure the resilience of the global financial services infrastructure.

The Forum will provide a means for central banks, regulators and supervisors to share best practices related to regulatory and compliance controls, gather useful feedback about most effective controls, and distribute information on cyberthreats, vulnerabilities, incidents and other threat intelligence that could impact financial services, including attacks that target central banks, regulators and supervisors themselves.

"Cyberthreats have become increasingly frequent, complex and sophisticated," said FS-ISAC president and chief executive Bill Nelson.

"The sharing of information and best practices among the authorities in a timely way to address the rapidly evolving threats is critical.

"Today, there is no dedicated forum or system for regulators, central banks and supervisors to share information on cyber and physical threats. The CERES Forum will bridge that gap with a platform that facilitates secure sharing of information about threats, vulnerabilities and incidents to stay ahead of crime."

The Monetary Authority of Singapore (MAS) - Singapore's central bank - played a key role in developing the CERES Forum.

"There is a pressing need to enhance situational awareness of cyberthreats. The CERES Forum will help us do this," said MAS chief cyber security officer Tan Yeow Seng.

"This initiative is timely following the recent decision by Asean finance ministers and central bank governors to facilitate information sharing on cyberthreats and incidents in the region. The CERES Forum complements ongoing efforts by MAS and financial institutions in Singapore to strengthen cyber resilience in our financial sector. We look forward to working with fellow central banks and financial regulators on this project."


MEETING A CRITICAL NEED

Cyberthreats have become increasingly frequent, complex and sophisticated. The sharing of information and best practices among the authorities in a timely way to address the rapidly evolving threats is critical.

MR BILL NELSON, FS-ISAC president and chief executive officer.

Source: Straits Times © Singapore Press Holdings Ltd. Permission required for reproduction.