MAS conducts cyber crisis management exercise with French central bank

The exercise evaluated the effectiveness of cyber crisis coordination.

The Monetary Authority of Singapore (MAS) underwent a joint crisis management exercise that focused on cybersecurity threats with the Banque de France and the Autorité de contrôle prudentiel et de résolution (ACPR).

The three organisations underwent an evaluation of cyber crisis coordination and response when facing ransomware, zero-day vulnerabilities, and IT supply chain attacks.

MAS Assistant Managing Director Vincent Loy said the joint exercises will allow them to ramp up their response to major cyber-attacks through effective information-sharing protocols. 

“Such close cooperation improves our ability to maintain operational resilience and stability in the global financial system,” said Loy in a statement.

For his part, Bertrand Peyret, deputy secretary-general of ACPR, emphasised the need for authorities and central banks to create processes and protocols to deal with cross-border cyber threats.

The conduct of the joint exercise came after the financial institutions signed a memorandum of understanding on cooperation in cybersecurity in November 2019.