Coming soon: A global information-sharing platform for central banks to combat cybercrime

The Monetary Authority of Singapore (MAS) played a key role in developing the CERES Forum.
The Monetary Authority of Singapore (MAS) played a key role in developing the CERES Forum.PHOTO: REUTERS

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

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

The platform will be officially launched on July 1, 2018, by the Financial Services Information Sharing and Analysis Center (FS-ISAC), a non-profit organisation which aims to assure 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 as well as 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 Bill Nelson, FS-ISAC president and chief executive officer.

"The sharing of information and best practices among 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 incidences 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 cyber threats. The CERES Forum will help us do this," said MAS chief cybersecurity 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."