Asia Pacific financial regulators and global cloud service providers (CSPs) in the Financial Sector Cloud Resilience Forum, established by the Monetary Authority of Singapore (MAS), conducted a crisis management tabletop exercise on November 6, 2024.

The exercise, which is the first of its kind in the region, simulated a severe public cloud incident disrupting multiple financial sectors across the region, MAS said in a statemen on Friday.

According to the statement, the exercise enabled forum members to strengthen their mutual understanding of one another’s incident response playbooks, identify possible supervisory interventions, and collaborate on measures to mitigate the impact of a severe public cloud service disruption.

The exercise also demonstrated the importance of close collaboration and communication between financial regulators and CSPs during an incident to improve situational awareness, inform decision-making, and coordinate efforts to recover from disruptions.

The exercise was attended by senior representatives from financial authorities from the region and global CSPs in the forum.

“Cloud adoption is set to increase as the financial industry presses ahead with digital transformation,

“This forum provides an important avenue for regional financial authorities and global CSPs to work together to improve operational resilience in the financial sector,” said Vincent Loy, Assistant Managing Director (Technology), MAS, and Chairperson of the forum.

According to him, this inaugural exercise is timely as it helps to strengthen processes for responding to a major public cloud incident in the financial sector.

“Through the exercise, both the financial authorities and CSPs have gained deeper insights on how to coordinate their efforts effectively in responding to and recovering from disruptions, and maintain public confidence in the financial sector,” he added.

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