The managing director of Singapore’s corporate regulator, the Monetary Authority of Singapore Ravi Menom told the Australian Securities and Investments Commission’s (ASIC) annual conference in Sydney that financial regulators around the globe needed to keep up emerging technologies and and share information to cope with new risks.

Ravi Menom stated “cyber attacks are a growing treat to the financial ecosystem as more financial services are delivered over the internet”.

He also added that “there will be growing security and privacy concerns from cyber threat and may be even systemic concerns”.

Mr. Medcraft also stated companies should be legally required to report the cyber attacks, saying the number of unreported attacks was staggering. “no one told. It is really frightening.