Singapore's government has joined forces with a US tech security firm to take the fight to cybercriminals.

US-based Palo Alto Networks, a security firm, has agreed with the Singapore government to swap ideas on how to foil computer hackers, coming at a time when the public and private sectors, including the wealth management industry, are in the firing line from cybercriminals.

The memorandum of collaboration was signed between the New York-listed firm and the Cyber Security Agency of Singapore at the inaugural Singapore International Cyber Week 2016.

The exchange of ideas will involve sharing information about threat intelligence, industry education and national capability building, to help strengthen Singapore's cybersecurity position.

Palo Alto Networks has also appointed Khoo Boon Hui as the first Asia-Pacific council member of the Palo Alto Networks public sector advisory council. The council, which the firm said will be comprised of elite, retired military and civilian officers, advises Palo Alto Networks on the cybersecurity challenges and technology needs of the world's governments, aimed at improving cybersecurity practices adopted by government institutions.

Khoo is deputy chairman of the Singapore Quality Award Governing Council, as well as the boards of Singapore Technologies Engineering, Certis CISCO, SingHealth, Ministry of Health Holdings and Temasek Foundation International. He has been an advisor to INTERPOL, the international police forces network, as well Standard Chartered Bank (UK)'s board financial crime risk committee and Singapore's National Cybersecurity Research and Development Programme.

The wealth management sector, considering the assets being guarded and the cross-border nature of much of its business, has particular vulnerabilities to cybercriminals. To view recent articles exploring cybercrime and family offices, for example, click here and here.

(This item is repeated from last Friday.)