A Statement of Intent (SOI) on cybersecurity cooperation between the U.S. and Taiwan was recently signed in Taipei, which SOI was concluded between the U.S. Department of Commerce (DOC) and the Taipei Computer Association during the U.S.-Taiwan Cyber Security Forum. The U.S. Assistant Secretary of Commerce for Industry and Analysis, Marcus Jadotte, remarked that the SOI is intended to pave the way for closer cooperation and sharing of best practices and market research, as well as further enhancing the already strong commercial ties between the United States and Taiwan. Jadotte was leading a trade delegation of high-profile U.S. companies looking to explore business opportunities from within Taiwan’s significant and sophisticated information and communications technology sector.

Taiwan is the ninth largest trading partner of the U.S. with a competitive ICT sector and a stated goal of becoming an innovation-driven country. Taiwanese officials say this makes cybersecurity infrastructure and regulation a critical factor for the future, both for business and for security generally. Taiwan is believed to be the most targeted country in the APAC region in terms of cyber attacks and data theft attempts, with a large number of such incidents allegedly emanating from mainland China.

Tip: The full details and practical implications of the SOI are not yet clear. However, the announced cooperation suggests that there will be increased business opportunities, as well as initiatives to improve cybersecurity infrastructure and practices generally to provide the protection required in both the commercial and government sectors. This development also comes directly after the inauguration of Taiwan’s new president, Tsai Ing-Wen and at a time of mounting political tensions in the South China Sea and Taiwan’s efforts to join the proposed Trans-Pacific Partnership.