SINGAPORE (Feb 21): Singapore will be allocating some $1 billion into cybersecurity over the next three years to boost the government’s cyber and data security capabilities, Finance Minister Heng Swee Keat announced on Feb 18. This was to “safeguard citizens’ data and our critical information infrastructure systems” as data security is a “vital prerequisite and key enabler of Singapore’s digital economy”.
"As we embark on initiatives to realise our Smart Nation ambitions, we must continue to enhance our cyber capabilities," adds Heng, who is also the Deputy Prime Minister.
Main image: A robot on display at the Singapore Airshow. The republic is allocating $1 billion to beef up its cyber defences as it gears towards becoming a Smart Nation
This comes after three high-profile data breaches last year.
A database with the names and addresses of 14,200 HIV-positive individuals were leaked online, as were the personal information of more than 800,000 blood donors.
Last March, the hacked email and login information of employees in several government agencies and educational institutions here also found its way to the dark Web.
When contacted, cyber experts say this announcement is that the Government recognises that great emphasis on cybersecurity is needed as the country progresses in the digitalisation of our economy.
As Benjamin Chiang, government and public sector leader at Ernst & Young Advisory, explains: “The robustness of our digital economy will be dependent on our resilience against cyberattacks and the ability to demonstrate trust. Setting aside a significant budget towards cybersecurity underscores its importance to Singapore, and its businesses and future economy.”
However, it is not just about indicating a commitment to spend.
“Bolstering the robustness of our cyber defences is not just a question of how much to spend to buy solutions. It’s also about the tone at the top to drive these initiatives across the whole organisation,” Chiang adds.
Agreeing, Deloitte Singapore’s cyber risk leader Thio Tse Gan, says: “This amount must be spent in the right areas to ensure that our economic pillars are safeguarded against cyber risk.”
Industry bodies – including those not within the technology space – are calling for the implementation of a proper and wider training and certification framework.
The Institute of Singapore Chartered Accountants (ISCA), for example, is developing a series of compliance certifications, which will allow participants to acquire and deepen skillsets.
“With more businesses adopting technologies, rising cybercrime and tightened regulatory controls by authorities, the demand for compliance professionals in organisations is also on the rise,” explains ISCA’s chief executive Lee Fook Chiew.
