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Cybersecurity firms flourish in the face of new threats amid Covid-19

Ng Qi Siang
Ng Qi Siang  • 6 min read
Cybersecurity firms flourish in the face of new threats amid Covid-19
Global spending in cybersecurity is set to by 86% to US$248 billion by 2026.
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THE EDGE SINGAPORE - Throughout the Covid-19 pandemic, cybersecurity seems never to be out of the headlines as bad actors pounce on the epochal transformation to workplace practices as an opportunity for attack. Yet the contagion was merely a catalyst for this increase in cyberthreats, with cyberattack incidents growing long before the coronavirus blighted the globe — including Singapore.

According to the Cyber Security Agency of Singapore (CSA), there was a 51.7% jump in cybercrimes from 6,215 cases to 9,340 cases between 2018 and 2019.

“As one of the most connected countries in the world, Singapore remains a target for cyber- attacks and cybercrime. Threat actors have continued to evolve their tactics, resulting in an intensification of malicious cyber activities in 2019,” says David Koh, Singapore’s Commissioner of Cybersecurity and chief executive of CSA. The outbreak of Covid-19 has only accelerated the prevalence of such threats, with 1,500 phishing attacks recorded from March to May — double the preceding three months, according to CSA in its “Singapore Cyber Landscape Report 2019”.

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