Singapore is well recognized for its technological advancements, especially the way it protects its people and organizations from rising cyberthreats. The government adopted necessary data protection measures and established a data security review committee in order to enhance the data security practices in the country. A recent survey, “Deloitte Cyber Smart Index”, commissioned by VMware, elevated Singapore’s cybersecurity readiness and revealed that Singapore faced the highest cybersecurity risks in the Asia-Pacific.
According to the survey, Singapore is the most prepared economy on the Cyber Smart Index, when it comes to cyber exposure and preparedness in the APAC region, with proper legal and organizational awareness. Robust cyber legislation and high rates of R&D are also traits shared by Australia, South Korea, New Zealand, and Japan, which are ranked high on cybersecurity preparedness. Vietnam experienced a high frequency of cyberattacks due to lack of comprehensive legislation to deal with data security. Malaysia is ahead of its peers with a low level of cyber risks exposure, however, it has strong regulatory cooperation and comprehensive privacy measures. Indonesia reported the least cyber risks and is also the least prepared to handle cyberattacks. Australia is the fourth-most exposed and third-most prepared country, by scoring high on cybersecurity education and R&D investment.
The survey stated that the businesses in Singapore are willing to invest more in cybersecurity technology and are confident that cyber risks can be effectively managed. The survey also highlighted that Singapore had rolled out a nationwide security masterplan and also introduced a US$30 million grant to encourage businesses in the country enhance their security measures.
The survey findings are based on the analysis of Deloitte’s cyber consultants who have evaluated the level of cyber risk exposure and readiness across the APAC region, including India, Australia, Japan, Thailand, and the Philippines. The evaluation was based on various components including size of attack surface, frequency of attacks, organization capability to respond to cyber threats, and the level of best practices deployed in the country.
Singapore Introduces New Cybersecurity Labelling Scheme
As part of the Safer Cyberspace Masterplan, the Cyber Security Agency (CSA) of Singapore is set to launch the Cybersecurity Labelling Scheme (CLS). For the time being, CSA extended its rating-based CLS for Wi-Fi routers and IoT devices like smart home hubs. Later this year, CSA will be launching the Safer Cyberspace Masterplan to increase the cyberspace hygiene in the country as it moves towards digitization and achieving the “Smart Nation” tag. The CLS is a first of its kind cybersecurity rating in the APAC region aimed at helping the consumers make informed choices. These cybersecurity labels will act as a scale or measure for the security provisions that a certain product offers.