Orient - The Official Magazine of the British Chamber of Commerce Singapore - Issue 67 July 2018 - Page 20 MATTERS OF OPINION: FACING UP TO THE CYBER SECURITY CHALLENGE
Steve Settle, Managing & Regional Director, CFO Centre
"This is one of those issues that everyone knows a little about but not a lot. Unless they have been exposed to it, they can imagine certain things that might be damaging to their business (theft of customer details etc.) but have no comprehension as to the extent of what is actually happening out there and what people are doing to prevent it. To that end, I think it would be hugely beneficial to our business and the business of our clients (growing SME’s) to hear some practical examples of a) what damaging things have happened (no need to name names) and b) what can, was and should be done about it."
Stephen McNulty, President, Asia Pacific, Micro Focus
"The incident on Singapore’s health system indicates that no industry is safe from the increasingly targeted nature of cyber attacks. There is no silver bullet that can mitigate all risks, but being able to detect threats in real-time through a ‘data-centric’ approach can boost an organisation’s defence. In a large and heterogeneous technology environment, finding a balance between data security and usability is complex. While information owners want to harness data, it requires end-to-end data security across the cloud and on-premise. It is important to build an overall cyber security strategy that spans across traditional IT environment, modern application workloads and smart devices. This strategy must encompass identity, data security, application security, advanced security monitoring and effective incident response. Increasing connectivity with smart devices, smart cities means that the data will be more vulnerable and protection is vital. Data-centric security is the enabler for unleashing the business potential of sensitive data."
Jim Fitzsimmons, Director of Cyber Security, Control Risk
"Sophisticated cyber attackers understand the value of information. The recent attack on SingHealth’s database is a case in point, with over a million Singaporeans’ personal data stolen. Despite the growing focus on cyber security by governments, policy makers and organisations, the sophistication and, unfortunately, effectiveness of cyber attacks is still expected to increase in the months ahead. To build a more secure cyberspace, there firstly needs to be stronger mechanisms to address transnational cyber crime. This includes strengthening reporting channels and cooperation across countries and jurisdictions. Secondly, more clarity on how, when and why information handling should be regulated is required. Governments should look closely at the balance between guidance and penalties for cyber security – getting the balance right is critical to ensuring accountability for securing citizen’s data without overly taxing organisations. Thirdly, we need more information on how past breaches occurred. While organisations that have been victimised generally feel that their situation is unique, the reality is most of these cyber attacks happen in similar ways. More sharing would raise the level of awareness and knowledge among the public and industry to help prevent future occurrences."
Prof. Alberto Sangiovanni Vincentelli, The Edgar L. and Harold H. Buttner Chair, Department of EECS, University of California, Berkeley, & Strategic Advisor to Alba 1836 Pte Ltd
"While cyber attacks on the banking and financial systems are quite frequent and are provoking serious damages to citizens all over the world, cyber attacks on critical infrastructures could be much more devastating for human safety. The Electric Power Grid has been the target of incapacitating attacks in Ukraine in December 2015 and in Vermont in 2017. The WannaCry attack disrupted a third of the UK’s National Health Service organisations, resulting in cancelled appointments and operations. The Atlanta City System has been incapacitated in March 2018. Potentially crippling cyber attacks to automobiles and airplanes have been proven possible. Lloyd’s of London has estimated that the lasting damage from a major attack to critical infrastructures could exceed $1trillion in the most extreme case. A concerted effort from Governments, Industry and Academia is necessary to develop appropriate countermeasures."