Orient - The Official Magazine of the British Chamber of Commerce Singapore - Issue 67 July 2018 - Page 21 MATTERS OF OPINION: FACING UP TO THE CYBER SECURITY CHALLENGE
"Singapore has rightly invested in cyber security defences; establishing dedicated agencies to monitor and mitigate against recent threats, including the CSA and PDPC. Bad threat actors are sophisticated, well-funded, and highly motivated. There is much to be gained from attacks with little to no consequence. Threats of monetary loss, identity theft, privacy, the black market, human trafficking, and personal safety, are real. Global efforts need to combine and keep pace with the growing threat vectors, including a comprehensive approach covering: • investment in methods, intelligence, technology, and research and development into defence • ensuring a holistic, risk-based, proactive approach, including heavier investment in monitoring and detection, leveraging artificial intelligence • education and ensuring robust policies are in place and followed • people and talent development at grass roots level, harnessing the shortage of specialised skill-sets • collaboration between government, law enforcement, corporations, associations, and specialist groups • more investment in methods to trace offenders"
The views expressed herein are those of the author(s) and not necessarily the views of FTI Consulting, Inc., its management, its subsidiaries, its affiliates, or its other professionals.
Barry Clarke, Managing Director, Taylor & Francis Asia Pacific
"Whether you run your own business, work for a FTSE 100 multinational, or run a government department, Cyber Security is a daily concern: businesses and organizations can be compromised at the speed of light. The cost of securing your digital future is significant as the expertise and kit needed to anticipate cyber attacks, defend the systems and build robust responses do not come cheap. The cost of underestimating the threat is even greater. Under our CRC Press imprint, Taylor & Francis has been publishing books to help IT practitioners manage the technical aspects of assuring confidentiality, integrity and availability of information, as well as digital forensics. But to address the needs of digital natives and digitally native operations, something more engaging and accessible than a book is required. That is why we are developing a suite of training modules in the form of learning boot-camps on the data sciences that will include Cyber Security."
EASTWEST PR
"As Singapore embarks on its Smart Nation initiative to move the nation’s economy digital, ensuring security, privacy and compliance remains the biggest challenge. The recent Singapore Cyber Landscape Report 2017 highlighted certain cyber security risks that the nation faced last year. Recently, SingHealth, the largest healthcare group in Singapore, suffered the worst cyber attack in Singapore, affecting 1.5 million users. This attack highlighted the need for more best practices for cyber security. While organisations operating in Singapore emerged mostly unaffected from major cyber security incidents, NotPetya and WannaCry, there is still much work to be done. There is a growing cyber threat as the number of connected devices continue to increase. This is exacerbated by an increase in state-linked cyber actors, weak links being targeted, and the use of artificial intelligence enabled cyber threats and solutions used this year. Some key themes to be addressed include: boosting cyber hygiene for businesses and individuals, understanding how your IoT devices could be leveraged as part of a cyber attack and the potential security threats from the adoption of new technologies like blockchain, Internet of Things, and identity recognition."
The British Chamber of Commerce regularly hosts events related to this topic and the wider issues and opportunities around technology. For more information check our upcoming events or refer to our ICT Committee.