Cyber threats are hurting bottomlines, says the communications minister.
The city-state steps up its efforts to counter the ever-increasing risk of cyber threats to firms as it announces the development of a legislative framework for cybersecurity.
In a speech by Yaacob Ibrahim, minister for communications and information, he said businesses need to come round the fact that cyber threats hurt bottom lines.
He added that while a majority of companies employ virus-checking or protection software, there is always room for improvement as threats become more complex.
“Cyber threats are borderless. There are many international efforts that Singapore is involved in, to strengthen cybersecurity cooperation, such as the ASEAN Computer Emergency Response Team Incident Drill, and the ASEAN Regional Forum Seminar on operationalising cyber confidence-building measures,” Yaacob Ibrahim said.
Meanwhile, he also emphasised the importance of the act as Singapore moves towards building a Smart Nation.
Addressing the difference of the proposed bill with the existing Computer Misuse and Cybersecurity Act, Yaacob Ibrahim said the CMCA grants powers for law enforcement agencies to investigate and apprehend individuals or entities behind cybercrime but that cyber-attacks have increased in sophistication, and attackers have become faster and bolder.
“It is inevitable that Singapore’s critical information infrastructure will at some point be targets. The interconnectivity in our networks also means that the effects of cyber-attacks can be contagious,” he said.
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