Kim Khoo is vice‐president of advisory services at global media, business and market intelligence consultancy M‐Brain in Singapore.
CYBER‐security crimes in Singapore, including theft of confidential business information, are estimated to exceed S$1 billion in value annually, going by various reports. Cyber criminals typically hack into company networks, banks and finance ministries to acquire insider information for the purposes of financial manipulation, which causes a crippling effect on government and financial institutions. A 2013 Norton report found Singapore cyber‐crime victims to have had the world’s highest average per capita losses in 2013 – US$1,158, or four times the global average of US$287 and twice the limit set 12 months before in Singapore, indicating the growth of the problem.
Singapore has been actively building up its local infrastructure and ecosystem to combat international data-security threats, including the setting up of the Cyber Security Agency and the National Cyber Security Masterplan 2018. As increasing adoption of mobile, cloud, social and information technology drives demand for new security technology and services, analysts estimate that Singapore’s data- security market could possibly grow to be worth billions of Singapore dollars over the next two to five years.
In fact, information and communications technology experts interviewed by M‐Brain in a dipstick poll last October warned that data‐security concerns are holding back the adoption of cloud technology services in Singapore, over and above other key issues such as lack of funding, awareness, standards or suppliers.
A significant two-thirds of the total respondents (67 per cent) interviewed described data security as a “serious” or “very serious” barrier to the adoption of cloud computing; furthermore, 43 per cent of respondents said that the lack of in-house expertise was a “serious” or “very serious” barrier to cloud-computing adoption. Singapore’s focus on cyber security will be imperative for the development of cloud computing and other technology sectors.
It is hence not surprising that global information security players such as Avast, FireEye, Kaspersky Lab, Palo Alto Networks, Trustwave and Wurldtech recently set up offices in Singapore, where the biggest demand for data‐security services is expected to be found in the government, healthcare and banking sectors.
Obstacles in the battle against
tcyberhreats OC KimKhoo(Class of 1994) “ ” The Old Cornelian SUMMER 2016 33
While these are very welcome developments, two main factors hold up the country’s efforts to build its cyber‐security credentials. First, the shortage of cyber‐security talent is a real issue. Singapore’s efforts to increase its pool of data‐security experts will mean that the
professional‐education market will have to resort to bringing in experienced trainers from overseas. A faster route to talent development may be through knowledge transfer from specialist companies; an example of this is FireEye’s manpower training programmes, which are accredited by the Infocomm Development Authority.
Another challenge is the different rates at which the issue of cyber security is being tackled across Asean. Multinationals here often operate regional technology systems across countries, where the implementation of comprehensive national cyber-security
strategies is inconsistent. On a country-by-country basis, Singapore has a five-year national cyber-security masterplan in place. Its national Cyber Security Agency brings the management of 10 critical information sectors such as banking, telecommunications and transportation under one roof, to ensure that they are operationally capable of responding quickly to rapidly changing cyber threats. Although Malaysia does not have a standalone cyber-security strategy, it does have a collection of policies and strategies, and its government plans to revise and strengthen these policies by 2017. Indonesia and Vietnam, on the other hand, are in the early stages of developing national cyber-security strategies.
The priorities of the newly launched Asean Economic Community will first centre on removing barriers relating to services and non‐tariff barriers such as local ownership rules, streamlining customs processes, documentation requirements as well as the ratification of the Asean Open Skies agreements. In this context, the alignment of different cyber security regulations may be placed on the back burner for now.
Cyber-security experts and companies who are looking at entering the Asean region have a sizable task ahead of them; they will, for example, need to identify regulatory requirements and understand customer structures in order to target the right contacts. Market entry, whether through the organic or inorganic route, should also be considered in light of the talent shortage. In entering any market, it is critical to first conduct comprehensive customer intelligence and identify the right partners who have as wide a route into supply chains in Asean as possible.
Helping to ensure a smooth entry for such technology specialists will widen the availability of the talent we need and help companies here tread the regional minefield of cyber threats.
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