The Smart Nation and Digital Government Group (SNDGG) is committed to building cyber security capabilities across governments to help prevent cyber incidents. By implementing ICT security policies, building secure technology infrastructure and conducting regular security testing, SNDGG helps all government agencies better prepare to secure their systems.
A dedicated team of cybersecurity professionals supports and protects all systems within the government. Security analysts monitor government systems 24/7. They perform the incident containment, investigation and recovery necessary to quickly respond to any cybersecurity event within the government.
Digital security is the sixth pillar of our national security, and the government is working with communities to test the resilience of our systems. Through the Vulnerability Compensation Program (VRP), the Government Bug Bounty Program (GBBP) and the Vulnerability Disclosure Program, the government works with the white hat community to identify and fix vulnerabilities in our systems. As digital and internet services continue to increase worldwide, businesses across many industries and sectors continue to implement, adopt and use technology in hopes of improving their business. Therefore, the topic of cybersecurity is becoming increasingly important. Since technology and its many advances can sometimes lead to cybersecurity threats such as third-party software, ransomware and data vulnerabilities, digital security is quickly becoming an important part of ensuring that it will continue business and economic development.
In Asia in particular, the cyber insurance market in Singapore has seen increased activity in recent times as vulnerable business owners seek some form of protection against unwanted and dangerous cyber threats.
According to a report, small and medium enterprises (SMEs) in Singapore have expressed interest in choosing cyber insurance due to their inability to bear the high costs associated with cybersecurity solutions. While having cyber security does not directly solve the problem of digital threats, there are better security considerations for businesses. Similarly, SMEs that do not have the appropriate tools to deal with these digital threats will be less concerned about maintenance costs related to cybersecurity equipment. Also, in the case of cyber attacks, companies that have cyber insurance can also compensate for the losses they have caused. Businesses will also have access to related services such as Security Assessments which will ultimately help business owners better understand their company’s current digital security situation.
In 2021, The Straits Times reported that a hospital in Singapore was hit by a ransomware attack in which nearly 73,500 patients’ data was compromised. Although the report shows that no major damage was done, such an attack has many problems for the company involved. Not only does a cyberattack disrupt daily operations, but it also undermines consumer confidence, which in the long run can also affect future investors. While the clinic was lucky to emerge unscathed, other SMEs may not be so lucky. In this context, the importance of cyber insurance in Singapore becomes even more evident.
While these cyber attacks are a cause for concern for domestic businesses, Singapore is taking steps to strengthen the country’s cyber security infrastructure. In addition to the establishment of the Cyber Security Agency of Singapore (CSA) in April 2015, the agency said it recently launched its fourth cyber security campaign “Better Cyber Safe Than Sorry”. In addition, GovTech, which is Singapore’s leading digital government agency, currently offers three crowdfunding initiatives to help assess the country’s current cybersecurity situation: Vulnerability Rewards Program (VRP), Government Bug Bounty (GBBP) and Vulnerability Disclosure Program (VDP) are. all incentive schemes in which citizens are paid for helping to uncover cybersecurity flaws that government agencies fail to disclose.
Perhaps most importantly, the Singapore government is also seeking help from international organizations to strengthen its cyber security infrastructure. In particular, the CSA recently announced in August that the country has signed a new memorandum of understanding (MoU) with the United States. By entering into such an agreement, Singapore is showing the government’s continued support in providing its companies and citizens best cyber security solutions.