Singapore Cybersecurity Market
Cyberattacks in Singapore saw a 145 percent year-on-year (YoY) increase in 2021, according to statistics from Check Point Research (CPR). There were nearly 2 million attacks in Singapore in Q2 2022. Ransomware (35 percent in volume in 2021) and data theft (10 percent) were the two most common attacks. The average cost of a cybersecurity attack here is approximately SGD 1.7 million (USD 1.3 million) per breach, the highest in Asia-Pacific.
Cybercriminals commonly exploit vulnerabilities in browsers and their plugins (drive-by download), emails, and phishing.
Singapore’s cybersecurity market for products and services was worth SGD 1.7 billion (USD 1.3 billion) in 2021 and has tripled in value since 2015. The market is forecast to grow by 13.3 percent between 2022-27.
The government has been investing in numerous initiatives to enhance the country’s cyber defenses. They include:
- Licensing of cybersecurity vendors (2022) companies and individuals, resellers, and third-party vendors of penetration tests and security operations center.
- Cybersecurity Code of Practice (2022) which strengthens and protects critical information infrastructure (CII) against cyber attacks.
- Cyber Trust and Essential marks (2021) to recognize enterprises implementing cybersecurity policies.
- Cybersecurity Strategy (2021) three strategic pillars are building resilient infrastructure, enabling safer cyberspace, and enhancing international cyber cooperation.
- SG Cybersafe program (2021) to help enterprises better protect themselves in the digital domain, e.g., cybersecurity toolkits, products, services, etc.
- Cybersecurity Act (2018) authorizes Cyber Security Agency (CSA) to prevent and respond to cybersecurity threats and incidences.
Improvements can come about through evolving legislation and understanding, strategic and focused application of technologies, use of cybersecurity insurance, increasing international and cross-domain collaboration, and crisis management planning.
Some focus areas are threat intelligence, incident response, and cybersecurity for critical infrastructure. Singapore’s government and enterprises are increasingly using the cloud, artificial intelligence, and the Internet of Things. Cyber and data systems are needed to protect the use of these technologies.
Small and medium-sized enterprises need to be protected to ensure their resilience. The finance industry has been made safe against fraud and data breaches.
Grants are available for Singapore SMEs to adopt pre-approved cybersecurity solutions under the SMEs Go Digital program. Companies can find the government’s purchasing requirements for cybersecurity products and services at Gebiz, Singapore’s one-stop e-procurement portal.
As cyber-attacks are lucrative, the demand for cybersecurity solutions and services in Singapore will continue to grow.
Companies interested in the Singapore market will learn much at GovWare, a cybersecurity intel and connectivity platform organized by Imagine Engine from October 17-19, 2023, at Marina Bay Sands Exhibition and Convention Center.
Contact Amelia Yeo for more information.