Singapore, 22 March 2018 – Second Minister for Home Affairs Josephine Teo said, “studying terror attacks overseas has revealed “gaps” in Singapore’s laws, and therefore Singapore’s laws need updating.” She went on to emphasize that, “Terrorist had every possibility of watching every move of the police’s operation, as it happened.”
There has been a strong movement on cybersecurity in Singapore especially when she is a major banking, aviation and maritime hub; a significant proportion of the world’s financial capital, air traffic and freight flows through the country’s borders. Being all the more vulnerable to cyber attacks or even cyber-financial terrorism, Singapore and the US signed a Memorandum of Understanding to formalise their commitment to cooperation in cyber security in 2016.
In the 3rd Annual Billington International Cybersecurity Summit in Washington yesterday, Cyber Security Agency chief David Koh said in his speech that Singapore offers a test bed for innovative cyber-security solutions in a relatively controlled environment. Another note of his to highlight, the financial cost of cyber-attacks can be high, but indirect costs, such as the loss of trust from the public, can be even higher. This is especially relevant for Singapore, whose brand name is often associated with trust, transparency and efficiency.
According to him, the tremors of a concerted cyber-attack on Singapore’s financial sector, for instance, could be immediately felt in New York and London. Therefore, he believes in creating sufficient awareness of online environment vulnerabilities, risks and the necessity of a robust security system.
Singapore’s Ambassador to the US Ashok Mirpuri said: “Our commitment to, and proficiency in cyber security and technology is a vital piece of the Singapore-United States partnership.
