Leaders must go beyond managing cybersecurity resources, and actively sharing knowledge, expertise, and best practices to collectively build their defences.
A new whitepaper by LogRhythm indicates Singapore to be a prime target for cybercrime due to its strategic position as a regional trade and banking hub.
There is an urgent need for Singapore to proactively understand how detection, protection, and fail-safe mechanisms can empower enterprises at all levels of the citystate's operations.
Businesses should integrate cybersecurity into HR policies, expansion strategies, and even staff training processes.
"Singapore has all the right ingredients to become a global cybersecurity hub. All it needs now is to find the right recipe," said Chris Petersen, CTO and Co-founder of LogRhythm.
Implementing of policies
The Singapore government has already started implementing the policies, frameworks, and regulations that will bring key players together and make the nation resilient against cyber attacks.
Policies laid by the Ministry of Communications and Information will further strengthen Singapore's national cybersecurity strategy.
Looking forward, the government's annual IT budget devoted to cybersecurity will increase to at least 8 percent. The government will also support the growth of cybersecurity talent and manpower, which is important due to a major lack of home-grown cybersecurity specialists.
The whitepaper also identifies the human factor as the weakest link, as most data breaches come from employees being prone to errors, negligence, and indiscretions.
"Once again, Singapore has shown it excels at setting up the right infrastructure, environment, and conditions for an industry to grow," said Simon Howe, LogRhythm's Director of Sales for Australia & New Zealand. " But just as important is a bottom-up approach that emphasizes education, training, and awareness to build a genuinely collaborative cybersecurity community."
Sign up for Computerworld eNewsletters.