Singapore faces the highest cybersecurity risk in Asia-Pacific due to its high internet adoption rate, but it also is the most prepared to deal with it in terms of policies and organisational readiness. On the other end of the spectrum, Indonesia faces the least risk exposure and also is the least prepared to handle cybersecurity incidents.
And there is value in being ready to face such threats--in fact, to the tune of an additional $145 billion to the regions GDP over 10 years, according to Deloittes Cyber Smart Index. Businesses that are confident that cyber risks can be effectively managed are more willing to invest in technology, hence, improving productivity and fuelling growth in the industry.
Singapore sets up committee to review public sector data security, but stands firm on PDPA exemption Following several breaches involving government entities, Singapores prime minister has assembled a committee to review data security practices in the public sector, but the government stands firm on excluding these agencies from the countrys Personal Data Protection Act.
Read More Commissioned by VMware, the report was based on the analysis of Deloittes cyber consultants who assessed the level of cyber risk exposure and readiness based on several components including size of attack surface, frequency of attacks, sophistication of the legislative environment, organisational capability to respond to cyber threats, and the extent of best practices deployed in the country.
The report examined 12 markets across the Asia-Pacific region, including Australia, Japan, India, Thailand, and the Philippines. Across the board, the region scored 56 out of 100 in terms of cyber preparedness, signalling significant room for improvement. Faced with high cyber risks, the Deloitte report noted that Singapore had rolled out a nationwide security masterplan and introduced programmes such as the Co-Innovation and Development Proof of Concept to provide seed funding and support developments in the sector.
The Monetary Authority of Singapore also introduced a $30 million grant to encouraged financial services companies to enhance their security measures. Australia, assessed to be fourth-most exposed and third-most prepared, put strong emphasis on higher education and scored particularly high on cybersecurity education and R&D investment, according to Deloitte.
. The education sector, however, also had some of the worlds most profitable players and this was contributing to its.....