The Singapore Government announced earlier this year that a new, standalone Cybersecurity Act will be tabled in Parliament in 2017. On 26 October 2016, the Minister for Communications and Information, Mr Yaacob Ibrahim, provided a further glimpse of the impending laws. The Minister was speaking at the Financial Times Cyber Security Summit Asia Pacific held in Singapore.
The new Cybersecurity Act will institute standards for incident reporting, audits and risk assessments. It will also facilitate the sharing of cybersecurity information, and mandate the participation of critical information infrastructure operators in cybersecurity exercises.
Importantly, the Government envisions that the new Act will complement the existing Computer Misuse and Cybersecurity Act, which will continue to govern cybercrime investigation.
The Minister also observed that businesses need to spend more on cybersecurity, to keep pace with increased digitisation. At present, the Government is the largest contributor of cybersecurity expenditure. It plans to further increase its cybersecurity spending to 8 percent of its information technology budget. For the full article click here
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