Data Security in a Digitalised Economy

Posted on: 26th August, 2022

Cyber security attacks have the potential to exert significant harm on both individuals and businesses. It can lead to the leaking of personal information, loss of confidence in a business and disruption to daily operations. This is exactly why organisations need to protect digital information with data security; systems, procedures and recovery processes can be put in place to mitigate the effects of a cyber breach.

The Possibility of Security Breaches is Growing

Enterprises stand to lose a substantial amount if they do not secure their online systems or data and a data breach occurs. Apart from financial losses, businesses might have sensitive information leaked, which could result in Personal Data Protection Act (PDPA) fines and damages to a brand’s reputation.

With work-from-home (WFH) becoming the preferred method of business, cyber threats were further put in the spotlight, seeing as more people were using their computers during the work-day and perhaps even employed their personal devices for work.

The types of data security concerns in Singapore vary widely but usually fall under one of the following three categories, as noted by the CSA:

1. Cybercrime

The bulk of cybercrime cases stem from online cheating, driven by increased activities in the digital space and the spread of social media platforms as a result of Covid-19.

2. Ransomware

Singapore saw a 154% rise in ransomware cases in 2020, up from 35 cases in 2019. This could be due to ransomware operators deploying sophisticated tactics, resulting in a global ransomware outbreak.

3. Phishing

Phishers operate by sending fraudulent emails asking their victims to click on links to earn quick cash or for expert advice on a certain industry. A recent example of phishing scams was that involving OCBC, where victims lost approximately S$8.5 million due to scammers sending unsolicited messages and directing them to fake websites.

Plans to Strengthen Cybersecurity in Singapore

With the number of cyber attacks on the rise, having a robust cyber security strategy in place is crucial. The goal of Singapore’s cyber security strategy is to build a secure and reliable online environment. By doing so, the government will be able to appreciate the advantages of technology fully and guarantee a better future for Singaporeans.

The Cyber Security Agency of Singapore (CSA) will focus on strengthening its cyber security posture as part of the Singapore Cybersecurity Strategy 2021. This includes developing technical capabilities to curb malicious cyber activities. This also involves developing knowledgeable, skilled professionals in the field.

Enrol in PSB Academy’s Cyber Security Courses

PSB Academy offers a range of cyber security courses for students interested in exploring this field. These courses include subject areas that focus on data communication and networking, computer & operating systems, or the fundamentals of programming.

The Diploma in Network Defence and Forensic Countermeasures offers modules developed by EC-council coupled with other essential InfoComm Technology modules, giving students a strong foundation in cyber security. After completing the diploma, students may continue their cybersecurity degree with one of our renowned university partners. The Bachelor of Science with Honours in Cyber Security with Coventry University and Bachelor of Science (Cyber Security) with Edith Cowan University will expose students to more in-depth cybersecurity modules such as Computer Forensics, Cryptography, and Programming.

Get started with our cybersecurity courses today.