Singapore’s cybersecurity market appears to grow at a CAGR of 15% in 2021 and is likely to reach $889 million by the end of 2022. In a post-covid and digitally disrupted world, Singapore is subject to increased online activities and interconnectivity as the rest of the world. This means there is an urgent need to mitigate digital risks and nurture cyber security resilience to tame another virus spreading across the digital world.
- Definition / Scope
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Definition / Scope
Cybersecurity is the protection of internet connected systems, including hardware, software and data from cyber attacks. Cybersecurity is the need of the hour as of the rising cyber security complexity and proliferation of IoT, mobile networks and cloud-based channels, growing peer-to-peer transactions necessitating users to disclose personal identity as well as increasing adoption of emerging technologies such as robotics, artificial intelligence and quantum computing. McAfee, a cyber security firm projects that cyber crimes costs annual $450 billion to the global economy.
With digitization and connectivity becoming the norm of the 21st century, people and companies alike are exposed to the increasing risk of cyber threats such as:
- Malware is an all-encompassing term for a variety of cyber threats including Trojans viruses and bombs. Malware is simply defined as code with malicious intent that typically steals data or destroy something on computer.
- Phishing often pose as a request for data from a trusted third party phishing attacks are sent via email and asked users to click on a link and enter the personal data.
- Password attacks refers to an act where a third party try to gain access to user’s system by cracking the user’s password.
- DDoS stands for Distributed Denial of Service Ad or staff focuses on disrupting the service of a network. Attackers send high volumes of data or traffic through the network until the network becomes overloaded and can longer function.
- By impersonating the endpoint in an online information exchange that is the connection from smartphone to a website the Man in the middle attacks(MITM) attacks can obtain information from the end users and entity the users are communicating with. The MITM will receive all the information transferred between both parties which could include sensitive data bank accounts and personal information.
- In case of drive-by downloads, through malware on a legitimate website, a program is downloaded to a user’s system just by visiting the site it does not require any type of action by the user to download it.
- Maladvertising is a way to compromise your computer with malicious code that is downloaded to the system when you click an affected advertisements.
- Rogue software is basically malware that are masquerading as legitimate and necessary security software that will keep the system safe
Driven by Singapore’s Smart Nation initiative, increasing adoption of digital assets and its reputation as a leading financial and investment hub, Cybersecurity is posed as a significant market for Singapore over the years.