BankBazaar Singapore: January 2, 2018
SINGAPORE: With online technology advancing and making steady inroads into the everyday life of the common man at a rapid pace, cybersecurity concerns are increasingly receiving importance. This is even more pronounced in the financial sector as more and more banks look for digital options to make their services faster and more convenient to customers.
Industry experts across the board are of the opinion that companies should ensure they leave no stone unturned in their efforts to make their digital operations secure. The topic was discussed extensively at a recently-organised SGInnovate forum, “Cybersecurity Resilience: How Industry and Technology Partnerships Can Support National Infrastructure”.
Speaking on the occasion, Lim Bee Kwan, Senior Director of the Government Infrastructure Group at GovTech, indicated that a concentrated public and private partnership effort is required to deal with cybersecurity threats as the country steadily moves towards its goal of becoming a Smart Nation.
Singaporean banks are increasingly embracing strategies to digitise their business. After making several efforts to step up its digital offering, DBS, one of the most popular lenders in the country, recently tied up with IBM to automate several tasks in the hope of improving productivity and efficiency. DBS had even found that profits from its digital consumers were 42% more than regular customers. Here are things you need to learn on dbs ibanking facilities in Singapore.
Experts remain undivided on the opinion that large organisations and startups need to work together to manage cybersecurity threats. Financial institutions like banks, in particular, should be able to join hands with smaller companies that can provide niche security solutions.
Such efforts can help build an ecosystem wherein businesses come together to create robust cybersecurity solutions that may benefit the industry as a whole. But infrastructural changes can only help to a certain extent. To make things even better, companies should ensure every single person in their organisation understands the importance of security.
The rising importance of cybersecurity has increased the need for specialists in the field. This means there should be a system to provide proper orientation and training to the right people.
Realising this, the Cyber Security Agency of Singapore recently tied up with the Info-communications Media Development Authority (IMDA) to launch a programme for cybersecurity professionals. IMDA is also making efforts to make cybersecurity a part of the curriculum in the higher education institutes of Singapore. Even the Ministry of Defence has reportedly begun cybersecurity training for some sections of the armed forces.
While such efforts from the government are encouraging, there should be more efforts from private companies and the general public towards this end. Training programmes should be initiated in the private sector as well. More individuals who have an aptitude for this field should come forward for training.
At the end of the day, prevention is better than cure. Organisations should make sure they are able to remain one step ahead of malicious hackers to avoid falling prey to cyber-attacks.
What is required then, is a proactive approach, wherein companies constantly remain vigilant to vulnerabilities and develop and install updates to ensure security. Users should make sure they take all recommended security precautions.
The fight against cyber threats is a continuous process. According to Lim, it’s a never-ending journey to outmanoeuvre hackers at every point. More importantly, it should be seen as a collective effort of businesses and customers to develop a secure environment.