A new SME Cybersecurity Excellence Award has been introduced by the Cyber Security Agency of Singapore (CSA) and the Association of Trade &. Commerce (Singapore) [ATC]. Small and medium-sized businesses in Singapore that are dedicated to cyber security are honored by the ATC awards.
Mr. Tan Kiat How, Minister of State at the Ministry of Communications and Information and the Ministry of National Development, announced the launch of this new award. Numerous new initiatives under the CSA’s SG Cyber Safe program for businesses during Singapore International Cyber Week (SICW) 2022. The long-standing Singapore SME 500 Awards are managed by ATC, which also helped create the SME Cybersecurity Excellence Award. Cybersecurity is an important and indispensable part of business operations for companies committed to digitalization.
Applications for the SME Cybersecurity Excellence Award will be accepted by SMEs in Singapore starting on October 25, 2022. Businesses must also have earned the Cyber Essentials mark to qualify for the application process.
The Cyber Security Agency of Singapore
The Cyber Security Agency of Singapore is responsible for keeping Singapore safe from cyberattacks. It was established in 2015 to help protect Singapore’s digital economy and way of life. The agency works with sector leads to protect Singapore’s Critical Information Infrastructure. they also work with businesses and individuals to raise awareness about cyber security.
To encourage organizations to put cybersecurity at the center of their operations, the CSA launched Cyber Essentials and Cyber Trust in March 2022. This was followed by the launch of the SME Cybersecurity Award in April 2022.
The Aim of the Cybersecurity and infrastructure security agency
To date, more than 60 companies have submitted applications for the two trust seals. Of which 31 and 12 companies have received Cyber Essentials and Cyber Trust, respectively.
The CSA is curating and gradually building a database of solutions and service providers that will make it easier for potential companies to meet their requirements to further promote the adoption of Cyber Essentials and Cyber Trust. It will include a list of characteristics, such as the history of the providers’ target customers or whether the providers are certified by the Cyber Essentials or the Cyber Trust seal.
On the CSA website, this online directory will be accessible. The SME Cybersecurity Excellence Award was introduced by CSA to honor Singapore businesses’ dedication to remaining cybersafe.
Cyber Trust mark
Our commitment to continuously improving our cybersecurity posture and protecting our customers’ assets is reflected in the adoption of the Cyber Trust mark,” said David Gledhill. He is DBS’ head of group technology and operations. The Cyber Trust mark is a new way to demonstrate that a company is committed to protecting its customers’ assets from cybercriminals. DBS Bank is one of the first companies to adopt the mark. It shows that they are serious about keeping their customers’ information safe.
To protect its customers and itself from cyber threats, the bank uses a variety of strategies. It includes improving cyber defense capabilities, continuous security control validation, and extended security monitoring. A partnership with the Cyber Security Agency (CSA) is also strengthening the bank’s cyber security protection.
Cyber threats in Singapore
Cyber threats are a major issue in Singapore and they come in many different forms. From phishing to ransomware, there are many different types of cyber attacks. The Cyber Security Agency, Singapore has released a publication that shows that ransomware and phishing are continual threats in Singapore
Ransomware is a type of computer virus that can lock up your computer and prevent you from using it until you pay a ransom to the person who put the virus there. The number of ransomware cases in Singapore increased by 54% in 2020, and most of the cases affected small and medium businesses. This is because these businesses often don’t have time to properly secure their computers, which makes it easier for hackers to take over their systems.
Some people are tricking other people online by making fake websites that look like real websites. They do this by “spoofing” the real website’s address, or URL. They do this so they can steal people’s information, like their passwords or their credit card numbers. this accounts for a 17% increase in 2021.
Botnet drones and malicious Command and Control (C&C) servers:
The C&C servers are the computers that botnets use to give commands to the botnet drones. The botnet drones are computers that are infected with malware and are controlled by the botnet. In 2021, there were more than three times as many C&C servers as there were in 2020. This is because there was a big increase in the number of servers using CobaltStrike malware. There were also fewer botnet drones in 2021 than in 2020. This might be because people are getting better at cleaning up their computers and devices.
This means that 419 websites in Singapore were vandalized this year, which is 15% less than last year. Most of the websites that were vandalized belonged to small businesses. The reason there were fewer website defacements this year is that hackers are now using platforms like social media to reach more people.
Cybercrime refers to any illegal activity that takes place online. In 2021, the Singapore Police Force reported 22,219 cybercrime cases, which is a 38% increase from 16,117 cases in 2020. The most common type of cybercrime is online scamming, which made up 81% of all the cybercrime cases reported. Other types of cybercrime include computer misuse (17%) and cyber extortion (2%).
The Need at this hour
CyberSafe is important for everyone, not just large enterprises. CyberSafe Pte Ltd is one of the early adopters of the Cyber Essentials mark. This mark allows them to communicate to their clients and stakeholders that they emphasize keeping their systems and data safe. With the increase in supply chain-related attacks, more organizations are requiring their vendors to re-qualify on risk assessments. CSA certification marks are great benchmarks to illustrate vendor compliance within the supply chain. CyberSafe took up Cyber Essentials certification to serve as a role model to everyday SMEs in the market on the value-add that these CSA certification marks will bring. Cyber threats in Singapore are increasing at an alarming rate.
The CSA is making it easier for companies to get certified under the Cyber Essentials or Cyber Trust marks. It is by creating a directory of service providers that can help. The directory will list many things. It consists of the providers’ target customer profile, and track record. Also, whether the providers themselves are certified under the Cyber Essentials or Cyber Trust marks.
Recognizing six partners and certification bodies for cyber safety in Singapore
Six organizations have been recognized by the Cyber Security Agency of Singapore (CSA) as SG Cyber Safe Partners and Certification Bodies. These organizations have been acknowledged for their commitment to helping businesses in Singapore become more cyber-secure.
The SICW 2021 event was a place where the CSA recognized six key industry partners. To help in the SG Cyber Safe partnership program. This program was created to help private organizations. The CSA works together to raise awareness about cybersecurity and how to stay safe online.
One of these partners is the Singapore Chinese Chamber of Commerce (SCCCI). The SCCCI is working hard to help educate people about cybersecurity. They also conducted workshops to get feedback from their members. This feedback helped the CSA improve its initiatives for businesses.
Cyber Essential is a certification that makes sure a company has basic cybersecurity measures. It ensures to protect themselves from common cyber-attacks. Data backups, software updates, and response plans are all part of this process.
Cyber Trust is a program that is targeted at large enterprises that are more advanced in their digitalization journey. The program is run by the Singapore Business Federation, the Singapore Chinese Chamber of Commerce and Industry, Microsoft Singapore, BSI Group Singapore Pte Ltd, Guardian Independent Certification Pte Ltd, and ISOCert Pte Ltd.
To read more blogs, click here.