Singapore will propose next year a new cyber security bill that seeks to reinforce measures against cyber crime.
The planned legislation will compel operators of Singapore's critical information infrastructure to actively secure systems and report cyber incidents, Minister for Communications and Information Yaacob Ibrahim told Parliament, as reported by the Straits Times
The report added that the measure will also empower the Cybersecurity Agency to manage cyber incidents and raise the standards of cyber security providers.
Ibrahim said authorities can investigate and arrest cyber criminals under existing laws, but they still need to deal with the evolving nature of cyber crimes.
"Cyber-attacks have increased in sophistication, and attackers have become faster and bolder," the Straits Times
quoted Ibrahim as saying.
"It is inevitable that Singapore's critical information infrastructure will at some point be targets,” added Ibrahim, who is also the minister-in-charge of cyber security.
According to AIG
Singapore, the cyber security market is projected to grow 50% this year as more businesses look to mitigate the high reputational and financial risks associated with cyber breaches.
Research conducted by the major insurer in 2014 showed that 42% of companies were concerned about loss of reputation while 33% were worried over protection against financial loss.
Singapore expects cyber risks in 2016 to range from both internal and external factors, including lack of data encryption, increased use of malware, and outsourcing to third party providers.
“Not only do data leaks result in financial losses including compensation payouts and regulatory investigation, but reputational damage and loss of consumer confidence can also have a long-term impact on a company’s bottom line,” said Lai Yen Yen, AIG
Singapore’s head of financial lines.