Singapore, along with its citizens, companies, agencies and government is trying to become a Smart Nation. The initiative aims to harness a combination of technology and connectivity to improve living, build close communities, empower citizens through jobs and opportunities, and help businesses innovate and grow.
Singapore also beat London and New York to top the global smart city 2017 ranking in an Intel-sponsored survey conducted by Juniper Research. However, such connectivity and fast-paced growth bring perils, as highlighted by a recent study commissioned by Microsoft in association with research company Frost & Sullivan. The study estimates that data breaches and cyber crime could risk 6% (about US$17.7 billion) of Singapore’s GDP. Singapore has taken and continues to take measures to control the losses from cyber security incidents such as the Xinmin Secondary School data breach and last year’s cyber attack on the Ministry of Defence, but the report also revealed that nearly half of organisations surveyed have faced a cyber security incident, and about a quarter doubt if they have conducted a proper risk assessment.
Cyber threats could damage Singapore’s growth
Losses from cyber attacks and data breaches can be disastrous. They include incurring fines and penalties from supervisory authorities, reputational damage, budgetary restrictions and job losses.
The need for robust cyber security cannot be stressed enough, but the process should be an ongoing one as cyber threats continually evolve.
Information Security and ISO 27001
ISO/IEC 27001:2013 (ISO 27001) is the international standard that describes best practice for an information security management system (ISMS). Accredited certification to ISO 27001 demonstrates that an organisation is following international information security best practices.
If your organisation is looking to achieve ISO 27001 certification, visit our website for more information. IT Governance is a leading global provider of IT governance, risk management and compliance solutions, with a special focus on cyber resilience, data protection, PCI DSS, ISO 27001 and cyber security.
An ISO 27001-compliant ISMS (information security management system) helps an organisation:
- Avoid penalties and financial losses;
- Protect and enhance its reputation;
- Meet increasing client demands for greater data security;
- Get independently audited proof that its data is secure; and
- Meet local and global security laws, such as the EU GDPR (General Data Protection Regulation).
If you’re looking to implement an ISO 27001 ISMS but don’t know where to start, download our free green paper for a quick introduction.
‘Implementing an ISMS – The nine-step approach’ explains IT Governance’s tried-and-tested nine-step approach to implementing an ISO 27001-compliant ISMS that will save you time and money.
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