The Singapore government announced its plan to strengthen its cybersecurity posture to fight against the growing increase of threat actors in the region during the 7th annual Singapore International Cyber Week held at Marina Bay Sands.
During the event, the Senior Minister and Coordinating Minister on National Security, Teo Chee Hean, announced the creation of an inter-agency task force to combat the growing ransomware threats in businesses, research centers, and educational institutions.
The government aims to help Singaporean organizations with cybersecurity measures and aid them during cyber attacks. According to the sources, Singapore’s new cybersecurity task force will be called the Counter Ransomware Task Force (CRTF). It will assist all regional organizations in strengthening their cybersecurity defenses against online threats.
Considering the recent cyber attacks, especially in the eCommerce sector and crypto-based startups, Singapore is leaving no stone unturned and continuously evaluating strategies to counter threat actors in the region. During the speech, the minister discussed the initiatives the Singaporean government is taking to promote cybersecurity best practices in the country.
Singapore’s creation of CRTF
With this new plan, the Singapore government aims to help businesses enhance their cybersecurity and identify potential threat actors before they can do more damage. They also plan to develop standards and recognize companies with solid cyber standards, the CSA, for instance, launched the SG CyberSafe Programme in 2021 with a cybersecurity certification scheme that includes the Cyber Essentials and Cyber Trust marks.
The Singapore International Cyber Week highlights the government’s initiatives to improve cybersecurity regulations. In addition, Chee Hean discussed the expanding significance of cyberspace and the necessity for more international collaboration in cybersecurity, noting that a significant portion of cyberattack activity is carried out via ransomware.
“Ransomware perpetrators can be opportunistic and highly skilled. The government wager that victimized organizations will be more willing to pay the ransom and conceal the attack than to report the crime, take advantage of gaps across countries to elude law enforcement, and use poor cybersecurity policies to access their victims’ systems and data. I implore you to focus on fighting ransomware”, the minister stated.