Financial Crime World

Singapore’s Cybersecurity Landscape 2022: Threats and Efforts to Stay Ahead

As the world becomes increasingly dependent on digital technology, cybersecurity threats are becoming more sophisticated and frequent. In its latest report, the Cyber Security Agency of Singapore (CSA) highlighted the growing risks of data exfiltration and public shaming on “leak sites”, where threat actors repurpose old breaches or scrape open-source data to create fictional attacks.

Emerging Threats

  • Data exfiltration: The unauthorized transfer of sensitive information from an organization’s systems.
  • Public shaming: Threat actors publishing stolen data on “leak sites” for the purpose of extortion, embarrassment, or financial gain.
  • Artificial Intelligence (AI) misuse: AI can be used to amplify cyber-attacks, such as spear-phishing campaigns and deepfakes impersonating high-ranking executives.

Economic Adversity Fuels Cyber Threats

Economic adversity, brought on by global events like the Russia-Ukraine conflict and inflation, has created opportunities for threat actors to exploit vulnerabilities in organizations’ cybersecurity postures. As a result, CSA is urging businesses and individuals to take proactive measures to protect themselves from cyber-attacks.

CSA’s Efforts to Strengthen Collective Cybersecurity Posture

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To address these threats, CSA has launched various initiatives to strengthen Singapore’s cybersecurity posture. These include:

  • Singapore Cyber Landscape 2022: A report that reviews the country’s cybersecurity situation in 2022 and highlights efforts to create a safe and trustworthy cyberspace.
  • Internet Hygiene Rating (IHR): A rating system that provides visibility on the cyber hygiene of digital platforms.
  • National Cybersecurity Campaign: An awareness campaign aimed at raising awareness and driving adoption of good cybersecurity practices among students, seniors, and businesses.
  • Go Safe Online Pop-up and Drama Skit for Students: Initiatives to educate students about online safety.

Commissioner’s Message

“2022 saw a heightened cyber threat environment fueled by geopolitical conflict and cybercriminal opportunism. Emerging technologies like AI are double-edged, bringing both opportunities and risks,” said Mr David Koh, Commissioner of Cybersecurity and Chief Executive of CSA. “We need businesses and individuals to play their part in protecting our cyberspace so that we can fully reap the benefits of our digital future.”

About CSA

Established in 2015, CSA is responsible for keeping Singapore’s cyberspace safe and secure. It works with sector leads to protect critical information infrastructure and engages with stakeholders to heighten cybersecurity awareness and build a vibrant cybersecurity ecosystem.

For more news and information, please visit www.csa.gov.sg.