Why this is important to Wisconsin businesses: Wisconsin has a strong and growing cybersecurity industry that could offer expertise and technical products and services.
Cybersecurity is a growing concern in Singapore. With the rapid growth of digital innovations and widespread accessibility to the internet, the number of connected devices has soared. As a result, potential cyber threats have increased substantially, requiring the need for more sophisticated cybersecurity measures to protect data and infrastructure.
According to ResearchAndMarkets.com, the market for cybersecurity in Singapore is on a significant upswing. Projections estimate the market to nearly double in size from $2.3 billion in 2024 to $4.8 billion by 2029. A steady compound annual growth rate of 16% is expected during that period.
Employment in the industry is also rising. According to a 2023 EY-Parthenon study, Singapore’s cybersecurity workforce tripled from about 4,000 employees in 2016 to about 12,000 in 2022. However, another 2,800 to 4,400 cybersecurity professionals will be needed over the next four years, particularly in specialties such as vulnerability assessment and penetration testing, threat analysis, and security architecture, the report said.
In fact, 92% of the organizations that experienced cybersecurity breaches in Singapore in 2023 cited the lack of skilled professionals as part of the reason for the breaches, according to a study by Fortinet. Efforts to attract and train candidates to expand the pool of cybersecurity talents are led by the Cyber Security Agency (CSA) of Singapore, which announced the Singapore Cybersecurity Talent, Innovation & Growth (Cyber TIG) Plan in 2023 to bridge skills gaps in the field. A center will be set up at the National University of Singapore to promote collaboration with industry.
As far as the types of threats, phishing incidents dropped substantially in 2023 from 2022 levels but remained about 30% higher than in 2021. Of the 4,100 reported attempts to obtain personal information fraudulently, 63% involved the banking and finance industry, a CSA report said.
There were 132 ransomware extortion threats reported, with the manufacturing and construction industries as the most common targets.
The health care sector is also facing a growing number of cyberattacks. In November 2023, one such attack created an outage for several hours involving the websites of several Singapore hospitals and health care organizations.
In addition, more than 70,000 incidents of infected computer systems plagued organizations in Singapore in 2023, the CSA report said.
Wisconsin companies in the cybersecurity field may find opportunities in Singapore at the country seeks to advance the sector. Working with a reseller or distributor in Singapore is suggested as a way to manage onboarding, data migration, and other technical services, and to customize offerings for local needs.
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