INTELLIGENT BRANDS // Enterprise Security

The project involves the Cybersecurity Agency ( CSA ), CII owners ( across 11 sectors ) and their vendors . The initiative serves to provide recommended processes and sound practices for all stakeholders , so they can better understand their vendors and identify potential risks . This comes off the back of the SolarWinds breach , and the Monetary Authority of Singapore ’ s efforts to tighten cybersecurity in the financial sector . Evidently , there is a heightened awareness of the need to increase visibility of entire supply chain operations , especially in today ’ s digital economy .

Joanne Wong , Vice President , International Markets , LogRhythm , said : “ Singapore is not playing around when it comes to cybersecurity – the SolarWinds breach has cast a spotlight on the need for organizations to implement not only robust internal cyber-practices , but to also insist on the same level of cyber-vigilance across their entire supply chain . ensuring third-party vendors have the same levels of safeguards to effectively identify and remediate threats with speed . This goes hand-in-hand with the zero-trust philosophy of not trusting any unverified activity , and the need for constant monitoring and surveillance to detect suspicious activities .”

Wong further explained what Singapore is doing to fight back against cybercriminals .

“ Singapore ’ s continued efforts in establishing itself as a regional hub across multiple sectors has always been underscored by the need to strengthen its digital economy and digital readiness efforts ,” she said . “ The digital space is , after all , where today ’ s economic opportunities lie , and this imperative has only been exacerbated by the rise of remote work and e-commerce during the pandemic . Beyond these new opportunities , the real challenge lies in securing digital operations for the long-run . Cybercrime is on the up , and cybercriminals are increasingly employing more sophisticated techniques to exploit vulnerabilities in the system . Even reputable brands like Singtel and Singapore Airlines have not been spared .

“ It ’ s evident that the government takes these incidents very seriously , having acted swiftly to implement new measures like MAS ’ enhanced regulations and the CII Supply Chain Program . While the initiatives differ in specifics , they unambiguously signal the need for more vigour and oversight across the entire digital supply chain .

“ They are also guided by the Zero Trust model , where verification at every step ensures that only trusted identities have access to data and information . In doing so , organizations will be better equipped to nip incidents in the bud , so that a single weak link cannot compromise an entire organization or more .

“ Such efforts and measures will take time to come to full fruition , and different organizations will inevitably face unique hurdles when trying to transform their technology infrastructure . But this is a promising start , and as we collectively experience a mindset shift – where cybersecurity becomes second nature – Singapore will truly be equipped to reap the benefits of the digital economy , today and long into the future .” p

“ The enhanced regulations , first for financial institutions and now critical information infrastructure , drive home the need for both private and public institutions to adopt a zero-trust cybersecurity posture across their entire digital operations .

“ After all , we have witnessed the far-reaching implications of a single weak link , and cannot risk falling victim to the next big cyberattack . Organizations , especially in these essential sectors , must safeguard their operations and maintain visibility over their entire network by

68 INTELLIGENTCIO APAC www . intelligentcio . com