1. As we gather today to discuss the future of our nation in the digital era, it is crucial to recognise the importance and relevance of digitisation in shaping a prosperous, efficient, and connected Singapore. While we are mindful of the challenges it presents, the benefits of embracing digital transformation are undeniable and pivotal for our nation's progress.
   
   
2. Digitisation is a key driver of economic growth and innovation, opening doors to new markets and opportunities. It enhances operational efficiency and productivity, revolutionising how businesses operate and compete globally. Moreover, it empowers us to offer improved customer experiences, leveraging data analytics for more effective strategies and services.
   
   
3. In an increasingly interconnected world, digital technologies break down geographical barriers, fostering global trade and partnerships. They also play a significant role in environmental sustainability, reducing our carbon footprint through innovative solutions.
   
   
4. The resilience demonstrated by businesses during the COVID-19 pandemic, largely due to their digital capabilities, underscores the importance of being digitally prepared. This readiness not only ensures business continuity in crises but also strengthens our collective ability to adapt and thrive in changing circumstances.
   
   
5. As Singapore steadfastly progress towards our vision of a Smart Nation, it is imperative that our digital transformation journey is not only marked by technological advancement but is characterized by its inclusivity and safety. This holistic approach is essential in ensuring that the benefits of digitalisation are accessible and secure for all members of our society.
   
   
6. Businesses are an important pillar of Singapore’s digital society. Many businesses are either adopting or developing digital products and services to better engage and serve the needs of consumers, and in a manpower tight situation, implementing digital solutions with automation to streamline operations to improve efficiencies.
   
   
7. In this age where digital transactions and interactions are integral to our daily lives, the safety and security of digital information have become paramount concerns for customers worldwide, including here in Singapore.
   
   
8. Singaporeans are increasingly vigilant about how businesses handle their digital information. Incidents such as the SingHealth data breach in 2018, where 1.5 million patients' records were compromised, including the Prime Minister's, have left an indelible mark on the public consciousness.
   
   
9. More recently, the data leak from a third-party vendor affected the personal information of individuals from multiple institutions. These are not isolated incidences but part of a growing trend of cyber threats and mishandling of data that deeply concerns every Singaporean.
   
   
10. Yet, in the face of a swiftly changing digital landscape, achieving digital inclusivity and safety necessitates significant investment in terms of finances, time, and personnel. This requirement may present considerable challenges to some companies, especially those with limited resources.
    
    
11. According to the most recent National Business Survey (2022/2023) by the Singapore Business Federation (SBF), 64% of businesses expressed concern over the high costs associated with adopting new technologies. Additionally, businesses, regardless of their size, are grappling with challenges such as the need for upskilling staff to keep pace with technological advancements and a shortage of management expertise to effectively spearhead technological change.
    
    
12. While there is a growing confidence among businesses in managing cybersecurity challenges, with 80% feeling confident this year compared to 74% the previous year, Small and Medium-sized Enterprises (SMEs) still find themselves trailing behind their larger counterparts.
    
    
13. According to recent data, 78% of SMEs feel confident or somewhat confident in their security measures to protect against cyber threats, which is lower compared to the 91% confidence level of larger companies.
    
    
14. Furthermore, a 2023 survey conducted by the Singapore Chinese Chamber of Commerce and Industry (SCCCI) revealed that 32% of SMEs are prioritising the strengthening of their resilience against cyber threats, marking a significant increase from 11% in 2022, indicating a growing awareness and commitment to cybersecurity in the SME sector.
    
    
15. Today, I aim to tackle the prevailing notion and apprehension among businesses, particularly small enterprises, that implementing digital safety and cyber defences is prohibitively expensive. I intend to introduce and discuss various tailored, accessible self-help tools and collaborative resources designed to enhance the cybersecurity stance of companies affordably and effectively.
    
    
16. The Internet Hygiene Portal (IHP), crafted by the Cyber Security Agency of Singapore (CSA), serves as a comprehensive platform for businesses to utilise self-assessment tools. These tools are designed to evaluate the security of a company's websites, email services, and domain configurations. Following the assessment, IHP provides tailored, actionable recommendations, enabling companies to enhance their overall internet security posture effectively.
    
    
17. Additionally, the Internet Hygiene Portal (IHP) enhances transparency by publishing an Internet Hygiene Rating table. This feature offers a simplified overview of the cyber hygiene status of various digital platforms.
    
    
18. By providing such critical information, it empowers businesses and consumers alike to make informed decisions regarding their digital platform usage, thereby enhancing the security of their digital transactions and protecting against cyber threats.
    
    
19. For SMEs ready to deepen their commitment to cybersecurity, the Cyber Security Agency of Singapore offers the Cybersecurity Health Plan. Under this initiative, cybersecurity consultants act as the SMEs' virtual Chief Information Security Officers, conducting cyber health audits and crafting bespoke cybersecurity health plans.
    
    
20. To encourage participation and alleviate financial burdens, eligible SMEs can avail themselves of up to 70% co-funding under this scheme, making advanced cybersecurity more accessible and affordable.
    
    
21. Proper cyber risk management is pivotal for SMEs to confidently navigate their digitalisation journey. The CTO-as-a-Service (CTOaaS) initiative, a part of the SMEs Go Digital Programme developed by IMDA and managed by SBF, is designed to bolster this confidence. Through CTOaaS, SMEs gain access to a shared pool of seasoned digital consultants who provide comprehensive advisories and project management services. This support helps SMEs identify and address digitalisation gaps and seize opportunities, ensuring a more secure and efficient digital transformation.
    
    
22. SMEs lacking in-house IT expertise or dedicated resources have found significant benefits in this service, receiving tailored digital solutions and training roadmaps specific to their business needs. This initiative guarantees that SMEs have access to market-proven, cost-effective solutions, ensuring they are not marginalised in our collective stride towards an inclusive and safe digital society. It's a step forward in democratising digital advancement, allowing all businesses, regardless of size or resource, to partake in and contribute to our digital future.
    
    
23. Considering the existing initiatives, I propose a recommendation to the government to further support our SMEs: the development of resources tailored to the emerging and critical areas of digitalisation, such as cybersecurity and artificial intelligence on a sector-specific basis.
    
    
24. By working closely with trade associations and companies, this approach can significantly accelerate SMEs' transition into an inclusive and safe digital society. These resources should encompass sector-specific training and assessment plans, baseline tools, and solutions that are pertinent to each industry.
    
    
25. As highlighted in the SBF-KPMG Budget Recommendations for 2024, the government can consider adjusting existing grant schemes to support SMEs in adopting these tools and solutions. For instance, a tiered support approach with higher grant support quantum for the adoption of advanced AI and blockchain technology may be necessary to help companies to progress along their digitalisation roadmap, beyond basic process and operational automation. There is also scope to consider expanding existing schemes to support digital projects where development work is conducted outside of Singapore for operational and cost efficiency given the tight IT manpower pool here.
    
    
26. Additionally, establishing a dedicated assistance channel for SMEs to reach out when addressing potential cybersecurity breach or AI governance breaches would provide a safety net, ensuring that SMEs have the support they need when they need it. This comprehensive strategy will not only safeguard our businesses but also empower them to confidently embrace the digital future.
    
    
27. As technology becomes an ever more integral part of our daily lives, the demand for skilled workers correspondingly evolves. It is essential to cultivate a culture of learning and innovation within our workforce. As leaders and stakeholders, we must recognise and address the apprehensions of our workers, providing reassurance and support to those who may feel overwhelmed by the rapid digital changes.
    
    
28. We must continue to invest significantly in training our workers, ensuring that every individual, regardless of their starting point, is given the opportunity to grow and adapt. This is not just about keeping pace with the digital society; it is about empowering them to lead and innovate within it. By fostering continuous learning, providing comfort and guidance, and encouraging innovation, we not only enhance individual careers but also drive the collective progress of our industries and the nation as a whole. Businesses should aim to create an environment where every worker feels valued, supported, and ready to embrace the opportunities of the digital future.
    
    
29. It is therefore crucial for companies to recognise that training our workforce transcends merely keeping pace with technological advancements; it is also about strategically upskilling them to unlock the full potential of technology adoption. When our workers are adept and agile, the company as a whole reaps substantial benefits.
    
    
30. For instance, Utracon Corporation, through its participation in the CTOaaS initiative, leveraged expert advice to implement targeted solutions, significantly enhancing real-time project monitoring and fostering improved team collaboration. This example underscores the broader value of investing in our employees’ growth, leading to enhanced operational efficiency and innovative capabilities within the company.
    
    
31. To assist companies to continue their commitment to upskilling their workers, as proposed in the SBF-KPMG budget recommendations, the government can consider complementing the efforts of businesses by introducing a grant scheme to support costs related to employee upskilling and adoption of new technologies such as AI and machine learning, as well as by providing a secure and convenient centralised platform for SMEs to access these upskilling services.
    
    
32. Finally, in today's digital age, I would like to stress that the ethical handling of customer information has transcended beyond just a mere legal obligation; it is a fundamental aspect of building trust and maintaining the integrity of our businesses. As custodians of customer data, we must adhere to the highest standards of ethics, ensuring that every piece of information is collected, stored, and used with the utmost respect for privacy and consent.
    
    
33. This means being transparent about our data practices, providing customers with clear choices, and taking proactive steps to protect their information from breaches and misuse. By committing to these ethical practices, we not only comply with regulations but also fortify our reputation, foster customer loyalty, and contribute to a more trustworthy digital ecosystem. The ethical handling of customer information is not just a duty; it is a core value that defines the integrity and success of our businesses in the digital era.
    
    
34. Mr Speaker Sir, I would like to conclude in Mandarin.
    
    
35. 总的来说，要打造一个既包容，又安全的数码化社会，必然面对许多的挑战和机遇，因此在进一步发展时，必须有全方位的策略和行动；除了投资发展先进技术和设施，也得鼓励持续学习和创新的文化，以及培养遵循道德规范的行为。
    
    
36. In conclusion, as we navigate the complexities and opportunities of building an inclusive and safe digital society, let us embrace a holistic approach. This involves not only investing in robust technology and infrastructure but also fostering a culture of continuous learning, innovation, and ethical practice.
    
    
37. 如此一来，在建立智慧国的这个漫长过程，将是一个充满诚信、安全和具包容性的，也让所有国人和企业都能受惠。让我们携手同心，致力于未来的发展，让数码化发展也代表着新加坡将成为一个更安全、更繁荣和高道德标准的国家！
    
    
38. By doing so, we ensure that our journey towards a Smart Nation is one marked by trust, security, and inclusivity, benefiting every individual and business within our society. Together, let us commit to a future where digital advancement equates to a safer, more prosperous, and ethically grounded Singapore for all.

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