2014 National Security Conference: Business Continuity through Cyber Security
1 October 2014 [Singapore] – Some 500 members of the local business community today convened with representatives of government agencies and business leaders to discuss how businesses can prevent security breaches and guard against cyber threats at the 2014 National Security Conference.
Organised by the Singapore Business Federation (SBF) and supported by the National Security Coordination Secretariat and the Infocomm Development Authority of Singapore (IDA) with The Association of Banks in Singapore (ABS) as industry partner, the conference aims to highlight the importance for all businesses to invest in cyber security.
As Singapore continues to enjoy economic growth, the parallel growth in digital technology and networks will be closely linked to the future of businesses. With the pervasiveness of IT, the cyber threat landscape has also evolved and increased in sophistication and frequency. In particular, small businesses can be especially vulnerable to cyber-attacks as they often do not have the resources to invest in cybersecurity measures.
To protect their business operations from cybercrime, both large and small enterprises need to adopt effective strategies against cyber threats.
In his welcome remarks, SBF Chairman, Mr SS Teo emphasised the importance of resilience against global uncertainties. In the event of unforeseen circumstances, it is important for businesses to embark on a Business Continuity Management plan to ensure quick mitigating action to prevent serious financial losses and reputational damage.
He added, “The ability to weather through crises and threats is crucial for Singapore businesses to remain competitive domestically and internationally.”
Mr S Iswaran, Minister, Prime Minister’s Office and Second Minister for Home Affairs and Trade and Industry, shared with participants in his opening address that the evolving cyber threat landscape warrants timely preparedness from businesses. He added, “Cyber security is a national security imperative that we need to recognise and be adequately prepared for. Enterprises need to acknowledge the significant risk that cyber attacks pose to their business operations.”
Keynote presenter, Mr Liew Min Chee, Chairman of ABS Standing Committee on Cyber Security, provided insights on the nature and impact of cyber threats that companies face today and the importance of building resilience in the business operations to minimise the impact of such threats.
This year, to create awareness and promote the adoption of infocomm security measures among businesses, the inaugural Cyber Security Business Exchange, organised by the IDA, will be held in conjunction with the National Security Conference. The IDA will also start a trial of the Infocomm Security Starter Kit (ISSK), an online tool to help businesses to identify and plug any security gaps in their IT systems.
Opening Remarks by Minster S Iswaran
Speech by SBF Chairman, S. S. Teo