A report from Bloomberg this morning highlighted a dire issue in Singapore. According to the report, Singapore is losing its ability to fight and mitigate threats that are posed by hackers, simply due to labour and skill crunch. Apart from that, a lack of awareness among companies about this issue is not helping either.
It is a clear fact that Singapore is and is still aiming to be a safe and stable location for business, especially as a financial hub. However, with the infrastructure fast becoming interlinked – to the cloud – and with these scenario on hand, it is worrying.
According to Lyon Poh, head of IT Assurance and Security at KPMG LLP, for those whom are actually even aware of the issue:
they lack people with the experience to set up a comprehensive cyber security defense system to promptly detect and respond to cyber threats.
To add salt to the wound, the number of cybersecurity professionals in Singapore fell to 1,200 last year from 1,500 in 2012, and this is representing 0.8 percent of the city’s total information technology workforce.
However, in recent days, thanks to all the high profile attacks (Example: Target Corporation which lost 40 million customers credit information), there is still an general increased awareness, the industry expects greater demand for cybersecurity in Singapore. FireEye even forecasts global revenue will grow as much as 157 percent in 2014, Boland (Asia Pacific chief technology officer at Milpitas, California-based FireEye Inc.)said.
On the otherhand, things are looking rosy for us, holders of the Diploma in Cyber Security, because forty-two percent of financial services firms in Singapore that employ more than 1,000 employees plan to hire permanent employees to manage cyber security, the survey of 150 financial leaders showed. Salaries of IT security experts are expected to rise 10 percent this year compared with 2013, according to a survey by human resources firm Robert Half International Inc.