Cybersecurity is about protecting systems, networks, devices, and data from cyberattacks such as code injection, data leaks, and ransomware. The goal of cybersecurity is to protect computer networks (both local and public) from external threats.
IT security covers all aspects of protecting data and information. Depending on the main goal, you can consider methods of reliable protection of data and information (information security) or direct protection of systems from known areas of cyber attacks (cybersecurity). No one IT security strategy is complete without physically protecting the IT infrastructure from outside interference.
Recently, it became known that Singapore is adopting legislative and joint initiatives to strengthen its cybersecurity against the backdrop of the ongoing development of the digital economy.
Due to the high level of liberalization of the financial sector, it has led to an explosion of FinTech startups in Singapore, as digital competitors have emerged all over the place, which are “propelled” by traditional banks. The number of such startups has grown several times over several years. That is why the government is currently paying special attention to FinTech regulation in Singapore.
What does it mean
The Cyber Security Agency (CSA), in its annual cyber landscape report in June, said 90% of fake or fraudulent websites that were discovered in the past year mimicked banking and financial services, technology, or file hosting companies.
Between 2016 and 2018, the number of fraudulent business email scams increased significantly, which alarmed business owners who were planning to register a company in Singapore.
In response, the Singaporean authorities have launched initiatives to deepen cybersecurity cooperation with neighboring countries. These include the ASEAN-Singapore Cybersecurity Center for Excellence (ASCCE), as well as a number of legally binding requirements for local financial institutions.
However, despite these initiatives, the Singapore FinTech sector continues to face cyber threats such as:
- theft of data;
- malware attacks.
Such cyber threats led to the adoption of the 2018 Cybersecurity Act, which created the regulatory framework for Singapore’s data protection regulation, monitoring, and reporting of attacks.
The MAS has also issued a series of legally binding regulations that more than 1,600 licensed financial institutions must enact to protect their systems from cyber-attacks. The requirements, known as Cyber Hygiene Notices, focus on critical system recovery, customer data protection, and incident reporting.
Comparison of cyber, IT, and information security
Although the term cybersecurity is often used interchangeably with the terms information security (ITSec) and information security (InfoSec), the difference lies in the areas of protection.
IT Security: This is an umbrella term that includes physical security, information security, and cybersecurity. It is a broad concept that encompasses the physical and digital aspects of protecting the infrastructure and information in an organization.
Cybersecurity: The goal is to provide protection against cyber attacks. Vulnerability scanning, penetration testing, etc.
Information Security: The focus is on the protection of data and the information that is derived from it – physical (for example, paper archives) and digital.
Physical security: Includes control of access to physical infrastructures such as server rooms or offices. Physical security measures include, inter alia, access cards, guards, and cameras.