EU Green Deal
A key theme coming out of the side events taking place at COP25 is that private sector involvement is critical in the transition to net zero emissions by 2050.
Following the announcement by the Singapore Government on 18 January 2016 that the infocommunication and media regulators will be restructured (please refer to our earlier update on this here), a Cyber Security Bill was tabled in Parliament on Friday, 21 January 2016 to enhance security for Singapore’s information infrastructure.
This is part of a series of changes by the Ministry of Communications and Information to keep pace with developments in the infocommunications and technology sector.
The Cyber Security Bill will give the Cyber Security Agency of Singapore more powers to ensure the security of Singapore’s critical information infrastructure.
The Cyber Security Agency of Singapore is the national body tasked with overseeing cyber security strategy, education and outreach and has designated certain “critical sectors” prone to cyber threats: energy, water, transport, health, infocommunications and media, security and emergency services and banking and finance sectors.
The Singapore government has also announced an increase in spending on cyber security of at least 8 per cent of the Singapore Government’s information technology budget in the long-term. This is consistent with the Singapore Government’s objectives of creating a Smart Nation, with an increase use of big data analytics and the internet of things.
The tabling of the Cyber Security Bill and the Singapore Government’s emphasis on cyber security comes at a time when more organisations are becoming increasingly vulnerable to cyber security incidents due to greater reliance on information technology and the increasing collection and retention of data.
We will keep you updated of the Cyber Security Bill as it progresses through the Singapore Parliament.
For further information on how the Cyber Security Bill affects your business and how we can help, please feel free to contact us.
Welcome to the thirteenth edition of Global asset management quarterly.