Singapore is to open a new ‘cyber-security start-up incubation hub’ next month in an effort to boost entrepreneurship and improve its cyber-security credentials.
The hub, dubbed the ‘Innovation Cybersecurity Ecosystem @Block71’, aims to host 40 start-ups over the next two years, the Straits Times reports. The enterprises will be focused on developing cyber-security products and services to meet increasing need as Asia’s digital economy flourishes.
High growth and rapid innovation means Asia’s digital infrastructure is increasingly important to foreign companies doing businesses in the region.
And with increased importance comes increased risk.
As a global trade hub, the highly-connected Singapore is particularly exposed to cyber-attacks, which were named the sixth biggest risk to doing business in the Asia-Pacific last year, according to a 2017 World Economic Forum report. Executives from Australia, Japan, Malaysia, New Zealand and Singapore all ranked cyber-attacks as a top-three risk for their business, the report found.
Globally, cyber-attacks increased in 2017, in both number and disruptive potential, according to the World Economic Forum Global Risk Report 2018.
Given that Asia has struggled to mitigate cyber-attacks due to the evolving nature of their threat, the Singaporean government’s recognition of the need for cyber-security innovation is an important step in protecting businesses and national infrastructure. It will be welcome news for businesses and governments operating in the region.
