In an era dominated by technology, the significance of cybersecurity cannot be overstated. As societies worldwide become increasingly interconnected, the need for robust cybersecurity measures becomes paramount. In Singapore, a city-state known for its technological advancements, the rise in data breach and scam cases have propelled this industry into the spotlight.
Rising Data Breaches and Scam Cases in Singapore
Singapore has not been immune to the global surge in cyber threats and scams. With the growing reliance on digital platforms for various aspects of daily life, cybercriminals have found new opportunities to exploit vulnerabilities. From phishing attacks targeting individuals to sophisticated ransomware attacks on businesses, the threat landscape is evolving rapidly. The Monetary Authority of Singapore (MAS) and the Cyber Security Agency of Singapore (CSA) have been actively working to enhance the nation’s cybersecurity resilience, but the challenges persist.
With an estimate of $1.2 trillion lost to scams globally, Singapore victims topped the list. In 2021, there was a total of $632 million of total losses while in 2022, a total of $660.7 million has been lost to scams in Singapore.
Workforce Requirements
Addressing the escalating cybersecurity threats requires a skilled and dynamic workforce. The demand for cybersecurity professionals in Singapore has surged, with organisations seeking experts in areas such as ethical hacking, incident response, and threat intelligence. The evolving nature of cyber threats necessitates professionals who can adapt to new challenges and stay ahead of malicious actors.
There are currently more than 90 cybersecurity companies in Singapore, a testament to the demand of professionals needed. This, however, also means that entrepreneurs who would like to tap into this market can set up their business in Singapore. Known as the chosen financial hub in Asia, Singapore has the best business environment in the region including attractive tax benefits, access to capital funding, and regional and international trade agreements.
For enquiries on business incorporation in Singapore, call IASG +65 6493 1830 or email to info@iasg.com.sg.
Immigration of Talented Professionals
Recognising the urgency of bolstering its cybersecurity capabilities, Singapore has actively encouraged the immigration of skilled professionals in the field. The city-state has implemented policies and initiatives to attract talented individuals with expertise in cybersecurity. The Immigration and Checkpoints Authority (ICA) and the Ministry of Manpower (MOM) have streamlined processes to facilitate the entry of foreign cybersecurity experts, contributing to the growth of this specialised workforce.
Employment Pass (EP) is a common type of Work Pass that a company can offer a foreign talent to work in Singapore, however, there is another type of Work Pass that aims to attract highly skilled individuals called the Overseas Networks & Expertise Pass (ONE Pass). To be eligible, candidates must have earned at least $30,000 per month (or its equivalent in foreign currency) for the last 12 months consecutively or he/she will earn a fixed monthly salary of at least S$30,000 under their future employer in Singapore.
For more information on the ONE Pass, call IASG +65 6493 1830 or email to info@iasg.com.sg.
Impact on Immigration
For individuals with cybersecurity skills considering migration to Singapore, the opportunities are abundant. In 2022, the non-profit organisation, ISC2, estimated a shortage of 6,071 cybersecurity workers in Singapore. The nation’s commitment to becoming a Smart Nation, coupled with the rise in cyber threats, has created a high demand for skilled professionals. The government’s proactiveness in welcoming foreign talent in cybersecurity ensures that those with the right skills can find fulfilling careers and make significant contributions to the nation’s security infrastructure.
Moreover, the quality of life in Singapore, its strategic location as a regional business hub, and a robust legal framework make it an attractive destination for professionals seeking stability and career advancement. The government’s emphasis on continuous learning and development further enhances the appeal for those looking to build a long-term career in this sector.
Cybersecurity Industry’s Vital Role in the Face of Rising Scam Cases
As Singapore grapples with the escalating threat of cyber attacks in the forms of data breach and scams, the cybersecurity industry plays a pivotal role in safeguarding the nation’s digital landscape. The rise in scam cases has underscored the need for a skilled workforce, prompting Singapore to actively welcome talented individuals with cybersecurity expertise.
For those considering migration to Singapore with cybersecurity skills, the opportunities are not only professional but also contribute to the collective effort of securing the nation’s digital future. As the city-state continues to invest in cybersecurity measures and welcomes global talent, it positions itself as a hub for innovation and excellence in the ever-evolving field of cybersecurity.
