Cybersecurity: Three lessons learnt in 2016

CYBERSECURITY remains a pressing concern today. As citizens, organisations and countries continue to evolve with an ever-changing digital landscape, the cost of cyberattacks continues to rocket exponentially, predicted to hit US$2 trillion by 2019 . From stolen intellectual property to matters of national security, security in the cybersphere has serious implications.

Governments are keeping pace. Singapore has recently announced an ambitious new cybersecurity strategy in October this year, aimed at building a resilient infrastructure, creating a safer cyberworld, developing a vibrant cybersecurity ecosystem, and strengthening international partnerships for collective global security. China, not far behind, has just passed a seemingly controversial cybersecurity law that requires Internet operators to cooperate with the government in the event of data breaches, granting full access to investigators during any suspected cybercrime. This has raised issues of censorship, privacy and surveillance .

While governments and organisations struggle to address the rising complexity of cyberthreats, the size, severity and complexity of each attack will continue increasing. This shows no sign of abating. From a cyberattack on the power grid in Ukraine to hackers using malware to siphon more than US$2 million from automated teller machines in Taiwan , we have learnt that cyberattacks can strike anytime and anywhere.

Closer to home, Singapore just experienced our very first Distributed Denial-of-Service (DDoS) attack on StarHub's broadband network in October, demonstrating that no organisation, no matter which industry or nation, is infallible. Organisations are continually being challenged to re-evaluate the state of current cybersecurity readiness.

While countries and organisations continue to embrace this new reality and develop new security mechanisms, cybercriminals are cultivating new and sophisticated techniques and channels to exploit security loopholes. Businesses need to stay vigilant and make cybersecurity a priority investment in managing risk, rather than just another business expense.

CYBERSECURITY SKILLS SHORTAGE

Despite cybercrime costing markets, such as Singapore, an estimated S$1.25 billion annually, we face an acute shortage of IT security specialists who combat online threats. Increasing digitisation of business records and the proliferation of interconnected devices have opened more doors for cybercriminals, but the demand for such skilled professionals continues to outpace supply.

There are 15,000 vacancies in the information and communications technology (ICT) sector in Singapore alone, a number that has remained unchanged from 2014. More than two-thirds of these vacancies, according to Yaacob Ibrahim, Minister for Communications and Information, are in areas such as development, network and infrastructure, cybersecurity, and data analytics. It is no surprise that the Singapore government has announced a US$120 million fund to support training efforts in developing infocomm manpower capabilities and to strengthen the Singapore core of IT professionals. Education, it seems, needs to keep pace with technological advancements to keep cybercriminals at bay.

With the complexities and threats in the cyberworld, it is important for customers to assess their cybersecurity readiness and respond with tailored solutions, be it through custom-built applications on top of Apache Hadoop, open source solutions or through commercial partner offerings.

While there will never be a "one size fits all" solution, it is imperative that organisations consider a variety of mixed options to combat security needs. With a credible partner and clear data security strategy, companies can become more aware and cyber-resilient, extending the risk management focus from pure information confidentiality, integrity, and availability of data to include that of reputation and customer channels.

Only then can we all come together as one community to fight cybercrime and prepare ourselves for this new era.

The writer is senior director, Apac, at Cloudera