Over 1,000 organisations are finding out if they are ready for operational disruptions
A ‘table-top exercise’ for the financial sector, run under Exercise SG Ready 2025, is showing the importance of contingency plans against power failures and cyberthreats
WITH uncertainty a given in today’s global landscape, businesses must be prepared for disruptions to strike. This year’s “Exercise SG Ready”, co-led by the Ministry of Defence (Mindef) and the Energy Market Authority (EMA), aims to test and enhance Singapore’s ability to withstand crises.
Run on the theme “Are You Ready for Disruptions?”, the exercise focuses on helping organisations strengthen their business-continuity plans for power disruptions or cyberattacks.
Over 1,000 organisations from financial institutions to schools and government organisations are taking part in the two-week initiative from Feb 15 to 28.
Among them is hedge fund manager Quantedge Capital, which organised a “table-top exercise” (TTX) for the financial sector, conducted by Mindef agency Nexus.
This exercise on Feb 17 brought together financial-industry players to evaluate their preparedness for unexpected disruptions. Singapore-headquartered Concord New Energy Group (CNE), a renewable-energy firm, also took part in its capacity as an energy subject-matter expert.
A critical need for business-continuity planning
As the financial sector is heavily reliant on digital infrastructure, it faces significant risks from cyberthreats and operational disruptions.
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Recognising this, Quantedge Capital assembled nine financial firms – Quantedge Capital, Dymon Asia, BlackRock, Franklin Templeton, abrdn Investments, Alta Exchange, FOMO Pay, AIA Singapore and Nikko Asset Management (to be renamed Amova Asset Management from Sep 1, 2025) – for a dedicated TTX.
At the session, key decision-makers from the participating firms examined their strategies for business continuity in the event of cyberattacks on banking networks and power grid failures.
They also evaluated their preparedness, exchanged insights on effective response measures and discussed best practices.
As they worked through the exercise scenarios, they pinpointed areas needing improvement, such as refining crisis-communication protocols and strengthening risk-management frameworks to better withstand disruptions.
Suhaimi Zainul-Abidin, chief executive officer of Quantedge Capital, said: “Total Defence is a collective effort to build a resilient Singapore. Through this exercise, we want to showcase the resilience of our financial hub and also encourage participation in Total Defence initiatives such as Exercise SG Ready.”
Dr Zhang Bo, managing director of CNE unit Concord Clean Energy Research Center, discussed with participants the implications of power disruptions, highlighted concerns and listed the precautions businesses ought to take when drawing up their emergency contingency plans.
Liu Jianhong, vice-chairperson of CNE, said: “Preparing for power disruptions is an important part of the Economic Defence pillar of Total Defence. As a Singapore-headquartered renewable energy company, we are proud to play our part by leveraging our expertise to enhance the readiness of financial organisations in responding to disruptions.”
The session was also attended by Shawn Huang Wei Zhong, Senior Parliamentary Secretary in the Ministry of Education and the Ministry of Finance, and Senior Minister of State for Defence Heng Chee How.
Addressing the participants in his opening remarks, Huang said: “The challenges we face are too great for any one institution to address alone. It is only through collaboration, both within and across sectors, that we can build a more secure, resilient and sustainable future for Singapore.”
In his closing remarks, Heng emphasised the important role businesses play in strengthening Singapore’s preparedness and readiness for crises and disruptions.
“Mindef would like to collaborate with businesses so that they can strengthen their resilience to hybrid threats such as a large-scale cyberattack. Through Exercise SG Ready, we want to encourage organisations to plan for disruptions, prepare their response plans and play their part to keep Singapore strong.”
A nationwide effort to strengthen resilience
Beyond the financial institutions, Exercise SG Ready also involved other sectors – from education and transport to the government and community.
More than 20 landmark buildings, including the Supreme Court, Millenia Tower and St Andrew’s Cathedral, took part in simulated power outages on Feb 15 to raise public awareness of this kind of disruption.
The exercise also featured a large-scale evacuation drill at City Hall MRT station, where 300 community members simulated emergency-response procedures during an outage.
Meanwhile, schools and public agencies are also conducting their own preparedness activities, testing response protocols for cyberattacks and infrastructure failures.
Another component of this year’s exercise is a phishing simulation for 200 businesses, coordinated by Mindef and the Singapore Business Federation (SBF). This initiative aims to help companies identify the vulnerabilities in their cybersecurity frameworks and reinforce their defence against digital threats.
Building a resilient business ecosystem
Singapore’s strong infrastructure has ensured high reliability in its power and digital services, but recent global events have showed that no system is infallible.
Following the 2024 edition of Exercise SG Ready, EMA released guidelines for businesses and individuals to prepare them for unexpected power outages, and emphasised the importance of backup power solutions, communication plans and staff training.
The guide said: “Singapore has one of the most reliable power grids in the world. However, power outages may still occur for various reasons, such as when there is damage to power transmission cables or equipment at a substation.”
EMA’s guide encourages organisations to implement contingency measures, such as having mobile generators and uninterrupted power supply systems in place, before crises occur.
Exercise SG Ready 2025 is a reminder that resilience is not just about reacting to disruptions but planning ahead for them. By participating in initiatives like this, businesses can strengthen their ability to navigate crises, and ensure continuity and stability in their operations, even in uncertain times.
The question remains: Is your organisation ready for disruptions?
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