Remember when SEO simply meant getting your website to rank on Google? Those days are quickly fading into digital history. The evolution of SEO has been quietly transforming beneath our feet – from keywords and backlinks to a complex ecosystem that extends far beyond traditional search engines.

“Think of it as a natural progression,” says Judy Tay, Head of Content at First Page Digital, as we settle into our conversation at the bustling Digital Marketing World Forum (DMWF). Her eyes light up as she shares what she believes is the next frontier for digital marketers.

“SEO has evolved from search engine optimisation,” Tay explained. “Last year, it was search experience optimisation, but it is still focused on the website and the search engine. This year, it will be optimised for search everywhere. Keep your eyes out – websites will be so integrated into other engines outside of just Google.”

The three stages of SEO evolution

The evolution of SEO can be mapped across three distinct phases:

1. Search Engine Optimisation – The traditional approach focused primarily on ranking in Google search results
2. Search Experience Optimisation – A more holistic approach considering user experience on websites
3. Search Everywhere Optimisation – The current frontier where brands must optimise across multiple platforms and touchpoints

This progression represents a fundamental shift in how digital marketers approach their strategies. As search behaviours diversify across platforms like social media, voice assistants, and specialised apps, the conventional focus on Google rankings alone has become insufficient.

Metrics that matter in modern SEO

When evaluating SEO success, vanity metrics give way to more meaningful performance indicators. Tay emphasises that metrics should align with specific business goals rather than following a one-size-fits-all approach.

“Metrics is extensive,” noted Tay. “It really depends on context – SEO and marketing campaigns can no longer work by executing blindly. Understanding the business needs comes first. If the business wants to see revenue, I believe that should also be part of an SEO report or metrics.”

Tay focuses on engagement metrics for technical evaluation: “I look heavily into things like bounce rate, time on page and things like that. Those, to me, are not vanity metrics. Those are things that can inform the execution side of things.”

However, client-facing reports typically emphasise different aspects: “On the client side, it’s really about traffic, number one, of course. But then we must show what this traffic translates to – whether it’s engagement with specific landing pages, e-commerce conversions, or other valuable actions.”

Red flags in SEO agencies

Choosing the right partner becomes crucial as businesses navigate the evolution of SEO and seek expertise to guide their strategies. Yet many brands struggle to distinguish between agencies that deliver genuine value and those selling empty promises.

“This is something many people keep hush-hush,” Tay noted when asked about industry practices. Drawing from her extensive experience, she outlined three critical warning signs that suggest an SEO agency might be overpromising and underdelivering:

• Inflexible, cookie-cutter solutions

Tay warns against agencies that offer rigid, one-size-fits-all approaches: “A red flag is when an agency pushes only predetermined solutions with no room to pivot or be flexible. They’ll say, ‘You need this pay-per-click (PPC) campaign, you need this SEO package’ without considering your unique business context.”

• Lack of co-creation

“Another warning sign is when agencies discourage client involvement,” Tay explains. “They’ll say, ‘We’ll handle everything—just take a back seat and wait for results.’ This rarely works because collaboration is essential. We aren’t on the brand side day-to-day, so we need that partnership.”

• Limited experience with strategic thinking

Tay says tactical execution without strategic depth is problematic: “You can find someone to handle technical SEO tasks on Upwork or Fiverr, but that’s just execution. Many agencies focus on short-term tactical gains, especially in SEO; you need strategic experience to drive meaningful results over time.”

SEO practices to avoid

As SEO evolves, certain practices can potentially harm businesses in the long run. Tay highlighted a particularly concerning trend: the devaluation of technical SEO.

“The devaluation of technical SEO [is problematic],” Tay stated. “I’m the head of content, but nowadays, many agencies think that you can just optimise content and then just optimise very surface stuff like page load speeds and things like that. But I don’t think that’s the way.”

She emphasised the need for comprehensive strategies: “Given we need to take into account an overview of AI, what is the impact of my brand with the emergence of AI, for example?”

The evolving agency-client relationship

The relationship between SEO agencies and their clients has transformed significantly in recent years. Tay notes that agencies are increasingly functioning as extensions of their client’s teams rather than as external vendors.

“We are now seen as an extension of clients,” Tay explained. “We have some clients that get us to join their weekly stand-up–the entire marketing team, not just SEO specialists, but their sales, product developers, and things like that.”

This integrated approach allows for more comprehensive strategy development. However, Tay acknowledges it’s not suitable for every client: “That’s more towards customer servicing, as well as giving a more comprehensive strategy, which not every business needs or is paying for.”

Beyond integration, Tay emphasises the importance of consultative relationships: “Being able to be consultative – don’t just deliver. I try to have bi-weekly catch-ups with my clients to sit down and [ask] if we are meeting markers. Are we going in the right direction?”

The future belongs to the adaptable

A critical aspect of successful SEO is anticipating and adapting to search engine algorithm updates. While First Page Digital benefits from being a Google Premium Partner, Tay credits their success more to proactive testing and pattern recognition.

“Before Google even comes up with the updates, we have sort of put it to test already,” Tay revealed. “When you run big enough campaigns, you will see a pattern; when you see a pattern, you must form a hypothesis.”

This forward-thinking approach reveals why some agencies thrive while others struggle in the rapidly evolving digital landscape. As Tay emphasises, success in tomorrow’s SEO isn’t about mastering a single platform but understanding the entire digital ecosystem where your audience exists.

The evolution of SEO from search engine to search everywhere optimisation isn’t just another industry buzzword—it’s a fundamental reimagining of how brands connect with audiences. 

Those who recognise this shift early and adapt accordingly will survive the transition and discover unprecedented opportunities to dominate digital spaces their competitors have yet to explore.

As Tay puts it, we’re no longer optimising algorithms but for human connection across an expanding digital universe. And in that universe, the old rules of engagement no longer apply.

The post From Search Engine to Search Everywhere: The evolution of SEO in 2025 appeared first on TechWire Asia.

• Binance back in business.
• Fiat currency exchanges now possible for US traders.
• International competition for geographic hub status.

US cryptocurrency platform, Binance.US has revealed it is accepting US dollar deposits and withdrawal after restoring USD fiat services. Customers of Binance.US can withdraw and deposit USD via ACH bank transfers with no fees and continue to use the platform’s features, including buying, selling, and converting the platform’s accepted 160 cryptocurrencies.

The re-opening of full trade comes 19 months after Binance.US paused USD transactions, which the company stated was “due to escalating regulatory challenges.” A key motive behind the move to limit its activities was the legal action taken against Binance, its founder and CEO Changpeng Zhao, and operator of its US exchange by the US Securities and Exchange Commission (SEC).

The SEC accused Binance of falsely inflating trading volumes to create a misleading impression of market activity. The company was also alleged to have misused customer funds, allowing US users to access its platform despite ongoing restrictions, and deceiving investors about its ability to monitor and prevent fraudulent trading activities.

At the time, Binance.US cited the SEC’s “extremely aggressive and intimidating tactics” as a primary reason for disruptions to its services.

During the suspension, the company announced that it was functioning as a “crypto-only exchange,” dealing with crypto-denominated deposits, trading, and withdrawals, not fiat currencies.

Binance back in business

The latest round of restoration of services came after a great deal of change in the cryptocurrency landscape, including Zhao stepping down as CEO and Binance reaching a settlement in the case by agreeing to pay US$4 billion to the US government. The US’s new president is highly supportive of cryptocurrency, and several cryptocurrency exchanges that had previously withdrawn from the US, due to strict regulations under the Biden administration, are now returning.

Interim CEO of Binance.US, Norman Reed, commenting on the significance of restoring fiat (USD) transactions, said, “The marks one of the most important chapters for Binance.US since July 2023, when we were forced to begin operating as a crypto-only platform. We have been looking forward to the day that we would be able to offer full USD services again.”

The new lease of life for Binance.US could be an indication of the market shifting toward a more stable and regulated environment, or, depending on your point of view, a less-regulated arena in which exchanges can act with greater degree of impunity.

International jostling for position

The current rise in the value of Bitcoin – due in part to the US administration’s proposals to include cryptocurrency in federal reserves and the incumbent president’s welcoming approach to digital currencies – has given fresh impetus to other geographies to position themselves as cryptocurrency ‘hubs’. Hong Kong and Singapore have taken steps to amend or enact regulatory measures that are accepting of cryptocurrencies, and various other APAC countries are circling the possibilities that digital currencies purport to offer.

Last year, Singapore’s Monetary Authority gave out more than a dozen MPI (major payment institution) licences to cryptocurrency exchanges, including Coinbase and Blockchain.com, up from the four such licences it granted in 2023.

Hong Kong’s licensing regulations are somewhat tighter than Singapore’s, due in part to the territory’s close ties with mainland China. The Chinese administration has a selectively positive and sometimes mercurial attitude to cryptocurrencies. As of the end of 2024, Hong Kong had licensed seven cryptocurrency exchanges, and is increasingly seen as friendly towards cryptocurrency trade.

The return of Binance to its full trading status will help the market’s geographic balance. The SEC’s acceptance of Binance.US back into the fold will bolster the US digital currency economy, if not for the collective good of the US people, then at least as a representation of its ‘America First’ economic policies.

The post Binance.US announces restoration of USD fiat services appeared first on TechWire Asia.

The battle against cyberthreats is becoming increasingly complex and demanding. Recognizing the imperative need for advanced security solutions, key industry players and regulatory bodies are stepping up their game to shield consumers from the ever-evolving landscape of cyber-risks. At the heart of this crucial endeavor is the synergy between technology giants and government agencies, a partnership that not only aims to protect but also to pioneer in the realm of digital safety.

This narrative unfolds as Google Singapore and the Cyber Security Agency of Singapore (CSA) embark on a groundbreaking initiative, setting a new benchmark in mobile security measures. Their collaborative effort marks a significant leap forward, underscoring the importance of unified strategies in combating cyber scams and malware, thereby ensuring a safer digital environment for all.

Strategic collaboration between Google and the Cyber Security Agency of Singapore

As the digital frontier expands, this collaboration between Google and the CSA becomes critical in safeguarding mobile users from the burgeoning threat of cyber-scams. Singapore is set to be the first country to pilot this advanced feature on Android devices in the coming weeks. Having undergone rigorous pre-testing, this initiative is a testament to the robust partnership between Google and CSA, emphasizing their commitment to fortifying cybersecurity and anti-scam measures, officially announced in October 2023.

In today’s digital age, mobile devices are the cornerstone for numerous digital and financial transactions, leaving users globally vulnerable to financial fraud. Cybercriminals often employ social engineering tactics to deceive users into compromising their security safeguards and disregarding proactive malware, scam, and phishing warnings.

These deceptions, often disguised as financial incentives, savings, or urgent issues needing resolution, can lead users to inadvertently download malicious applications from various online sources, including web browsers, messaging apps, or file managers. This practice, known as internet sideloading, poses a significant risk as it can lead to the disclosure of sensitive personal information or the unwitting transfer of funds to fraudsters.

A recent Google Singapore 2024 Scams survey revealed that, despite Singaporeans’ confidence in their ability to identify and evade scams, 1 in 2 online users still succumb to them.

To counter these threats, Android has embedded multiple layers of protection to shield users from various security threats, including fraud, scams, and phishing. These protective measures include Spam Protection in Messages, Safe Browsing in Chrome, and the cornerstone of mobile security, Google Play Protect.

Real-time scanning: A key to advanced security

A notable enhancement to Google Play Protect is the introduction of real-time scanning, designed to fortify defenses against newly emerging malicious, sideloaded applications. These applications employ sophisticated methods, including artificial intelligence, to evade detection by altering identifiable features. Since its implementation, real-time scanning has identified over 515,000 new potentially harmful apps, issuing over 3.1 million warnings or blocks to protect users from potential harm.

The new enhanced protection feature on Android is geared towards providing Singaporean users unprecedented security. It operates by automatically blocking the installation of apps from internet-sideloading sources that request sensitive runtime permissions frequently exploited for financial fraud.

By scrutinizing the permissions requested by an app in real-time, focusing on permissions such as reading and receiving SMS messages, accessibility services, and notification listening services, Google Play Protect identifies and mitigates potential threats.

Google’s threat analysis reveals that a vast majority of malicious app installations, over 95 percent, originate from internet-sideloading sources, underscoring the critical need for this enhanced protection.

Scheduled to begin in coming weeks, the pilot of this enhanced protection feature will progressively roll out to users in Singapore. Users attempting to sideload apps that intend to use sensitive permissions will encounter a blocking prompt from Google Play Protect, accompanied by an explanatory message detailing the reasons behind the app’s blockage.

Chua Kuan Seah, the CSA’s Deputy Chief Executive, emphasizes the importance of continuous innovation and collaboration in effectively combating online scams. This cooperation with tech leaders such as Google is crucial in bolstering Singapore’s defenses against scams and safeguarding citizens’ online safety and digital assets.

Eugene Liderman, director of Android security strategy at Google, highlights the company’s commitment to a secure Android experience. The partnership with the CSA and the Singapore government is critical to protecting users from financial fraud. This pilot in Singapore is part of broader efforts to enhance user safety, with ongoing evaluations for future refinements. Collaboration with industry partners and focusing on user education are essential in addressing the changing landscape of cyberthreats.

Singapore’s Android users are encouraged to familiarize themselves with the new enhanced protection feature, becoming more informed and vigilant. Alongside this feature’s launch, Google continues to support the CSA with malware detection, sharing insights, and creating educational materials for users and developers. This includes working with industry partners and government agencies to increase user education and awareness.

Looking ahead: the future of cybersecurity in Singapore

Following the introduction of this innovative security feature, Andy Ng, vice-president and managing director for the Asia South and Pacific region at Veritas Technologies, offers a broader perspective on the importance of fostering trust in digital systems through robust cybersecurity measures and public education.

He emphasizes that the Singapore Budget 2024 must prioritize initiatives supporting the adoption of emerging technologies like AI and ensuring investments in comprehensive cybersecurity infrastructure, regulatory frameworks, and educational campaigns. These efforts are vital for building and maintaining trust among citizens, businesses, and investors, enhancing transparency, accountability, and the ethical use of data.

Ng’s commentary underscores the need for organizations to adopt a 360-degree defense architecture to bolster their cybersecurity posture, ensuring that data and applications remain safe and resilient across all environments. This approach necessitates significant financial backing to develop a practical defense framework through the judicious application of technology.

He also highlights the importance of collaborative efforts between the government, private sector, and academia in addressing emerging threats and preserving the integrity of Singapore’s digital ecosystem. The Cybersecurity Talent, Innovation and Growth (Cyber TIG) Plan, which earmarks S$50 million over the next three years, is cited as a timely and strategic investment to strengthen the cybersecurity ecosystem, enhancing the region’s economic opportunities.

Moreover, Ng stresses the critical role of promoting digital literacy and empowering individuals with the skills to safely navigate the digital landscape. Educational and public awareness campaigns are vital to helping citizens recognize and mitigate online risks, thereby cultivating a culture of responsible digital citizenship.

This emphasis on education and awareness is echoed in Google’s initiatives, such as the YouTube Creators for Impact program, which partners with local governments to leverage content created by The Smart Local and Sethisfy Personal Finance, among others, to raise awareness about digital safety topics. Google’s dedication to digital literacy extends to protecting vulnerable populations through collaborations with nonprofit organizations like RSVP Singapore and the Singapore Police Force on projects like Project PRAISE, aimed at educating seniors on scam prevention.

Additionally, Google organizes forums with financial services companies to share insights on combating scams and discuss tools that can help prevent malicious mobile security attacks, demonstrating a comprehensive approach to enhancing digital security and literacy across the community.

By prioritizing security, privacy, and user empowerment, Google and its partners are laying the groundwork for a digital environment where innovation and safety coexist, ensuring the online wellbeing of Singaporeans and fostering a resilient digital future.

The post Google and the Cyber Security Agency of Singapore forge a strategic alliance appeared first on TechWire Asia.

AI is revolutionizing supply chain management and logistics, and providing companies with a competitive advantage in a dynamic and uncertain market. Specifically, AI can be used in logistics and supply chain management to improve efficiency, accuracy and resilience in various aspects and operations.

In Southeast Asia, AI is a game-changer for logistics and supply chain management. Since the disruptions brought on by the Covid-19 pandemic, organizations have been using AI to ensure business continuity. And now, with generative AI solutions being developed as well, the industry is seeing more than just automation and route management for deliveries.

Currently, AI in logistics and supply chain management can help organizations with:

• Optimizing routing and delivery – AI can use real-time data, such as traffic, weather, road conditions, and customer preferences, to find the best routes and schedules for delivery. This reduces fuel consumption, emissions, costs and delivery times.
• Demand forecasting – AI can analyze data from multiple sources, such as sales history, market trends, weather, customer behavior, and social media, to generate accurate predictions of future demand. Companies are able to optimize inventory levels, streamline supply chain processes and reduce the risks of stockouts or overstocking.
• Improve loading process – AI can help automate the loading and unloading of trucks, containers, and warehouses, using computer vision, robotics, and sensors. This increases safety, speed and accuracy as well as reduces labor costs and human errors.

With generative AI, businesses in the industry could automate clerical work, predict operational results, factor in tariffs and even negotiate shipping rates. As sustainability continues to be thrust into the limelight, generative AI can play a pivotal role in creating environmentally friendly supply chains.

SingPost and Google Cloud

One company that has been accelerating its digital journey in logistics and supply chain management is Singapore Post Limited or SingPost. A leading postal and e-commerce logistics provider in Asia Pacific, SingPost’s portfolio of businesses spans national and international postal services, warehousing and fulfillment, international freight forwarding, and last-mile delivery, serving customers in more than 220 global destinations.

The company has just partnered with Google Cloud to accelerate its digital transformation journey and drive its next phase of sustainable growth. SingPost has already migrated all the IT workloads hosted in its on-premises data centers to Google Cloud and is in the process of harmonizing and consolidating its technology stack, establishing a robust and secure foundation to power accelerated AI-driven innovation.

Using Google Cloud’s AI-optimized infrastructure, SingPost has not only yielded cost savings of 30% in IT operations but is also capable of handling complex AI workloads, while ensuring cost-efficiency, scalability, and sustainability. Added to which, SingPost is deploying Google Cloud’s BeyondCorp Enterprise platform to enforce zero-trust security principles like multi-factor authentication and device verification, ensuring that only authorized staff can access proprietary company information.

Coupled with strategic investment in high-growth markets, this deployment has resulted in international logistics generating 86% of the group’s revenue – a key milestone in its ongoing transformation into a technology-driven logistics enterprise.

“Our positive engagement with Google Cloud to develop an AI solution—through its joint AI Trailblazers initiative with the Singapore Government—gave us the confidence to embark on the next step of this journey,” said Noel Singgih, group chief information officer at SingPost.

AI for logistics and supply chain management

SingPost’s AI solution for streamlining its e-commerce logistics operations cuts out manual re-entry of partner and supplier information from trade documents into its database.

That frees up staff from the tedious task of having to dig through document archives to find the information they need, letting them focus on making strategic decisions and delivering high-quality customer interactions.

The solution is built on Google Cloud’s Vertex AI platform, foundation models, and Document AI. The AI solution transforms unstructured data from trade documents into a searchable repository, with a generative AI-powered chat interface that understands natural language queries and brings accurate and relevant information to the surface.

Enhanced by Google Cloud, SingCloud aims to scale the use of its solution, to optimize supply chain orchestration across its logistics network and facilitate faster deliveries.

At the same time, SingPost is also using Vertex AI to explore solutions for several other use cases, including automating internal legal document reviews and providing more personalized interactions to enhance customer service.

All the while, SingPost will retain complete control over its data, including prompts and user inputs at inference time when using Vertex AI. That means the data does not need to leave SingPost’s Google Cloud environment, is encrypted both in transit and at rest, and is not accessible by Google Cloud or any other external parties.

“By investing in AI development and collaborator platforms with built-in privacy, control, security, and compliance capabilities, SingPost is empowering every employee—regardless of their role or function—to identify and capitalize on new opportunities for work optimization. This serves as a strong example of how a large enterprise can move swiftly to extract diverse benefits from generative AI adoption,” said Mark Micallef, managing director, Southeast Asia, Google Cloud.

The post Supercharging logistics and supply chain management with generative AI  appeared first on TechWire Asia.

Over the last two decades, Singapore has made significant strides in solidifying its global data center hub position, capitalizing on its strategic location, robust fiber broadband connectivity, cloud services availability, and pro-business policies. Today, the city-state has formed a formidable digital infrastructure featuring 100 data centers, 1,195 cloud service providers, and 22 network fabrics. So it’s unsurprising that Nvidia Corp. saw 15% of its revenue come from Singapore in the recently concluded third quarter.

According to a US Securities and Exchange Commission filing, Singapore played a significant role in the US chip giant’s recent financial success, contributing US$2.7 billion of its US$18 billion revenue for the quarter ending October. The amount was a remarkable increase of 404.1% from the US$562 million recorded in the same quarter the previous year, surpassing Nvidia’s overall revenue growth of 205.5% from a year ago.

The growth puts Singapore ahead of every country except the US (35%), Taiwan (24%), and China, including Hong Kong (22%), based on CNBC’s observation. In the third quarter, 80% of Nvidia’s sales, as disclosed in the SEC filing, originated from the data center segment. The remaining portion was attributed to gaming, professional visualization, automotive, and other sectors.

“Cloud service providers drove roughly half of data center revenue, while consumer internet companies and enterprises comprised approximately the other half,” said Nvidia in the filing. That said, Singapore had its advantages, considering it is a global data center hub, hosting significant players including Amazon Web Services, Microsoft Azure, IBM Softlayer, and Google Cloud. 

What’s more, due to a robust network supported by 24 submarine cables, the country is also the landing site for a dense network of undersea cables, connecting it to other parts of Asia, Europe, Africa, Australia, and the US. A quick check on the Speedtest Global Index by Ookla shows Singapore has the world’s highest median fixed broadband speed.

Even Citi analysts acknowledged in a November 27 report that “Singapore is also a growing area of specialized CSPs standing up data centers in the region. The contrast becomes more pronounced when accounting for Singapore’s size. On a per capita basis, Singapore spent US$600 on Nvidia chips in the quarter, whereas the US spent only US$60 and China spent approximately US$3 per capita.

“That’s the billing location of the customer and not necessarily the point of consumption,” said Srikanth Chandrashekhar on LinkedIn, responding to a post by former Temasek director Sang Shin. Sang Shin had suggested the chips might be bound for data centers in Singapore, which seems a reasonable idea, since most Nvidia chips are headed for data centers, and Singapore has many such facilities.

What’s next for Singapore’s data center sector?

According to an article by ASEAN Briefing, 7% of total electricity consumption in Singapore goes to data centers, and it is projected to reach 12% by 2030. In short, the city-state will likely attract more players in the market, especially after lifting a moratorium on data centers in January 2022. Initially enacted in 2019, this moratorium responded to the considerable energy consumption associated with data centers.

Singapore has rapidly emerged as a prime destination for this pivotal industry due to its technological prowess, regulatory strength, and enticing incentives.

Firstly, the Pioneer Certificate Incentive (PC) program encourages companies, including those in the data center sector, to enhance their capabilities and undertake new or expanded activities in Singapore. 

The incentive is aimed at companies involved in global or regional headquarters (HQ) activities, managing, coordinating, and controlling business operations for a group of companies. Designed to drive substantial investment contributions and foster advancements in leading industries, the PC aligns with the characteristics and potential of the data center sector. 

The incentive is a win-win situation for both companies and the city-state as to qualify; businesses must introduce advanced technology, skill sets, or know-how, surpassing prevailing standards in Singapore. Additionally, they should engage in pioneering activities that substantially contribute to the economy.

Another allure of incentives includes GST waivers on importing data center equipment and covering servers, networking gear, and cooling systems. Then there’s Singapore’s dedication to sustainability, that stands out through initiatives such as the SS 564 Green Data Centers Standard and the Data Center Carbon Footprint Assessment (DC-CFA) program. 

The nation’s commitment to data security and privacy is also reflected in its regulatory framework, notably the Personal Data Protection Act (PDPA) and the Cybersecurity Act, fostering a trustworthy environment for data center operations.

The post Singapore: the powerhouse behind Nvidia’s revenue appeared first on TechWire Asia.

After going through an “optimization of the workforce” in September 2022, Malaysia’s only tech unicorn, Carsome, appears to be gearing up for additional layoffs in the coming months. According to several reports, the move comes as the Southeast Asian used-car online marketplace accelerates its efforts to break even by the end of this year and reach full-year profit in 2024.

The company employs approximately 4,000 people across Malaysia, Indonesia, Thailand, Singapore, and, most recently, the Philippines. The first layoffs in late September 2022 only impacted its Malaysian workforce. Now, according to a Bloomberg report, the Temasek-backed unicorn is contemplating job cuts throughout Southeast Asia, with Indonesia and Thailand being the most affected.

Quoting individuals familiar with the situation, Bloomberg reported that Carsome has scaled down its operations significantly in those two markets it entered in 2017. The company had earlier outlined intentions for an initial public offering (IPO) and stock market listings in Singapore and the United States (US) in 2023. Still, some concerns exist that deteriorating macroeconomic conditions could dent its valuation.

In an interview with Nikkei Asia earlier this month, CEO Eric Cheng explained that Carsome is considering an IPO as one of the potential avenues for the future, and that timing considerations and favorable market conditions will influence the decision.

How is Carsome doing financially amid recent layoffs? 

The driving force behind Carsome’s profitability is its retail arm, which provides refurbished cars and ancillary services like auto financing, insurance, and post-sale services. Launched approximately three years ago, the retail business (Carsome Certified) contributed 35% of Carsome’s US$1.5 billion revenue in 2022.

In an interview with Forbes, Cheng noted that the trade margin, representing the transaction profit after subtracting associated operating costs, stands at 13% – twice that of the core wholesale business. According to Cheng, Carsome, which claims to be the region’s largest online used-car platform by revenue and transaction volume, sold more than 150,000 vehicles last year, equivalent to a 3% market share of Southeast Asia’s used-car e-commerce market.

By the first three months of 2023 (1Q23), the group achieved its operational profitability milestone for the first time, primarily driven by a significant growth of trade margin, which doubled compared to the same period last year. “Notably, more than 80% of the trade margin came from high-quality transaction margins, far ahead of most of its global peers,” Carsome noted in a blog post. 

In terms of funding, in September 2023, Carsome secured US$170 million in Series D2 round funding, elevating the company’s valuation to US$1.3 billion. That funding round marked Carsome’s most significant equity investment, with participation from international investors such as Catcha Group, MediaTek, Penjana Kapital, and Emissary Capital, alongside existing partners like Asia Partners, Gobi Partners, 500 Southeast Asia, Ondine Capital, MUFG Innovation Partners, and Daiwa PI Partners.

The company also secured new credit facilities of US$30 million, bringing its total liquidity to approximately US$200 million, enabling the company to pursue various growth initiatives. These initiatives encompass extending auto financing, insurance, and after-sale services beyond Malaysia to other markets where Carsome operates. 

Cheng expressed to Forbes the company’s goal for the upcoming year: sustaining growth, increasing market share from 3% to 5%, and aiming for 10% in subsequent years while maintaining profitability amidst pursuing diverse opportunities. 

But should the workforce of 4,000 employees be trimmed further to achieve the company’s goals? Carsome “makes adjustments to its workforce where necessary,” the company said in an emailed response to Bloomberg, declining to comment on specific numbers. “We remain committed to investing in all of our current markets and plan to accelerate profitable growth in 2024,” it added.

Are layoffs a prerequisite to the stock market listing?

While layoffs might indicate a company’s readiness to go public, it’s not a definitive signal. Other factors, like financial challenges or shifts in business strategy, could also prompt layoffs. However, it is crucial to understand that a decision to go public doesn’t automatically signify financial stability or success for a company.

Nonetheless, it’s conceivable for companies to trim their workforce to enhance their financials before undergoing an IPO. Following the first round of layoffs last year, some avid Carsome followers expressed dissatisfaction with the startup’s direction. “Over the next quarter, we could see more layoffs coming from Carsome, all because the top management doesn’t know what to do with the money from investors,” Crazy Tan argued in a post.

But Carsome has publicly claimed its profitability, leading many to begin questioning the rationale for laying off hundreds of staff to achieve further financial gains. Perhaps Carsome is reversing its efforts after going on a hiring spree until early 2022. Now, workers are bearing the brunt of pullbacks.

The post Is the Carsome unicorn status in Malaysia overhyped amidst recent layoffs? appeared first on TechWire Asia.

Singapore is known for having one of the strictest cybersecurity and data protection regimes in the regions. Organizations understand their duty to ensure that they do not compromise on cybersecurity, especially when it comes to data privacy. 

Companies that experience cybersecurity incidents are quick to inform their customers and regulators, with plans to resolve the situation executed quickly, too. Compromised organizations can also be heavily fined if investigations show that there were weaknesses in their cybersecurity which led to a data breach. 

So when Marina Bay Sands (MBS) experienced a data leak involving the personal information of some 665,000 members of its shoppers’ rewards program, the company was quick to react. 

In an email to members of its Sands LifeStyle program on November 7th, MBS stated that its rewards programs had been exposed to a data leak between October 19th and 20th. The resort also said that it was aware of the incident on October 20th and immediately launched investigations. 

On investigating the data leak, it was discovered that the personal data of members was accessed by an unknown third party. 

“On discovery of the incident, our teams immediately took action to resolve it. Investigations have since determined that an unknown third party accessed the customer data of about 665,000 non-casino rewards programme members,” said Paul Town, MBS chief operating officer in an email to members. 

The statement also reassured members that no evidence has been discovered to date that indicates the unauthorized third party has misused the data to cause harm to customers.

“We do not believe that membership data from our casino rewards program, Sands Rewards Club, was affected. After learning of the issue, we quickly launched an investigation, have been working with a leading external cybersecurity firm, and have taken action to further strengthen our systems and protect data,” said Town. 

The personal data that was affected included members’ names, email addresses, contact details, country of residence, membership numbers and tiers. 

MBS recommended users closely monitor their accounts for suspicious activity, and change their log-in pin regularly. It also advised that users remain extra vigilant against phishing attempts, particularly against clicking on links that might direct them to malicious websites where password or other personal information could be requested.

MSB has since reported the data leak to the relevant authorities in Singapore and other countries where applicable and is working with them in their inquiries into the issue.

Increasing cybersecurity incidents in Singapore

Despite statistics showing a decline in cybersecurity incidents in Singapore in the earlier part of the year, the recent weeks have witnessed an increasing a number of such incidents. Statistics show that between the first quarter of 2020 and the first quarter of 2023, the number of records exposed in data breaches in Singapore fluctuated significantly. 

Apart from the data leak in MBS, the most recent known incident was the series of web service outages several public hospitals and polyclinics experienced due to a distributed denial-of-service (DDoS) attack. According to national healthcare IT provider Synapxe, the attackers flooded servers with internet traffic to prevent users from accessing online services. 

“Fortunately, the disruption did not result in a compromise of data or internal networks. Patient care, clinical services, and access to records and appointment systems were uncompromised. However, this incident highlights the critical need to secure healthcare networks. Healthcare records are attractive targets for cybercriminals given their potential for identity theft and fraud, along with their high value on the black market,” commented George Lee, senior vice president, Asia Pacific & Japan at Imperva.

Data leak similar to Las Vegas casino hack?

While some users may feel the data leak experienced by MBS could be linked to the recent ransomware attacks experienced by two casinos in Las Vegas, it is actually a rather different situation. 

In the ransomware incidents experienced by Caesars Palace and MGM in Las Vegas, the cybercriminals disrupted services and demanded a ransom payment from the organizations. However, MBS has not reported any ransom demands and claims that only the personal data of its members have been compromised. Despite this, the stolen data could be worth a fortune on the dark web, given the information it contains. 

For now, it remains to be seen what exactly caused the data leak in MBS and whether there was any other data that was compromised. 

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Given the increasing adoption of AI and other emerging technologies by organizations around the world, the demand for compute power is increasing as well. Be it for running applications, storage or backup, the growth in data has resulted in the need for more data centers.

While the global number of data centers continues to increase, the Asia Pacific region in particular is experiencing growth and demand at a much faster pace than the rest of the world. In 2023 alone, dozens of tech companies and cloud service providers have announced plans to build and operate new data centers in the region over the next few years.

This includes the setting up of new cloud regions and the expansion of data center capacity as well as modernizing legacy data centers. With sustainability a key feature at which most companies are looking today, data center companies are also ensuring their new data centers are built to meet these requirements.

According to a report by Cushman & Wakefield, activity and interest in the region’s data center sector remain strong for investors, developers, and property and operating companies. In 2022, the size of the APAC collocation data center market was US$25.5 billion. By 2028, it is expected to reach US$51.8 billion. Similarly, hyperscale cloud revenue is expected to grow from US$185 billion in 2023 to US$536 billion in 2028.

The report indicated that the regional growth is being driven by several factors. They include:

• Increasingly digitalized population with increasing mobile penetration and a growing adoption of e-commerce and online banking, as well as gaming and streaming content.
• Government-backed digital economy and smart city initiatives such as the transition to cloud computing.
• Improved cable connectivity, especially in cross-sea.
• Increasing AI and machine learning adoption.
• Data sovereignty laws
• The relaxation of data center construction and operation regulations, as well as tax incentives for the sector.
• Geopolitical shifts, especially for emerging markets.

“Asia Pacific accounts for half of the world’s internet users, more than half of the world’s smartphone users and 64% of online sales globally. In India alone, there were 83 billion online transactions from the country’s financial year of 2022 to 2023. As other markets adopt a digital-first approach to banking and business, this domestic demand will continue to unfold across the region,” said Dr. Dominic Brown, head of international research for APAC and EMEA at Cushman & Wakefield.

Where to build data centers

While there is increasing interest in building data centers, the challenge now is finding the right place to build them. According to the report, the costs of developing data centers in the Asia Pacific region have also increased in 2023. This is particularly due to the increasing cost of land, as well as raw materials.

Currently, the top five most expensive pieces of land on which you could build data centers are in:

• Singapore
• South Korea
• Hong Kong
• Japan
• Mainland China

When it comes to the cost of building data centers, the top five most expensive regions in terms of construction costs are:

• Japan
• Singapore
• South Korea
• Hong Kong
• Australia

Singapore has seen an 8% increase in the cost of building data centers, while Japan has also experienced a 7.5% increase. In Singapore, the increase in cost is primarily due to the Economic Development Board’s moratorium, which drove competition and interest within the sector and raised energy efficiency and sustainable design standards.

Indonesia is also experiencing a 6.6% increase in costs to build data centers. This is most likely due to operational and development incentives, low pull-through construction costs compared to the wider APAC region, and the disparity between future population needs and the existing capacity.

“Three key trends have driven the increase in construction costs across core markets. Firstly, the number of players entering the market. Secondly, the limited availability of experienced contractors. Lastly, elevated energy and raw material prices along with persistent, though improved, inflation across the supply chain.

“The increasing size of data centers has also driven costs higher, with any economics of scale minimal and easily offset by the higher capacity utilities required for larger developments. With their greater need for space and power, these developments are typically built away from city centers, exacerbating the labor scarcity challenges faced by developers in more metropolitan areas. More remote locations also incur price increases throughout the supply chain as well as in operating costs.

“Adding further strain to the existing supply base, the uptake of AI and ML has created demand for a new network of data centers to be delivered within the next two to three years. Developers have begun to adopt prefabricated construction methods – which can reduce construction timelines between 30% and 50% – to meet this demand; this trend is expected to continue,” explained James B. Normandale, alternative assets lead, Asia Pacific project and development services at Cushman & Wakefield.

The rise of the secondary markets

With land and construction costs increasing, there has been an increase in the construction of data centers in secondary markets around the region. For example, with Singapore almost out of land to build new data centers, organizations are looking to the nearest alternative – Malaysia – to build them.

The Malaysian data center market in particular is one of the fastest-growing in the region right now. There are many factors at work to explain that. However, the two main factors would be the low cost and the ample land space available to build more data centers.

Kuala Lumpur, Selangor and Johor remain the three most preferred areas for data center construction. Johor in particular is popular for data centers to support Singapore, given the state’s close proximity to the island nation. The Iskander region in Johor has witnessed more data centers being built in the last few months. Apart from Malaysia, the report also highlights that cities from both established and emerging markets offer unique opportunities.

“While international players are largely occupied with construction activity in mature markets, secondary markets remain important because of both growing local demand and strategically important locations. Global cloud service providers have planned a presence in Auckland, Bangkok, Busan, Kuala Lumpur, Osaka, Pune and Taipei.

“The tendency for collocation operators, developers and investors to follow cloud service providers into these markets means these secondary markets are likely to experience rapid growth in the coming years,” explained Pritesh Swamy, research & advisor, data centers APAC & EMEA at Cushman & Wakefield.

The post The rising cost of building data centers in the APAC appeared first on TechWire Asia.

In a rapidly digitalizing world, the convenience of online shopping and banking has revolutionized how consumers interact with businesses. Yet, this shift has also exposed many to the lurking dangers of the digital realm. Scams, frauds, and deceitful tactics have emerged as significant concerns, with even the most cautious individuals falling prey to sophisticated cybercriminals.

While many believe they can navigate the treacherous online waters safely, a recent survey unveils a startling reality about the susceptibility of Singaporeans to online shopping fraud.

Singaporeans’ vulnerability to online scams

Revolut, the renowned financial superapp, in collaboration with the research firm Dynata, surveyed 1000 Singaporeans aged between 18 and 65+. The findings indicated that over 20% (1 in 5) had fallen victim to online shopping fraud in the past six months. The younger demographic, those between 18 and 34, experienced the highest fraud rate at 52%. In contrast, the elderly group, ages 55 to 65+, faced the least instances of fraud at 14%.

The most prevalent type of online fraud involved customers purchasing items that never got delivered. Other frequent scams included deceptive websites that pilfered credit card information and deceitful sellers who absconded with consumers’ funds.

Regarding recognizing deceptive websites or offers, nearly half (48%) of the Singaporean participants expressed uncertainty or a lack of confidence in their ability to identify them. Interestingly, male respondents exhibited greater confidence than their female counterparts: 57% of men felt confident about spotting fakes, compared to 47% of women.

A significant 85% of the participants voiced concerns regarding the security of their funds during online transactions. Further studies highlighted Singaporeans as highly vulnerable to fraud, incurring an average annual loss of SG$1648.52 due to fraudulent charges.

Repercussions for negligence: The expected framework

Highlighting these concerns, a CNA report suggested that Singaporean financial and telecommunication companies might soon be accountable for compensating scam victims if deemed negligent. The anticipated guidelines propose obligations for banks to issue transaction alerts and for telecom providers to install scam filters for SMS. Initially, the focus is curbing phishing scams, a significant unauthorized transaction source in the area.

This comes after the Monetary Authority of Singapore (MAS) and the Infocomm Media Development Authority (IMDA) introduced guidelines on dividing scam-related loss responsibilities between businesses and consumers. These recommendations emerged in response to an event in February 2022, where around 800 OCBC customers were duped out of SG$13.7 million.

Although MAS promised a draft framework within a quarter, complexities delayed its release, as noted in past legislative discussions.

The recent document emphasizes shared accountability, suggesting businesses, primarily financial and telecommunication entities, should proactively participate in scam prevention.

If these stakeholders fail in their anti-scam responsibilities, they may face direct repercussions from affected consumers. The proposed framework indicates that such entities should prioritize compensating consumers over self-interest if they neglect their duties.

The document notably includes telecommunication companies in its ambit, a feature absent in other jurisdictions’ scam reimbursement policies.

A “waterfall approach” determines loss accountability: if an entity defaults in its duty, it bears the loss; if both parties fulfill their obligations, the consumer does. The proposed guidelines emphasize caution, urging consumers to avoid suspicious unsolicited links.

Regarding the scams covered, the framework initially targets phishing scams with a clear Singaporean nexus. Examples include cons imitating local or internationally operating entities like SingPost or DHL. However, scams involving deliberate payments (e.g., romance or investment ruses) or those where credentials are shared non-digitally won’t be included. The emerging threat of malware scams is also currently excluded.

MAS and IMDA underscored the importance of delineating responsibilities in tackling malware-related scams. Leading banks are considering enhanced anti-malware measures and a “money lock” feature for extra safety.

The guidelines assign distinct duties to banks and telecom companies. Financial institutions must enforce holds on digital tokens, provide instant notifications for high-risk activities, offer transaction alerts, and allow users to suspend online payments promptly. On the other hand, telecom companies should partner exclusively with authorized SMS aggregators, block unauthorized SMS sources, and employ phishing link filters.

Despite these stringent guidelines, authorities stress that the best defense remains an informed and vigilant public. Good cyber practices and refraining from sharing credentials are paramount.

A new age of fraud: Navigating social media exploits

Revolut is ramping up its countermeasures by hiring top-notch professionals in light of the escalating global fraud menace. The company’s disclosures indicate that over one-third of its employees now focus on combating Financial Crime. This sizable team, exceeding 2,500 FinCrime specialists spread across six regions, operates in various capacities, including product development, data analysis, customer service, operations, and anti-money laundering endeavors.

Since 2021, the size of Revolut’s FinCrime division has witnessed a two-fold increase. This augmented focus on fraud prevention is yielding dividends: over the past year, Revolut has successfully thwarted potential frauds amounting to roughly SG$335m directed at its clientele.

Recently, as businesses employ more advanced fraud detection tools, swindlers are transitioning from traditional ‘fraud’ to more intricate ‘scams’. Statistics from the Singapore Police Force indicate a substantial 64.5% surge in scam victims during the initial half of 2023 (22,339 victims) compared to the same timeframe in the preceding year (13,576 victims). Of these, 55% suffered losses amounting to SG$2000 or less.

Nevertheless, amidst this industry-wide uptick in scams, Revolut has showcased its resilience by reporting a 35% decline in Authorized Push Payment (APP) Fraud on its platform since June.

Aaron Elliot Gross, the lead for Financial Crime and Fraud at Revolut, highlights the evolving nature of fraud. He notes an increasing trend of sophisticated criminal networks exploiting social media channels to victimize Revolut’s customers. These malefactors deploy manipulative tactics, like romance and investment hoaxes, luring individuals into executing transactions.

To consistently outpace these fraudsters, Gross emphasizes Revolut’s unwavering commitment to bringing aboard seasoned professionals in the domain, from anti-financial crime experts to adept data analysts and front-line representatives who assist fraud-stricken customers. The company also continually fortifies its defenses with cutting-edge artificial intelligence technology, enhancing its capability to pinpoint and curb anomalous transactional behaviors, thereby safeguarding its users.

The post Is Singapore prepared for increasing online scams? appeared first on TechWire Asia.

The Singapore International Cyber Week (SICW) witnessed numerous announcements to boost cybersecurity in the island state. Security and government agencies announced partnerships with private companies as well as plans to develop more cybersecurity professionals in the country.

The Cyber Security Agency of Singapore (CSA) announced that it would be establishing separate cooperative efforts with Microsoft and Google on national cyberdefense and cybersecurity. This includes facilitating cyberthreat intelligence sharing, joint operations to combat cybercrime and malicious cyberactivity, exchanges on emerging and critical technologies, such as artificial intelligence, as well as capacity-building efforts.

CSA said it recognizes that in cyberspace, multi-stakeholder cooperation is key. With state and industry players sharing a collective responsibility to build a stable and secure cyberspace, the partnerships further Singapore’s commitment to continue working closely with key industry players in the digital domain to build a safer cyberspace for all.

“Cyberdefense is a team effort. Big tech plays a key role in shaping our digital terrain and is therefore an important partner in cyberdefense and cybersecurity. We look forward to working closely with Microsoft and Google to advance our shared mission of building a safer cyberspace for all users,” commented David Koh, Chief Executive of CSA.

Both Microsoft and Google also commented that the collaborations will not only enhance customers’ trust in the digital domain but also build greater cyber-resilience in Singapore. Both companies are hoping to use collective capabilities and innovate with AI to combat emerging cyberthreats.

Improving cloud security

CSA also collaborated with the Cloud Security Alliance to launch two cloud security companion guides to support Cyber Essentials and Cyber Trust, which are national cybersecurity standards developed by the agency.

Developed in close partnership with Amazon Web Services, Google Cloud and Microsoft, the companion guides provide advisories for cloud customers, including small-medium enterprises (SMEs), to better understand their cloud-specific risks and responsibilities, as well as the necessary steps to take. These include employee training on their roles in cloud security and how they can operate securely in the cloud and implement mechanisms to track and monitor the inventory of their cloud services.

With enterprise cloud adoption rising significantly, cybercriminals are also increasingly targeting organizations’ cloud environments, with considerable growth in cloud-based attacks reported over the last two years. A common confusion that arises from this is who is actually responsible for the data. While the organization is solely responsible for its data security in an on-premises deployment, it becomes a shared responsibility on the cloud.

This confusion and lack of understanding of responsibilities may increase the likelihood of misconfigurations, malicious attacks, and data breaches. As such, the companion guide for Cyber Essentials is targeted at SMEs. It uses a shared responsibility model to help organizations understand what they and their providers each need to take care of to secure the cloud environment.

Meanwhile, the companion guide for Cyber Trust is targeted at larger or more digitalized organizations. The guide maps each of the cybersecurity preparedness domains in the Cyber Trust mark, such as cybergovernance and oversight and cyber-education, to the framework published by the Cloud Security Alliance. This mapping provides a useful and convenient reference for organizations, making it easier for them to implement the measures necessary to attain the Cyber Trust mark.

“These companion guides are intended to help enterprises be cyber safe when using the cloud and help them achieve the Cyber Essentials and Cyber Trust marks. In doing so, their customers will have greater peace of mind when dealing with them. It will be a win-win situation for both enterprises and their customers,” said Dan Yock Hau, assistant chief executive of the CSA.

The three cloud companies have also developed provider-specific guides that are organized based on the measures listed in the Cyber Essentials and Cyber Trust marks.  Daniele Catteddu, chief technology officer for the Cloud Security Alliance added that it is clear that all organizations and users have a role to play in protecting themselves against cyberattacks in the cloud.

“By contributing our cloud controls matrix mappings to the companion guide for Cyber Trust, these best practices in the matrix are very relevant for both Singapore and the global market,” said Catteddu.

The CSA and the Police

Apart from the guides, the CSA also announced plans at SICW to collaborate with the Singaporean Police in developing a ransomware portal. The one-stop portal provides aid to ransomware victims seeking recovery support while providing organizations with access to ransomware-related resources.

The Counter Ransomware Task Force was established to bring together agencies across Singapore to enhance counter-ransomware efforts, especially in the wake of increasing numbers of ransomware cases in Singapore. As part of the recommendations, a one-stop portal was created to help victims of ransomware attacks and give them access to all ransomware-related resources.

The portal allows victims to easily report ransomware cases. It also offers recovery support in the form of decryption tools, incident response checklists and FAQs. In addition, the portal includes ransomware advisories, trends and prevention measures that can be adopted to avoid falling victim to ransomware attacks.

Developing the Singapore cybersecurity workforce

One of the biggest problems in cybersecurity is the lack of talent in the field. While AI is expected to ease some workflows in cybersecurity, the industry is still facing a huge shortage. And while it is a global problem, Singapore is hoping that it can reduce its own shortage much faster than the rest of the world.

As such, the government has announced several initiatives to boost the cybersecurity workforce in Singapore. First, the CSA is launching SG Cyber Associates, a new program under the talent pillar of its Cybersecurity Talent, Innovation and Growth (Cyber TIG) Plan. The program provides foundational and targeted cybersecurity training for non-cybersecurity professionals to develop cybersecurity skills relevant to their work.

In partnership with ISC2, 10,000 training and exam spaces over a period of three years will be offered to participants in Singapore who want to obtain an entry-level certification in cybersecurity. This program will complement existing efforts to increase the overall capacity of the cybersecurity workforce, which includes attracting more women and girls into cybersecurity.

The CSA is also partnering with professional bodies and training partners to introduce SG Cyber Associates to professionals such as engineers, auditors and lawyers, as well as IT and software professionals. The CSA will partner with ISC2 to offer foundational training by extending ISC2’s One Million Certified in Cybersecurity (1MCC) initiative under the SG Cyber Associates program. For targeted training, the CSA will work with professional bodies to develop customized cybersecurity training to meet the specific needs of their members.

Apart from that, Heng Swee Keat, Singapore’s Deputy Prime Minister launched the SG Cyber Leadership and Alumni Program, a structured program to cater to participants at different stages of their cybersecurity journey. To support this new program, Singapore’s earlier funding commitment of SG$30 million for cybercapacity building will be extended by another three years, from 2024 to 2026.

The program is catered to participants at the executive, foundation and advanced levels and is open to all countries. The foundation course is an introductory course focused on basic cyberdiplomacy concepts, international law, and norms in cyberspace, as well as the operational and technical considerations of international cyberpolicy.

In her speech at a Women in Cyber forum during SICW, Josephine Teo, Minister for Communications and Information highlighted that women remain a minority in cybersecurity.

“Because demand far outstrips supply, it’s a really good time to welcome more women to the cybersecurity profession. It also fits well with our holistic yet practical approach to growing a sustainable talent pipeline for cyber. The Singapore government sees this as important, but we also do not do this alone. In fact, we prefer to draw on the strengths of our partners to develop multiple pathways for crowding in talents into cyber,” said the Minister.

The CSA will also be collaborating with the UK’s Department for Science, Innovation and Technology to jointly build and develop a cybersecurity sector that is clearly defined and future-proofed. The two countries have agreed to cooperate on the following:

• Building and aligning a common knowledge base in cyber security.  This may include a joint research project to align the UK Cyber Security Body of Knowledge (CyBOK) and Singapore’s Information Security Body of Knowledge (IS-BOK).
• Mapping knowledge and skills required to areas of practice in cybersecurity. This may include work to eventually map qualifications and certifications to the skills and competencies needed by cybersecurity professionals in Singapore and the UK.
• Exploring the possibility of opening the UK Cyber Security Council (the Council) professional charters to cyberpractitioners in Singapore, who may be keen to apply. This includes introducing the Council to UK businesses located in Singapore.
• Facilitating a cyberskills dialogue. This will bring together representatives from across government and industry, as well as academic experts from the UK and Singapore to engage in dialogue with the aim of improving the size, diversity and quality of both national cyberworkforces.

Singapore wants collective regional responsibility in cybersecurity

In her opening address at the 8^th ASEAN ministerial conference of cybersecurity, Teo called on member nations to focus on two priorities to see progress in cybersecurity in the region. The first is to strengthen cybersecurity cooperation and resilience regionally and the second is to support the establishment of a rules-based multilateral order in cyberspace internationally.

“Cyberthreats do not respect borders. An attack can quickly spread across the world. It is therefore important for all our CERTs to work together to quickly share information and warn each other as early as possible. Last year, I shared with you our plans to establish the ASEAN Regional CERT. We are currently drafting the financial model that defines its structure and functions,” said Teo.

On developing standards, Teo suggested the need to adopt baseline technology standards, which she feels is vital to building confidence among businesses and users. For example, in the area of IoT, it has been estimated there could be some 50 billion IoT devices in use worldwide by 2030.

“Yet, many of these devices are developed without proper cybersecurity features. Why? Because developers tend to prioritize speed-to-market and cost. Even IoT devices with cybersecurity features can be vulnerable if they are not consistently patched. Imagine if smart home security systems are hacked by burglars or medical IoT devices are exploited to give incorrect readings. This is why Singapore introduced the Cybersecurity Labelling Scheme for IoT devices, to encourage greater awareness and the development of more secure products,” she added.

As such, the CSA is actively working to establish mutual recognition arrangements with international partners and is developing an international standard, ISO 27404, to define a cybersecurity labelling framework. The ISO standard will facilitate take-up in more countries.

Given the announcements made in SICW, there is no doubt that Singapore is taking a big step in boosting its cybersecurity. The only question now is whether businesses will make the most of the opportunities available to them in improving their cybersecurity.

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