Every business, regardless of maturity or industry, faces threats of cyber risks.
Past experiences have shown that Singapore is not immune to cyber attacks. Cyber criminals have moved beyond hacking to launching the theft of intellectual property or confi dential data. Future cyber crime attacks are also likely to become more complex and difficult to detect and prevent as attackers become increasingly sophisticated in infiltrating computer networks.
It is the responsibility of every business to understand and address the risks they face. Singapore is in the process of setting up a National Cyber Security Centre in the coming months to boost its capacity to counter cyber security threats. To be led by the Singapore Infocomm Techology Security Authority (SITSA), the National Cyber Security Centre will also be the key contact point in Singapore's collaboration with international partners in combating cyber threats.
In this issue, we discuss this area of growing interest – the Advanced and Persistent Threats (APTs). This form of cyber attack focuses on the unique vulnerabilities of the target and is coordinated by an organisation to attack a specific target. We talk about how these risks can be mitigated and why it is important to do so right now.
As in the past issues, we highlight pertinent accounting, regulatory and tax changes of relevance to the financial services industry.