The Government’s regulations alone “won’t have all the answers,” emphasizes the Senior Minister of State for Communications and Information.
SINGAPORE: Addressing digital trust issues such as cybersecurity and data protection requires a collaborative approach, asserted Senior Minister of State for Communications and Information Tan Kiat How. This statement comes in light of increasing cyber fraud, misinformation, and data breaches, which are making it increasingly difficult for businesses to establish user trust.
Mr. Tan emphasized the need for the entire ecosystem in Singapore—encompassing businesses of all sizes—to contribute to creating a safer and more trustworthy digital environment. “We need participation from various industry segments to foster a cyber-safe, digitally-trusted ecosystem, which in turn protects everyone involved,” he said during a media event on Thursday (Dec 8).
Countries facing similar digital trust challenges have implemented laws and regulations to bolster confidence in secure digital interactions. In Singapore, the government is taking steps to engage the industry in this effort, according to Mr. Tan, who also serves as Senior Minister of State for National Development. “There’s a growing awareness that the Government cannot address these issues alone; collaboration with the industry is essential,” he added.
“Government Regulations Alone Won’t Solve All Issues” The Senior Minister noted that the government and its regulations “won’t have all the answers.” He stressed the importance of the industry working closely with regulators and policymakers to devise practical and sensible solutions.
A recent study conducted by the tech trade association SGTech highlights that as cybercrimes continue to escalate in the Asia Pacific region, digital trust has emerged as a critical concern for businesses. SGTech represents over 1,000 local companies, including multinational corporations, small- and medium-sized enterprises (SMEs), and startups.
Currently valued at S$1.7 billion, Singapore’s digital trust sector is projected to grow to S$4.8 billion by 2027, driven by areas such as cybersecurity, digital identity services, cyber insurance, and digital certifications. This growth is expected to create an additional 30,000 jobs over the next five years.
Singapore’s position as a business hub gives it a competitive edge in the digital trust arena. “In a digital landscape, we enjoy a certain brand premium around trust,” remarked Mr. Tan, who is a patron of SGTech’s Digital Trust Committee. “This presents both competitive advantages for our economy and opportunities for businesses and workers.”
Digital trust is crucial not just for businesses but for all individuals, he emphasized. “As we increasingly engage online for work, leisure, and entertainment, we must consider the security of our personal information,” he said. “What reassures us that our data will be safeguarded against theft or misuse is central to our daily lives.”
Raising Awareness of Digital Trust There is an urgent need to increase awareness about digital trust and its significance, Mr. Tan noted. This initiative should extend beyond management to encompass all employees, who are often the first line of defense when handling operational systems and customer data.
“Everyone in a company should be aware of digital trust,” he stressed.
Various agencies and industry associations have compiled reference guides to assist businesses and individuals in safeguarding themselves, including obtaining trust marks to assure customers and vendors. “By being vigilant and practicing cyber safety online, we can collectively shape company behavior to adopt better digital trust practices,” said Mr. Tan.
However, he pointed out that smaller companies and SMEs often underestimate the impact of digital trust challenges. “Cybersecurity threats don’t discriminate based on company size,” he stated, adding that data breaches could lead to reputational harm. “Thus, SMEs must prioritize digital trust, not only for the opportunities it presents but also to protect customer interests while utilizing digital technologies.”
