- Like
- Digg
- Del
- Tumblr
- VKontakte
- Buffer
- Love This
- Odnoklassniki
- Meneame
- Blogger
- Amazon
- Yahoo Mail
- Gmail
- AOL
- Newsvine
- HackerNews
- Evernote
- MySpace
- Mail.ru
- Viadeo
- Line
- Comments
- Yummly
- SMS
- Viber
- Telegram
- Subscribe
- Skype
- Facebook Messenger
- Kakao
- LiveJournal
- Yammer
- Edgar
- Fintel
- Mix
- Instapaper
- Copy Link
The COVID-19 pandemic has brought unprecedented changes and challenges for Financial Services. More than ever now, people are reliant on digital payments and new payment technologies for transactions. And keeping up with the trend, fraudsters are continuously finding creative ways to perpetuate their scams. Financial services must adopt more effective fraud detection and prevention strategies.
OpenGov Asia had the opportunity to speak with Ian Holmes, Global Lead for Enterprise Fraud Solutions, Director, SAS to gain his insights on fraud detection and prevention strategies in financial services.
Having joined SAS in 2011, Ian’s global role is to provide fraud expertise to drive the product enhancement; pre-sales and business implementation of the banking fraud solution globally.
Ian’s fraud expertise is pivotal in retaining SAS’ recognition and reputation in the industry by customers and analysts; supporting marketing initiatives and strategic collaboration with key third party vendors. His career developed from the ‘ground up’ to embrace a customer focussed approach alongside analytics and strategy.
Why is There a Rise in Scams?
As people are staying and working at home, it provides a prime opportunity for fraudsters to infiltrate people’s lives remotely. Free time and the promise of additional income is a great opportunity to gain the attention of the new victim. Scams probably represent one of the most diverse ranges of modus operandi, in some way they involve a deceived individual.
From a payments fraud perspective, such scams are considered within the area of banking fraud. Most typically in today’s world, this is achieved through remote activities by the fraudster offered by digital devices. The spike in malware and phishing initiated through emails, phones and even SMS also expose us to the risks of fraud.
As recently as 2017, UK Finance, the industry body which reports on all banking fraud types, introduced a new measure covering Authorised Push Payments. This category specifically cites the genuine account holder being involved in the payment. In this category, both volume and value are increasing dramatically.
Acknowledging that genuine customers are involved, banks are having to invest more in the prevention of this type of fraud. At a minimum, this can be due to reputational risk. However, in the UK, the Payment System Regulator introduced a voluntary code. The Contingent Reimbursement Model, which has now been effective for a year, makes Payment Service Provider (PSP) liable under certain circumstances. This has increased the cost of doing business for a bank – meaning a capable fraud detection solution is going to be key.
What Banks Need to Do to Combat Fraud
Ian explains that independent of the reasons, the fraudsters are certainly on the winning team and losses are escalating. Organisations need to manage risks during the movement from traditional payment methods to the new digital options. Additional channel data that the devices of today offer along with advanced analytics can be very beneficial to overcoming digital fraud and financial crime.
Financial institutions (FIs) need to understand all payment entry points. Protecting these entry points from digital fraud can be quite complicated and tedious. The critical first steps are to start processing all data streams in real-time and to combine identity and transaction monitoring to not only identify fraud as it occurs but to prevent it even before it takes place.
The financial services industry as a whole needs to boost the utilisation of available Artificial Intelligence and machine learning technologies. Since the start of the pandemic, financial institutions have tirelessly innovated to meet customers’ needs for flexibility and immediacy. Now, with SAS’ proven technology and expertise, they must redefine how they protect themselves and their customers from the associated risks.
Ian believes that in the digital environment we live in today, the use of channel data will be pivotal for real-time analytics and automated activities within businesses. The level of needs may vary from industry to industry but they will be important to all businesses to counter fraud and make insightful strategic decisions.
Customers now expect digital services with seamless interaction. Financial services need to be meticulous in their fraud prevention while reducing false positives at the same time to improve customer experience. The number of scams is extensive, examples include romance and investment scams. The typical processes which protect other fraud types are undermined by the fact that authentication and verification of payments from a scam perspective will be validated by the deceived customer when prompted. This is very different from the immediate feedback which would come from a situation where the customer had no awareness of the activity.
Considerations include:
- Anomaly detection and beneficiary profiling are key real-time capabilities. For example, Advanced Analytical scoring and link analysis of the beneficiary can be key indicators – mule account propensity models have been used and there is no reason why this principle cannot be expanded to identify accounts used by fraudsters
- Industry initiatives such as the beneficiary validation services. This is currently being offered in the UK and allows checking of the account details and validating these this gives confidence from the consortium perspective.
- When confirming suspicious payments with customers then alternative validation is required.
- Transaction level authentication will help to exclude specific third party fraud scenarios – this is especially true for commercial payment where multiple levels of authorisation should be included.
Increasing Customer Experience
For an overall better and more secure customer experience, digital fraud management requires an approach with a faster response to new threats to reduce false positives. Using this approach, businesses would be making faster, better informed risk-based decisions across the entire organisation. Moreover, an end-to-end fraud detection and prevention solution supports multiple channels and lines of business, enabling enterprise-wide monitoring from a single platform.
Such a solution simplifies data integration and enables FIs to combine all internal, external and third-party data to create a better predictive model tuned to the organisation’s needs. Bringing together this data on a single technology platform gives the flexibility to scale up or out as the business changes, and respond faster to new threats as they arise.
Data analytics and machine learning solutions can enable the monitoring of payments as well as non-monetary transactions and also events, thus enabling businesses to identify and respond to unwanted and suspicious behaviour in real-time. Embedded machine learning methods detect and adapt to changing behaviour patterns, resulting in more effective, robust models.
Key technology components let banks easily spot anomalies for each customer. In-memory processing delivers high-throughput, low-latency response times (even in high-volume environments) – enabling FIs to score 100% of transactions in real-time. Data without analytics is intelligence not realised and monetised, which means businesses are unable to operate at their optimum capacity.
Thus, organisations must understand the value and significance of data analytics in this fast-paced digital world. Organisations that want to survive in today’s competitive market need to build the right infrastructure and adopt the right practices across their infrastructure.
Key Trends in Financial Services
Payments fraud has historically been a third party fraud issue. Although the use of machine learning, rules and operations processes are still valid, scams require a different view of payment account activity than is typical with a bank’s processes. Because of this, there is often a complete review required of the risk management framework in place at banks and how it is applied to fraud detection.
Without technological and operational improvements, the global rise of digital fraud will surpass the losses associated with counterfeiting magnetic stripe payment cards. A and SAS suggests this digital shift is also fuelling a multibillion-dollar fraud surge worldwide.
These are key trends that Ian is seeing in the market:
- Digital payments present an escalating global risk.
- Though prevalent payment technologies vary by region, fraud trends have significant commonalities across geographies.
- This indicates that criminals coordinate and share information more openly than do FIs, giving them a significant advantage in thwarting fraud controls.
- Cross-border fraud is increasingly common.
- Digital fraud is increasing in frequency and sophistication.
- Fraudsters and criminal networks’ arsenal of tricks are becoming as advanced as the technologies used to detect their activities.
- Social engineering, phishing and identity schemes, and the breadth of digital payment methods are shifting the odds in the bad guys’ favour.
- Layered technology and analytic capabilities are needed to identify overlapping threats in real-time.
- The complexity of criminals’ attack vectors demands a layered approach to preventing and detecting fraud, while also providing a means to orchestrate strategies and investigation activities.
- Automated actions and predictive case management powered by AI and machine learning can help reduce reliance on human resources.
- Data is critical.
- Using data for real-time analytics and automated actions will be crucial to thriving in this new digital normal.
Big Data Analytics in Financial Industry
Digital fraud is increasing in frequency and sophistication. Fraudsters and criminal networks’ arsenal of tricks are becoming as advanced as the technologies used to detect their activities. Social engineering, phishing and identity schemes and the breadth of digital payment methods are shifting the odds in the bad guys’ favour.
Organisations should be aware that new payment mechanisms are especially targeted due to ineffective risk mitigation controls at launch. Layered technology and analytic capabilities are needed to identify overlapping threats in real-time. The complexity of criminals’ attack vectors demands a layered approach to preventing and detecting fraud, while also providing a means to orchestrate strategies and investigation activities.
Automated actions and predictive case management powered by AI and machine learning can help reduce reliance on human resources. Data is critical. Using data for real-time analytics and automated actions will be crucial to thriving in this new digital normal.
Capabilities will vary based on technological maturity, but organisations at all stages have a common need for as much real-time data as possible to make effective decisions. Importantly, deploying cloud infrastructure for fraud management systems boosts data ingestion capabilities.
How can Banks Manage Fraud in CryptoCurrency?
Crypto is currently ungoverned and uncontrolled, it is ripe for abuse. And therefore Fraud and Financial Crime is always going levitate towards any such exposure. Ian has seen in this region the combination of the proceeds of fraud and money laundering being converted to cryptocurrencies offer an alternative to the principles of Money Laundering and the underlying placement, layering and integration necessary to support this criminal activity.
Crypto and the underlying Distributed Ledger technology, undoubtedly brings a great deal of additional security in principle but always it’s the endpoints and the consumer who are the weakest link. From a fraud perspective, Ian does not think the fraudsters are needing to be too innovative currently, they are focussed on committing Account Takeover (ATO) and hacking to steal.
Why SAS?
Ian believes that SAS is creating the future of our interactions with data, analytics and AI – delivering an innovative system for a more intelligent, responsible and safer world.
To transform a world of data into a world of intelligence, organisations need to empower and inspire everyone with the most trusted analytics. SAS do this by bringing the capability to curiosity so people and organisations can drive progress – making better decisions and improving lives.
- Better Together – SAS develops strategic partnerships, open integration and drive collaboration in communities and industry. Through developing leading innovations together, SAS creates positive change.
- For Everyone – SAS brings together creators and consumers and give access to data and insights through analytics that adapt to people. SAS does this through simplifying model development, providing end-to-end analytics capabilities and driving responsible and transparent AI.
- Everywhere – SAS’s cloud-native platform drives digital transformation, unleashing value from data analytics wherever it resides, from the cloud, on-premise or coming off the edge in sensors and devices.
How SAS Determines the Best Strategy for Effective Fraud Detection
- Security by design
This is not a bolt-on option to a financial instrument, it’s the core battleground for consumer adoption and recommendation – 83% of millennials would change the bank account for better CX. Security is not locking the doors, nor is it raising the bar so high you inflict overdue pressures on your good clients and operational staff. It is using all the intelligence available to ensure you can correctly identify risk, and seamlessly move to the correct challenge response – visiting the branch with physical ID is not an option in COVID-19 times, but even before, you are likely to lose a customer.
- Data
While SAS controls the use of personal data FI’s should all be very aware of the provisions for fraud detection and maximise the use and analytics using relevant data. SAS can ingest and process in real-time both internal and external data which can all add to understanding the traits of normality or not. Establish clear fraud definitions and continuously question the value of data and the quality of AI decisions.
You need to orchestrate and adapt using external providers which add value to the ability to trust an interaction, analytically led examination understanding the value both positive and negative allow for better decisions for your business and customers, given the ability to leverage various data sources and change both a waterfall of events and enrich certain decision points is the right way to make those decisions.
- Consortium Intelligence
Use the intelligence from wider networks, share and syndicate fraud reporting. Experience is a competitive issue – fraud needs a concerted intelligence sharing on a real-time basis, use systems such as innovation which enables sharing with minimum personal data facilitating a common language for the exchange of fraud data
To handle digital fraud, businesses need more than just standard analytics. They need to implement adaptive techniques including AI and machine learning, supervised machine learning, unsupervised machine learning, network analysis and text analysis. All of these technologies form a powerful force for improving both the accuracy and efficiency of fraud detection. It only makes sense to bring fraud, Anti Money Laundering (AML) and cyber functions together.
Here are key considerations of a strategy for an effective defence using analytics:
- Converge fraud and AML programmes. Centralise insights from multiple sources, including cyber-event data, for more complete customer risk assessments in a broader context.
- Establish consistent business processes. Intuitive workflow and case management support more efficient investigations, faster resolutions, fewer false positives and higher productivity.
- Reduce false positives. Advanced analytics and machine learning can reduce such anomalies so investigative analyses can focus on the cases that pose the most risk to the organisation.
- Intelligently prioritise alerts for triage, investigation and disposition. Advanced analytics can let defenders quickly see areas of interest and where to focus first.
- Leverage interactive visualisations. Investigations can be more targeted and conducted more efficiently through the use of interactive graphics and tables. Import, search, filter and visualise the results in different ways to reveal patterns, people and events hidden in complex data.
- Easy report generation. Findings can be documented with screen captures, analyst notes and images and advanced reporting that presents data to stakeholders and decision-makers much more impactful.
The Future of Fraud Prevention and Management
The pandemic has opened Pandora’s box of global fraud. Based on a recent survey (Association of Certified Fraud Examiners (ACFE) and SAS) responses from nearly 900 ACFE members worldwide, the 2022 Anti-Fraud Technology Benchmarking Report illuminates how organisations across sectors are using technology to fight fraud.
More than 40% of respondents reported accelerating their use of data analytics significantly (14%) or slightly (29%) amid the pandemic. The majority (60%) expect their anti-fraud tech budgets to grow over the next two years. Advanced analytics topped the investment list, particularly artificial intelligence (AI) and machine learning (cited by 26% of respondents) followed by predictive analytics/modelling (22%).
Analytics is an indispensable fraud detection tool. When asked about their use of analytics, nearly all survey participants indicated their organisation’s use of data analytics was beneficial in helping them:
- Boost the volume of transactions reviewed or suspected fraud cases identified (99%);
- Timeliness of their anomaly detection (98%);
- Efficiency in automating time-consuming tasks (98%); and
- Overall accuracy in reducing false-positive rates (97%).
Data-sharing consortiums are gaining momentum. Internal structured data sources remain the crux of most organisations’ anti-fraud analytics initiatives (cited by 80% of respondents), but many are also tapping a variety of external data sources, including:
- Public records (41%),
- Law enforcement or government watch lists (31%),
- Social media (29%),
- Other third-party data (25%), and data from connected devices (25%).
Organisations are using a variety of emerging technologies to fight fraud. The report highlights the growing use of technologies like physical and behavioural biometrics, computer vision analysis, robotic process automation (RPA), blockchain, and virtual and augmented reality.
Current use of these technologies ranges from:
- 7% (virtual/augmented reality) to
- 34% (physical biometrics) of surveyed organisations.
- Among respondents from organisations not using particular emerging technology,
- 13% (virtual/augmented reality) to
- 19% (RPA) expect to deploy it within the next one to two years.
Technology and SAS Cloud/SaaS is making deployments quicker and easier. Cloud capability is making updates and new functions available. Digital data such as identity, biometrics and user behaviours are becoming key. Although the level of data is massive, it’s all for the great good and is helping to make our lives safer.
- Like
- Digg
- Del
- Tumblr
- VKontakte
- Buffer
- Love This
- Odnoklassniki
- Meneame
- Blogger
- Amazon
- Yahoo Mail
- Gmail
- AOL
- Newsvine
- HackerNews
- Evernote
- MySpace
- Mail.ru
- Viadeo
- Line
- Comments
- Yummly
- SMS
- Viber
- Telegram
- Subscribe
- Skype
- Facebook Messenger
- Kakao
- LiveJournal
- Yammer
- Edgar
- Fintel
- Mix
- Instapaper
- Copy Link
The Cyber Security Agency of Singapore (CSA) recently unveiled the pivotal insights gleaned from its inaugural Singapore Cybersecurity Health Report 2023. Conducted between May and August of the previous year, the survey canvassed the opinions of 2,036 organisations spanning various sises and sectors.
The objective was to gauge the landscape of cybersecurity readiness across local entities and inform CSA’s strategic initiatives. The importance of bolstering cybersecurity resilience within these organisations cannot be overstated, as they play a critical role in shaping the digital experiences of Singaporeans through their services and products.
The findings unveiled a mixed landscape: while the majority of organisations demonstrated an awareness of cybersecurity imperatives, there remains substantial room for improvement in adoption rates. On average, organisations reported implementing around 70% of essential cybersecurity measures across various categories. Additionally, a significant proportion, approximately 75%, acknowledged CSA’s cybersecurity certification programmes, Cyber Essentials and Cyber Trust, which serve as national standards for prioritising cybersecurity measures.
Despite these positive indicators, CSA sounded a cautionary note, emphasising the inadequacy of partial adoption. Without the full spectrum of essential measures, organisations remain vulnerable to unnecessary cyber risks. Alarmingly, only a third of organisations had fully implemented at least three of the five categories outlined in Cyber Essentials. This underscores the urgency for comprehensive adoption to fortify cybersecurity posture effectively.
A prevalent challenge cited by organisations hindering full adoption was a lack of knowledge and experience, echoed by 59% of businesses and 56% of non-profits. This is compounded by the rapidly evolving cyber threat landscape, exacerbated by a shortage of skilled cyber professionals. Moreover, a prevailing perception of being unlikely targets of cyber-attacks and resource constraints further impedes progress in bolstering defences.
The consequences of inadequate cybersecurity measures were starkly evident, with over 80% of organisations reporting encountering cybersecurity incidents annually, including prevalent threats like ransomware and social engineering scams. These incidents invariably inflicted a negative business impact, with disruptions, data loss, and reputational damage among the most commonly cited consequences.
While the cost of implementing cyber hygiene measures may seem daunting, particularly for small and medium-sized enterprises (SMEs), it pales in comparison to the potential financial ramifications of cyber incidents. CSA emphasises the importance of viewing cybersecurity investment as essential insurance against potentially catastrophic losses.
In response to these challenges, CSA has rolled out a comprehensive suite of initiatives aimed at bolstering organisational cybersecurity resilience. These include cybersecurity resources to raise awareness, tailored health plans delivered by cybersecurity consultants, and certification programmes such as Cyber Essentials and Cyber Trust. Additionally, the collaboration with the Infocomm Media Development Authority has led to the introduction of the Cybersecurity Health Check, providing organisations with a self-assessment tool to benchmark their cyber hygiene and access remedial resources.
Mr. David Koh, Chief Executive of CSA, stressed the imperative for organisations to prioritise cybersecurity and leverage available resources and funding support. Delaying proactive measures until after an incident occurs, he cautioned, would prove significantly more costly in the long run.
The release of the Singapore Cybersecurity Health Report underscores the urgent need for organisations to fortify their cybersecurity posture comprehensively. By embracing a holistic approach to cybersecurity and leveraging available resources and support, organisations can mitigate risks and safeguard against the increasingly sophisticated cyber threats of the digital age.
The Singapore Cybersecurity Health Report 2023 is available at www.csa.gov.sg/cyberhealthreport and the Cybersecurity Health Check can be accessed at https://www.csa.gov.sg/cyberhealthchecktool.
- Like
- Digg
- Del
- Tumblr
- VKontakte
- Buffer
- Love This
- Odnoklassniki
- Meneame
- Blogger
- Amazon
- Yahoo Mail
- Gmail
- AOL
- Newsvine
- HackerNews
- Evernote
- MySpace
- Mail.ru
- Viadeo
- Line
- Comments
- Yummly
- SMS
- Viber
- Telegram
- Subscribe
- Skype
- Facebook Messenger
- Kakao
- LiveJournal
- Yammer
- Edgar
- Fintel
- Mix
- Instapaper
- Copy Link
In a significant scientific breakthrough in a space sector, Dr Sarah Kessans has developed hardware designed to operate autonomously in orbit, transforming the study of protein crystallisation in microgravity. This technology provides scientists on Earth with unprecedented insights into protein behaviour, with far-reaching implications for developing more effective medicines and vaccines, among other applications.
Minister for Space Dr Megan Collins lauds Dr Kessans’ research as an inspiring example of how space technology can drive innovation on Earth. This achievement follows the recent successful launch of MethaneSAT, a satellite designed to track and monitor global emissions from space, highlighting the significant potential of space technology in addressing some of the world’s most pressing challenges while bolstering our globally competitive space sector.
The MethaneSAT satellite will be equipped with a highly sensitive spectrometre that can detect concentrations as low as two parts per billion, and it will have high-spatial resolution coupled with a broad, 200-kilometre view path, allowing it to quantify even small emission sources over large areas.
Dr Kessans’ research culminated in successfully launching her hardware on a rocket from the Kennedy Space Centre at Cape Canaveral, USA. This mission also included protein experiments from leading New Zealand universities, including Canterbury, Otago, Victoria, and Waikato, showcasing the collaborative efforts of the country’s academic institutions in advancing space science and technology.
The launch of Dr Kessans’ project results from a strategic agreement between the Ministry of Business, Innovation and Employment (MBIE) and the US commercial space company Axiom Space. This partnership aims to facilitate New Zealand researchers’ advancement in space science and technology, fostering innovation and driving collaboration between academia, government, and private enterprise.
Dr Kessans’ project has also received government funding for further development through the MBIE-administered Endeavour Fund, highlighting the government’s commitment to supporting cutting-edge research and innovation in the space sector. This collaborative effort between academia, government, and private enterprise is a testament to New Zealand’s growing presence in the global space economy, positioning the country as a key player in space research and technology development.
Previously, New Zealand had collaborated with several countries, including Australia, to advance space research, as reported by OpenGov. The collaboration between SmartSat and the New Zealand Space Agency (NZSA) is an important development. The signing of a Memorandum of Understanding (MoU) between the two entities aims to accelerate the growth and technological advancement of the Australian and New Zealand space industries, marking a pivotal moment in the evolution of space exploration and innovation in the Australasian region.
This partnership is underpinned by a shared commitment to fostering innovation, driving research and development (R&D), and nurturing a skilled workforce capable of propelling technological breakthroughs in the space sector. The MoU, ceremoniously signed at the NZSA headquarters in Wellington, signifies a strategic alignment between SmartSat and NZSA to leverage their combined resources and expertise.
At the core of this collaboration, it is designated to support joint research initiatives in three key technological domains: Earth Observation, Space Situational Awareness, and Optical Communications. These areas represent the forefront of space exploration, offering immense potential to revolutionise humanity’s perception and interaction with the cosmos.
Minister Judith Collins, New Zealand’s Minister for Space, praised the new agreement as a testament to the enduring collaboration between Australia and New Zealand in space exploration. In a statement on her official website, she reiterated her commitment to fostering innovation and collaboration, recognising the transformative potential of space technology in addressing global challenges.
Minister Collins reaffirmed the government’s dedication to developing the country’s space sector, promoting innovation, and strengthening partnerships with the New Zealand research community, international space agencies, and commercial collaborators. These collaborative approaches underscore New Zealand’s commitment to advancing space science and technology to benefit society and the economy, paving the way for future breakthroughs in the field.
- Like
- Digg
- Del
- Tumblr
- VKontakte
- Buffer
- Love This
- Odnoklassniki
- Meneame
- Blogger
- Amazon
- Yahoo Mail
- Gmail
- AOL
- Newsvine
- HackerNews
- Evernote
- MySpace
- Mail.ru
- Viadeo
- Line
- Comments
- Yummly
- SMS
- Viber
- Telegram
- Subscribe
- Skype
- Facebook Messenger
- Kakao
- LiveJournal
- Yammer
- Edgar
- Fintel
- Mix
- Instapaper
- Copy Link
Da Nang, a central city in Vietnam, is gearing up to bolster its semiconductor industry with a targeted focus on human resource development. The Vietnam–Korea University of Information and Communication Technology (VKU) recently launched a comprehensive programme aimed at training professionals in integrated circuit (IC) design.
The initiative underscores the city’s commitment to advancing its semiconductor sector. In 2024, Da Nang will concentrate on cultivating a pool of qualified teaching staff through collaborative efforts with the Viet Nam-Korea Information Technology (IT) and Communications University, the Institute of Information Technology under the Viet Nam National University – Ha Noi, and the Da Nang Semiconductor and Artificial Intelligence Centre for Research and Training (DSAC). Support from Synopsys Vietnam Company will further bolster these endeavours.
The training programme, spanning six months, comprises both theoretical learning and project-based training. It encompasses four modules covering Very-large-scale integration (VLSI) Design, SystemVerilog/Verilog/Very High-Speed Integrated Circuit Hardware Description Language, basic digital integrated circuits, and basic analog circuit design.
The inaugural training course for lecturers will host 25 participants selected from prestigious institutions including the Viet Nam-Korea Information Technology (IT) and Communications University, Da Nang University of Science and Technology, University of Technical Education, Duy Tan University, and FPT University. A significant highlight of the programme is the access granted to lecturers to Synopsys’ extensive library and teaching materials, enabling them to develop practical IC design curricula upon completion.
Huynh Cong Phap, Principal of VKU, emphasised the programme’s objective of equipping students with practical IC design skills to facilitate training deployment at universities in Da Nang. Additionally, the university plans to offer short-term training courses in semiconductor circuit design for junior and senior students pursuing majors such as computer engineering, technology, embedded systems and IoT, and technology information.
Speaking at the event, Ho Ky Minh, Standing Vice Chairman of the municipal People’s Committee, hailed the programme as a significant stride in the city’s strategy for high-quality human resource development. He commended the collaborative efforts between DSAC, VKU, Synopsys Group, and the Information Technology Institute under the Vietnam National University in swiftly launching the city’s inaugural IC circuit design instructor training course.
In line with the city’s ambitions, Ho Ky Minh, the Standing Vice Chairman of the People’s Committee of Da Nang, welcomed Susan Burns, the US Consul General in Ho Chi Minh City, expressing his aspirations for enhanced collaboration with the United States within the semiconductor industry.
Susan Burns lauded the programme as a testament to the robust cooperation between government bodies, private enterprises, and universities in nurturing high-tech talent in Vietnam. This collaboration aims to fortify Vietnam’s position in the global semiconductor supply chain. The United States acknowledges Vietnam’s pivotal role in fostering flexible semiconductor supply chains and extends strong support for the industry’s development in the country.
In tandem with the programme launch, the university unveiled the VKU – SSTH centre, dedicated to semiconductor circuits and smart technology. Equipped with 30 computers and proprietary circuit design software from Synopsys, the centre is poised to serve as a hub for training and research in semiconductor circuits and smart technology.
OpenGov Asia reported that Da Nang inaugurated the Da Nang Semiconductor and Artificial Intelligence Center for Research and Training (DSAC) in January this year, marking a significant stride in technological advancement. This initiative underscores Da Nang’s dedication to enhancing its capabilities in integrated circuit (IC) design and artificial intelligence (AI).
The decision to establish DSAC was announced on January 26 by Le Trung Chinh, Chairman of the municipal People’s Committee, highlighting the centre’s role in realising the city’s strategic objectives. DSAC is poised to engage in research, training, and technology transfer in microchips, semiconductors, and AI development, while also fostering international cooperation in these critical domains.
- Like
- Digg
- Del
- Tumblr
- VKontakte
- Buffer
- Love This
- Odnoklassniki
- Meneame
- Blogger
- Amazon
- Yahoo Mail
- Gmail
- AOL
- Newsvine
- HackerNews
- Evernote
- MySpace
- Mail.ru
- Viadeo
- Line
- Comments
- Yummly
- SMS
- Viber
- Telegram
- Subscribe
- Skype
- Facebook Messenger
- Kakao
- LiveJournal
- Yammer
- Edgar
- Fintel
- Mix
- Instapaper
- Copy Link
In a significant stride towards enhancing cybersecurity in the realm of consumer Internet-of-Things (IoT) devices, the Cyber Security Agency of Singapore (CSA) and the Connectivity Standards Alliance (Alliance) recently signed a Mutual Recognition Arrangement (MRA). This milestone agreement underscores a shared commitment to bolstering international cooperation and coordination in cybersecurity, with a specific focus on advancing the security standards of consumer IoT devices.
The MRA, signed by Mr Chua Kuan Seah, Deputy Chief Executive of CSA, and Mr Tobin Richardson, President & Chief Executive Officer of the Connectivity Standards Alliance, facilitates the mutual recognition of cybersecurity labels for consumer IoT devices.
By harmonising standards and procedures, the arrangement aims to reduce duplication in testing and costs for manufacturers, thereby fostering a more robust cybersecurity environment for consumer IoT devices globally.
Central to the MRA is the exchange and alignment of information related to relevant standards, requirements, and practices concerning the cybersecurity labeling of consumer IoT. This collaboration lays the groundwork for future developments in cybersecurity certification and labeling schemes, ensuring that evolving threats and technological advancements are adequately addressed.
Mr Chua Kuan Seah emphasised the significance of achieving global alignment for consumer IoT cybersecurity, citing it as a key objective since the launch of Singapore’s Cybersecurity Labelling Scheme in 2020. The agreement with the Alliance represents a significant step forward in this endeavor, bringing Singapore closer to its goal of establishing internationally recognised cybersecurity standards for IoT devices.
By promoting Cybersecurity-by-Design and Cybersecurity-by-Default principles, the MRA incentivises manufacturers to embed robust security measures into their IoT devices, ultimately enhancing cybersecurity for consumers worldwide.
The Connectivity Standards Alliance, formerly known as the Zigbee Alliance, is a consortium of companies devoted to developing standards envisioning seamless interaction to enhance daily experiences. With a membership of over 500 companies, the alliance collaboratively creates application profiles for interoperable products, thereby advancing IoT connectivity and fostering innovation in the industry.
Singapore remains deeply committed to bolstering cybersecurity measures both domestically and internationally. At the national level, initiatives are aimed at fortifying the nation’s digital defences, safeguarding critical infrastructure and protecting citizens and businesses from cyber threats. These efforts include the implementation of robust cybersecurity frameworks, regular cybersecurity exercises and drills, and the promotion of cybersecurity awareness among the populace.
The Cyber Security Agency of Singapore (CSA) plays a pivotal role in safeguarding Singapore’s cyberspace to bolster national security, support the digital economy, and protect the digital way of life. Through initiatives like the Singapore Cyber Emergency Response Team (SingCERT), CSA swiftly responds to cybersecurity incidents, ensuring the detection, resolution, and prevention of cyber threats.
As part of the Prime Minister’s Office and managed by the Ministry of Communications and Information, CSA oversees national cybersecurity functions, collaborates with sector leads to protect critical information infrastructure, and engages stakeholders to raise cybersecurity awareness.
OpenGov Asia reported that Singapore, represented by CSA, collaborates closely with ASEAN Member States (AMS) to establish the ASEAN Regional Computer Emergency Response Team (CERT), facilitating information-sharing and enhancing cybersecurity incident response coordination across the region.
Despite a significant increase in scam cases by nearly 50% to 50,376 in 2023 from 33,669 in 2022, proactive cybersecurity measures have led to a positive outcome. These positive trends are attributed to collaborative efforts among various agencies and stakeholders, including the Singapore Police Force, Infocomm Media Development Authority, Cyber Security Agency of Singapore, Smart Nation Group, Monetary Authority of Singapore, and private sector partners.
Singapore’s proactive efforts, including the proposal to host and fund the ASEAN Regional CERT’s physical activities, demonstrate its commitment to fostering regional cooperation and safeguarding critical information infrastructure on a transnational scale.
- Like
- Digg
- Del
- Tumblr
- VKontakte
- Buffer
- Love This
- Odnoklassniki
- Meneame
- Blogger
- Amazon
- Yahoo Mail
- Gmail
- AOL
- Newsvine
- HackerNews
- Evernote
- MySpace
- Mail.ru
- Viadeo
- Line
- Comments
- Yummly
- SMS
- Viber
- Telegram
- Subscribe
- Skype
- Facebook Messenger
- Kakao
- LiveJournal
- Yammer
- Edgar
- Fintel
- Mix
- Instapaper
- Copy Link
Vietnam has emerged as a promising market in the global data centre landscape, with significant growth projected in the coming decade. According to the latest report from Viettel IDC, the country’s data centre market is forecast to reach a value of US$1.26 billion by 2030, with a compound annual growth rate (CAGR) of 10.8%. This projection underscores Vietnam’s increasing importance in the digital economy and its potential to become a key player in the data centre industry.
Despite its promising outlook, Vietnam’s data centre market currently lags behind its regional counterparts in terms of size. Compared to countries like Singapore, Malaysia, and Indonesia, Vietnam’s data centre market is relatively small. However, this is expected to change in the coming years as the country experiences rapid economic growth and invests heavily in digital infrastructure.
One of the key drivers of growth in Vietnam’s data centre market is the increasing demand for digital services and cloud computing. With the rise of e-commerce, digital banking, and other online services, there is a growing need for secure and reliable data storage and processing facilities. Data centres play a crucial role in meeting this demand by providing the infrastructure necessary to support these services.
Another factor contributing to the growth of Vietnam’s data centre market is the government’s support for digital transformation initiatives. In recent years, the Vietnamese government has prioritised the development of the digital economy as part of its broader economic strategy. This has included investments in digital infrastructure, as well as policies aimed at promoting innovation and entrepreneurship in the tech sector.
Furthermore, Vietnam benefits from a skilled workforce and relatively low construction costs compared to other countries in the region. This makes it an attractive destination for companies looking to establish data centre operations in Southeast Asia. Additionally, the government has implemented supportive regulatory frameworks to encourage investment in the sector, further stimulating growth.
Domestically, the data centre market in Vietnam is dominated by a few major players, including Viettel, VNPT, FPT, and CMC. These companies collectively hold approximately 97% of the market share, indicating a high level of concentration in the industry. However, there are still opportunities for new entrants, particularly in niche segments or specialised services.
Looking ahead, Viettel IDC predicts a significant expansion of Vietnam’s data centre market in the coming years. Plans are underway to build megacentres in major cities like Ho Chi Minh City and Hanoi, with an estimated total capacity of up to 450 MW. This represents a substantial increase from the current capacity and reflects the growing demand for data centre services in the country.
In addition to data centres, Vietnam’s cloud computing market is also experiencing rapid growth. While the market size is currently smaller than that of neighboring countries like the Philippines and Indonesia, Vietnam has the highest growth rate in the Southeast Asia region and ranks third in Asia overall. The projected growth rate of Vietnam’s cloud market over the next 5-10 years is expected to be around 19-20%, driven by increased adoption of cloud services by businesses and consumers.
Vietnam’s data centre market presents significant opportunities for growth and investment in the coming years. With supportive government policies, a skilled workforce, and increasing demand for digital services, Vietnam is well-positioned to become a major player in the global data centre industry. As the country continues to invest in digital infrastructure and technology, it is poised to emerge as a leading hub for data centre operations in Southeast Asia and beyond.
OpenGov Asia reported that Vietnam is rapidly becoming a key player in the global data center market, driven by factors like increasing digitalisation among SMEs, a tech-savvy young population, the rollout of 5G technology, and a rising demand for independent digital infrastructure and data sovereignty.
- Like
- Digg
- Del
- Tumblr
- VKontakte
- Buffer
- Love This
- Odnoklassniki
- Meneame
- Blogger
- Amazon
- Yahoo Mail
- Gmail
- AOL
- Newsvine
- HackerNews
- Evernote
- MySpace
- Mail.ru
- Viadeo
- Line
- Comments
- Yummly
- SMS
- Viber
- Telegram
- Subscribe
- Skype
- Facebook Messenger
- Kakao
- LiveJournal
- Yammer
- Edgar
- Fintel
- Mix
- Instapaper
- Copy Link
In the modern era, with digital technology at the core of virtually all aspects of life, from communication and work to home management and personal activities, the importance of energy resources such as oil and natural gas is immeasurable.
As people navigate this digital era, these critical energy resources’ seamless and secure availability is more significant than ever, highlighting a pivotal concern for ensuring society’s ongoing prosperity and well-being.
The ever-increasing interconnectedness of the global community means that the infrastructure facilitating the extraction, processing, and distribution of these indispensable resources is more reliant on digital networks and systems. This digital reliance introduces a complex web of vulnerabilities, making it imperative to safeguard these infrastructures from potential cyber threats that could disrupt the supply and integrity of oil and natural gas. The possible repercussions of such disruptions extend far beyond immediate economic impacts, threatening the fabric of the daily lives and national security.
In light of this, the United States has embarked on the initiative. The initiative, known as the 2023 Joint Cyber Defence Collaborative (JCDC) Pipelines Cyber Defence Planning Effort, represents an approach to cybersecurity in the energy sector.
It brought together more than 25 organisations from the Oil and Natural Gas (ONG) subsector, focusing mainly on high-throughput midstream natural gas pipeline owner-operators and their industrial control systems (ICS) vendors. This collaboration, in partnership with the Transportation Security Administration and the Department of Energy, was designed to address the multifaceted challenges posed by cyber threats, ranging from ransomware incidents to the persistent threats posed by nation-states. The Office of the Director of National Intelligence (ODNI) 2023 Annual Threat Assessment highlighted the latter’s capabilities to disrupt natural gas pipelines.
The cornerstone of this collaborative effort was the development of the ONG Pipelines Reference Architecture. This comprehensive network architecture diagram, accompanied by guiding principles, was crafted by pipeline owner-operators and ICS vendors. It is intended to serve as a voluntary model, directing investments, planning, and operations to enhance network segmentation and mitigate the risk of intrusion campaigns.
This architecture embodies practical guidance for advancing risk management strategies. It underscores the critical relationship between network segmentation, multi-factor authentication (MFA), the management of external dependencies, and the essential protection of field devices.
The significance of the ONG Pipelines Reference Architecture cannot be overstated. It provides a tangible framework for the ONG sector to elevate its cyber defence capabilities, emphasising the need for an integrated approach to security that spans technological, operational, and strategic dimensions. By encouraging the adoption of best practices such as network segmentation and MFA, the architecture aims to create a more resilient digital infrastructure capable of withstanding the evolving threats of the digital age.
This initiative is a prime example of the vision the Cyberspace Solarium Commission set forth and subsequently codified by Congress. It embodies a proactive, collaborative approach to cyber defence planning, aiming to effect real change in the cybersecurity posture of the nation’s critical infrastructure. By bringing together the key stakeholders in the ONG subsector – midstream pipeline owner-operators, ICS vendors, and government agencies – the JCDC Pipelines Cyber Defence Planning Effort has laid a solid foundation for transformative actions designed to harden the nation’s largest natural gas pipelines against digital compromises.
The importance of this effort extends beyond the immediate benefits of improved cybersecurity for the ONG sector. It represents a forward-thinking approach to protecting the critical infrastructures that fuel the economy and daily lives against an increasingly digital and interconnected world. As cyber threats evolve in sophistication and scale, initiatives like the JCDC Pipelines Cyber Defence Planning Effort will be pivotal in ensuring the resilience and reliability of essential services.
Engagement with the ONG Sector Coordinating Council is encouraged for those seeking further details on the ONG Pipelines Reference Architecture or wishing to contribute to this ongoing effort. This initiative marks a significant milestone in the journey towards a more secure and resilient digital infrastructure for the energy sector, highlighting the critical role of cross-sector collaboration in navigating the challenges of the digital age.
- Like
- Digg
- Del
- Tumblr
- VKontakte
- Buffer
- Love This
- Odnoklassniki
- Meneame
- Blogger
- Amazon
- Yahoo Mail
- Gmail
- AOL
- Newsvine
- HackerNews
- Evernote
- MySpace
- Mail.ru
- Viadeo
- Line
- Comments
- Yummly
- SMS
- Viber
- Telegram
- Subscribe
- Skype
- Facebook Messenger
- Kakao
- LiveJournal
- Yammer
- Edgar
- Fintel
- Mix
- Instapaper
- Copy Link
Digital transformation has become a global imperative, with countries worldwide implementing various strategies to leverage digital technology for societal, economic, and governance improvements. Each country’s approach is tailored to its technological infrastructure, regulatory environment, economic priorities, and societal needs. This global transformation requires smart strategies, smart implementation, and a collaborative, outcome-oriented mindset.
In Thailand, for example, the government has embarked on a joint effort to advance the digital economy and society through initiatives like accreditation of government agencies’ curricula. Professor Wisit Wisitsaratha, who serves as a Permanent Secretary of the Ministry of Digital Economy and Society, has announced plans to publicise the outcomes of this project for 2023. This reflects Thailand’s commitment to equipping its government agencies with the skills to thrive in the digital age.
Mr Phuchapong Nodthaisong, the committee’s secretary-general for Digital for the National Economy and Society, revealed the outcomes of the 2023 curriculum accreditation operations, which aimed to certify 70 courses. The National Curriculum Committee (NCC) reviewed 73 courses from 18 institutions for accreditation, categorising 30 as essential and 43 as moderately important. The 177 courses were considered for certification from 2021 to 2023.
During the meeting, Mr Phuchapong Nodthaisong presented guidelines to promote and support government agencies in organising digital skill development training courses among government officials and personnel. These guidelines are designed to be practical and effective, with input from executives representing government agencies, the private sector, the business sector, and academia.
Professor Wisit Wisitsaratha highlighted that besides certifying more than 70 courses from the previous year, the Ministry of Digital Economy and Society has been following up on the results of course accreditation, with over 104 courses considered for their quality and standards. These courses cater to six groups of civil servants and government personnel: senior executives, division directors, policy and academic workers, service workers, technology operators, and other practitioners. The curriculum development standards include a mechanism for systematic monitoring and evaluation of performance.
Additionally, measures have been implemented to promote and develop the country’s digital workforce, aiming to raise their digital capability and potential. This includes the general public, students, labour groups, entrepreneurs, the business sector, and civil servants, who all require adequate digital skills to drive government agencies towards the digital government.
Mr Phuchapong Nodthaisong, Secretary-General of the National Digital Economy and Society Committee, emphasised that the NBTC has certified digital skills development courses for government agencies. Standards for curriculum development have been set alongside a mechanism for systematically monitoring and evaluating performance.
To support this, the NBTC has taken proactive steps to enhance the quality of these courses. They have established a cooperation network with recognised organisations in related fields. This collaborative effort ensures that the courses are developed and delivered in line with industry best practices and standards.
Additionally, the NBTC works closely with the Office of the Civil Service Commission and associated agencies, enabling them to align their efforts and resources and ensuring that the courses meet the needs and expectations of the civil service sector.
He further stated that the NDC has continuously held focus group meetings in the past to create guidelines for promoting and supporting government agencies in organising training for certified courses. These efforts include measures to promote and develop Thailand’s digital workforce under the project for managing and following up on the curriculum accreditation of government agencies.
These initiatives are integral to Thailand’s comprehensive strategy to cultivate a skilled workforce capable of propelling the nation’s digital transformation and enhancing its competitiveness in the global digital economy. Thailand aims to effectively leverage digital technology to improve its economy and society by equipping civil servants and government personnel with the requisite knowledge and skills.