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The Monetary Authority of Singapore released two consultation papers on proposed changes to the Technology Risk Management (TRM) Guidelines and the Business Continuity Management (BCM) Guidelines yesterday – 7 March 2019.
The changes will require financial institutions’ to put in place enhanced measures to strengthen operational resilience. These take into account the rapidly changing physical and cyber threat landscape. The public consultation will run from 7 March to 8 April 2019
MAS proposes guidelines to include cyber security
MAS proposes to expand the TRM Guidelines to include guidance on effective cyber surveillance, secure software development, adversarial attack simulation, and management of cyber risks posed by the Internet of Things. The proposals were developed in close partnership with the financial industry.
Mr Tan Yeow Seng, Chief Cyber Security Officer, MAS, said, “A cyber-attack can result in a prolonged disruption of business activities. Threats are constantly present and evolving in sophistication. We cannot afford to be complacent. Financial institutions must therefore remain vigilant and have in place effective technology risk management practices and robust business continuity plans to ensure prompt and effective response and recovery.”
The MAS Cyber Security Advisory Panel (CSAP) which comprises international cyber security thought leaders, provided valuable inputs in shaping the proposed TRM Guidelines.
The Guidelines continue to emphasise the importance of risk culture, and the roles of Board of Directors and senior management in technology risk and business continuity management.
MAS guidelines to raise standards of financial institutions
MAS also proposes to update the BCM Guidelines to raise standards for FIs in the development of business continuity plans that will better account for interdependencies across FIs’ operational units and linkages with external service providers.
FIs are encouraged to put in place an independent audit programme to regularly review the effectiveness of their Business Continuity Management efforts.
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Artificial Intelligence (AI) stands at the forefront of technological innovation, promising transformative solutions to complex challenges across various domains. Recognising its potential to revolutionise industries and improve societal well-being, the National University of Singapore (NUS) has inaugurated the NUS AI Institute (NAII). Led by Professor Mohan Kankanhalli, NAII aims to accelerate AI research and its practical applications, fostering collaboration, innovation, and societal impact.
In an era marked by rapid technological advancements, AI has emerged as a powerful tool with the capacity to reshape diverse sectors, ranging from healthcare to finance, education, logistics, and beyond. The establishment of NAII underscores NUS’s commitment to harnessing AI for the greater good, addressing critical issues facing Singapore and the global community.
At the core of NAII’s mission is the advancement of fundamental AI research, aimed at pushing the boundaries of AI capabilities and exploring novel applications across various domains. Through foundational research initiatives, scientists at NAII will tackle complex AI problems, spanning hardware and software systems, AI theory, responsible AI, reasoning AI, and resource-efficient AI. By delving into these areas, the institute seeks to develop cutting-edge AI technologies that address real-world challenges and drive innovation.
Moreover, NAII will prioritise research into the ethical and societal implications of AI, aiming to develop robust governance frameworks that ensure responsible AI development and deployment. This includes examining issues related to transparency, accountability, and ethical decision-making in AI systems. By fostering dialogue and research on AI ethics and governance, NAII aims to guide the responsible use of AI technology and mitigate potential risks.
In addition to foundational research, NAII will spearhead applied research initiatives, focusing on developing AI-driven solutions for specific application domains. Collaborating with experts from diverse fields, including healthcare, logistics, manufacturing, finance, urban sustainability, and education, the institute will tackle pressing challenges and explore opportunities for AI-driven innovation. From optimising supply chains to improving healthcare outcomes and enhancing urban infrastructure, NAII’s applied research efforts aim to deliver tangible benefits to society.
Furthermore, NAII will serve as a hub for AI talent development, providing comprehensive education and training programs for students, professionals, and policymakers. By offering hands-on learning experiences and internships, the institute seeks to nurture the next generation of AI leaders and entrepreneurs, equipping them with the skills and knowledge needed to drive innovation in AI.
To support its research and educational endeavours, NUS has allocated significant resources to NAII, including external research grants and institutional funding. Moreover, the institute will collaborate closely with government agencies and industry partners to amplify its impact and drive innovation. Strategic partnerships with leading companies such as IBM and Google Cloud will enable NAII to leverage industry expertise and resources, accelerating the translation of research outcomes into real-world applications.
In alignment with Singapore’s Research, Innovation, and Enterprise (RIE) strategy, NAII aims to contribute to the nation’s AI ecosystem by fostering collaboration, innovation, and talent development. By positioning NUS as a global leader in AI research and application, the institute seeks to drive positive societal change and economic growth.
The establishment of NAII represents a significant milestone in NUS’s journey towards harnessing the power of AI for societal benefit. Through cutting-edge research, education, and collaboration, the institute aims to unlock the full potential of AI and pave the way for a more innovative, sustainable, and inclusive future. With its interdisciplinary approach and commitment to excellence, NAII is poised to make a lasting impact on Singapore and the global AI landscape.
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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.
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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.
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In a significant advancement in health technology, scientists at Nanyang Technological University, Singapore (NTU Singapore), have unveiled a revolutionary device capable of rapidly isolating blood plasma with unparalleled precision. Named ExoArc, this coin-sized chip offers a transformative alternative to the cumbersome and time-consuming multi-step centrifugation process currently used in diagnostics and precision medicine.
ExoArc’s innovation lies in its ability to directly isolate blood plasma from a tube of blood in just 30 minutes, eliminating the need for labour-intensive centrifugation. By leveraging unique flow phenomena in tiny channels within the chip, ExoArc achieves high plasma purity, removing over 99.9% of blood cells and platelets precisely and gently.
This breakthrough technology accelerates the clinical analysis of cell-free DNA, RNA molecules, and extracellular vesicles, which are vital for screening biomarkers indicative of various cancers and diseases.
Traditionally, blood plasma isolation has relied solely on centrifugation, a method prone to residual cell contamination and time-sensitive processing constraints. Even after multiple centrifugation rounds, lingering biological cells can compromise the accuracy of diagnostic tests, prolonging waiting times for results and exacerbating patient anxiety.
ExoArc’s streamlined process significantly reduces contamination risks, enabling quicker and more precise diagnoses, particularly crucial in cancer treatment and disease management.
To validate ExoArc’s efficacy, a portable prototype device was developed in collaboration with clinician-scientists from the National Cancer Centre Singapore (NCCS), Tan Tock Seng Hospital (TTSH), and the Agency for Science, Technology and Research (A*STAR). Clinical validation demonstrated ExoArc’s ability to diagnose non-small cell lung cancer with a sensitivity of 90%, highlighting its potential for real-world applications.
Furthermore, ExoArc’s versatility extends beyond cancer diagnostics, as demonstrated in studies involving microRNA analysis in individuals with type 2 diabetes mellitus. By identifying distinct microRNA profiles, ExoArc holds promise in identifying disease-related biomarkers and driving precision medicine initiatives, offering tailored treatments and improving patient outcomes.
In contrast to conventional centrifugation methods, ExoArc’s compact size and scalability present a transformative approach to blood plasma isolation. Its one-step process reduces processing time and operator variability, paving the way for automated and standardised diagnostic procedures. Moreover, ExoArc’s potential for scaling up through multiple channels ensures faster and more consistent plasma isolation, with future automation promising further efficiency gains and cost reductions.
Supported by a Proof-of-Concept and Proof-of-Value grant from the NTUitive Gap Fund, ExoArc epitomises NTU’s commitment to translating research into practical innovations with societal impact. With contributions from esteemed institutions such as the Massachusetts Institute of Technology and the University of Texas Medical Branch (Galveston), ExoArc’s development underscores collaborative efforts in advancing healthcare technology.
ExoArc represents a significant leap forward in health technology, offering a paradigm shift in blood plasma isolation for diagnostics and precision medicine. As ExoArc continues to evolve, its potential to enhance patient care and drive medical advancements holds promise for a healthier future globally.
NTU Singapore has positioned itself at the vanguard of deploying cutting-edge technology within the healthcare sector, striving relentlessly to pioneer advancements that not only enhance patient outcomes but also revolutionise the overall healthcare experience.
OpenGov Asia reported that a team of researchers from NTU Singapore developed WellFeet, a mobile application designed to provide comprehensive support for individuals living with diabetes. WellFeet educates patients and caregivers about the disease while assisting them in monitoring medication adherence, physical activity, and dietary habits, addressing the myriad challenges associated with diabetes management.
WellFeet offers tech-enabled support for individuals with diabetes and their caregivers, serving as a vital source of empowerment and assistance. As Singapore tackles its diabetes epidemic, initiatives like WellFeet pave the way for transformative healthcare solutions with the potential to change lives.
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An internationally recognised card service company, with a significant presence in the digital payments domain, released insights shedding light on Vietnam’s evolving payment landscape. Through its comprehensive consumer payment attitudes study, the company, highlights a surge in cashless transactions among Vietnamese consumers, signifying a progressive shift towards embracing novel financial technologies.
According to the study’s findings, a staggering 56% of Vietnamese respondents reported carrying less physical cash than they did a year prior, indicative of a growing inclination towards digital payment methods. Notably, the younger demographic is leading the charge in this transition, with a striking 89% having seamlessly adopted cashless payment solutions.
Furthermore, the company delves into the prevailing trends shaping Vietnam’s burgeoning non-cash economy, notably highlighting the ascendancy of mobile wallets. Vietnam stands among the top Southeast Asian markets witnessing rapid mobile wallet adoption, serving as the preferred avenue for payments and substantially contributing to the digital finance sector’s growth. Remarkably, four out of every five Vietnamese consumers utilise mobile wallets, positioning the country as a frontrunner in mobile finance adoption.
In tandem with the surge in mobile wallet usage, real-time payments (RTPs) have gained considerable traction in Vietnam, underscoring the nation’s receptiveness to cutting-edge financial technologies. The unparalleled convenience and efficiency offered by RTPs have fueled further digitisation of the economy, with at least two in five consumers leveraging these services for various transactions, including cross-border transfers, peer-to-peer payments, merchant transactions, and bill settlements.
Additionally, the buy now, pay later (BNPL) service has emerged as a popular choice among Vietnamese consumers, offering flexible payment options and driving increased consumer engagement. The company’s strategic collaborations with leading Vietnamese retailers for its instalment solutions exemplify the transformative impact of such services in fostering financial inclusion and spurring business growth.
While credit cards may witness comparatively lower usage for wallet top-ups and funding, they remain the preferred choice for BNPL plans in Vietnam. The ease of use, coupled with incentives like free vouchers, rewards points, and transparent payment tracking mechanisms, have been instrumental in driving the adoption of BNPL offerings.
Vietnam’s ongoing cashless payment revolution not only presents unparalleled opportunities for economic growth but also fosters innovation, unlocking new avenues for both consumers and businesses in the transition towards a cashless society.
The Country Manager for Vietnam and Laos at the card service company emphasised the company’s unwavering commitment to driving innovation and enhancing digital payment experiences for consumers. The findings from their study corroborate the growing trend towards contactless transactions, evidenced by a significant 53% increase in contactless transactions made on their cards, accompanied by a 19% surge in purchases and a substantial rise in the total value of cross-border transactions.
Supporting data from the State Bank of Vietnam (SBV) further underscores the positive trajectory of non-cash payment and digital banking activities in the country. As of the end of 2023, individual payment accounts surpassed 182.88 million, reflecting a notable 21.8% year-on-year increase. In January 2024, non-cash transactions surged by 63.3% in volume and 41.45% in value compared to the previous year, with transactions through the internet and QR codes witnessing exponential growth rates.
OpenGov Asia reported on Vietnam’s strides towards a cashless society, attributing the momentum to government policies favouring digital payments. Increased online transactions fuel competition among tech firms, advancing Vietnam’s digital economy. A survey showed that 43.8% of sellers accept bank transfers, and 15.3% use VietQR codes, indicating wide digital payment adoption.
Encouraged by these trends, the SBV continues to advocate for digitalisation within credit institutions, fostering collaboration across sectors to expand the digital ecosystem, while concurrently refining the legal framework, mechanisms, and policies governing non-cash payments.
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In a bid to tackle the growing menace of digital crime and leverage technological advancements to bolster law enforcement efforts, the Royal Malaysia Police (PDRM) has unveiled plans to establish a new department dedicated to cyber technology. The announcement was made by Inspector-General of Police Tan Sri Razarudin Husain during the 217th Police Day Commemoration Celebration 2024 held in Kuala Lumpur.
In his address, Tan Sri Razarudin highlighted the need for PDRM to adapt to the changing landscape of crime, which has become increasingly complex due to rapid advancements in digital technology. He emphasized that the proliferation of digital crime poses significant challenges to law enforcement agencies worldwide and requires proactive measures to mitigate its impact on society.
The proposed cyber technology-based department aims to address these challenges by focusing on the investigation and prevention of digital crime, as well as the development of strategies to combat emerging threats in the cyber domain. By harnessing the power of technology, PDRM seeks to enhance its capabilities in detecting, investigating, and prosecuting cybercriminals while safeguarding the digital infrastructure of the nation.
Tan Sri Razarudin underscored the importance of government support for this initiative, emphasising that the establishment of the new department would enable PDRM to operate at its maximum potential in combating digital crime. He expressed hope that the government would consider the proposal favourably, recognising the critical role of law enforcement in ensuring the safety and security of the country’s digital ecosystem.
The decision to create a specialised department reflects PDRM’s commitment to staying ahead of the curve in the fight against cybercrime. With the rise of digital technology revolutionising various aspects of daily life, including communication, commerce, and entertainment, criminals have also capitalised on these advancements to perpetrate a wide range of illicit activities online.
From cyber fraud and identity theft to hacking and online harassment, the spectrum of digital crimes continues to evolve, presenting new challenges for law enforcement agencies worldwide. In response, PDRM aims to equip its officers with the necessary skills and tools to effectively combat these threats and protect the interests of the public in the digital age.
The establishment of the cyber technology-based department underscores PDRM’s proactive approach to addressing the challenges posed by digital crime. By investing in specialised training and resources, the police force aims to build a team of experts capable of navigating the complexities of the cyber domain and staying abreast of emerging trends and tactics employed by cybercriminals.
Moreover, the initiative reflects PDRM’s recognition of the interconnected nature of modern crime, where traditional and digital forms of criminal activity often intersect. By integrating cyber technology into its law enforcement strategies, PDRM seeks to foster a holistic approach to crime prevention and detection, ensuring that no avenue for criminal exploitation goes unchecked.
The establishment of a new department focused on cyber technology represents a significant step forward for PDRM in its efforts to combat digital crime. With the support of the government and a dedicated team of professionals, PDRM is poised to harness the power of technology to safeguard the digital well-being of the nation and uphold the rule of law in the digital age.
Malaysia is taking proactive steps to ensure cyber resilience amidst the evolving digital landscape, with a focus on combating rising threats like fraud and ransomware. The government has enacted legislation to promote cybersecurity, including laws governing data protection and electronic transactions.
The Legal Affairs Division, led by Minister Datuk Seri Azalina Othman Said, is drafting the Digital Safety Bill 2023, aligning with Prime Minister Datuk Seri Anwar Ibrahim’s vision and highlighting the importance of proactive legislation to address cyber threats effectively.
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In a world where addressing climate change has emerged as one of the defining challenges, innovation and digital transformation have the potential to combat climate change and accelerate the transition to a sustainable future.
Government officials, academics, and business leaders gathered at the SGFIN Sustainability Summit in Singapore to delve into the intersection of technology and finance, aiming to combat climate change and expedite the shift towards a sustainable future.
Deputy Prime Macinaister Heng Swee Keat, in his opening remarks, underscored the urgent need for collective action to address climate change, emphasising its global repercussions. From extreme weather events to rising sea levels, the impacts of climate change are felt across borders, disrupting economies and threatening livelihoods. In Singapore, where temperatures have risen steadily over the past four decades, the imperative for action is particularly acute.
Singapore has positioned itself as a leader in sustainability, committed to achieving net-zero emissions by 2050 outlined in the Singapore Green Plan 2030. This comprehensive roadmap encompasses a wide range of initiatives, including increasing the deployment of solar energy, enhancing green infrastructure, and implementing measures to reduce water consumption and waste generation.
GovTech, as the public sector’s centre of excellence for info-comm technology and smart systems (ICT&SS), is spearheading efforts to decarbonise public sector technology as part of the nation’s commitment under the Singapore Green Plan 2030.
Among GovTech’s initiatives are ensuring environmental consideration throughout the lifecycle of products and services with the GovTech Sustainable Digital Value Chain. This involves assessing and minimising environmental impacts from creation to disposal.
Additionally, GovTech provides energy-efficient data centres and cloud hosting options certified with Green Mark Platinum to meet the consolidated needs of the entire government more efficiently through its Green Government Hosting initiative.
Key initiatives include offering digital alternatives to physical transactions such as tele-conferencing and digital business cards through the Digital Workplace, centralising energy-efficient data centres to support agency server room consolidation, and developing secure government cloud solutions to accelerate the adoption of modern cloud capabilities through Government Hosting Consolidation and Cloud Migration.
GovTech is also actively exploring Green IT tools to augment software development processes and reduce carbon emissions with its Green Software initiative. Furthermore, GovTech is developing an Open Digital Platform for smarter district planning in the Punggol Digital District. This platform is expected to reduce energy and water consumption by up to 30% compared to the national average, showcasing the country’s commitment to driving sustainability through technological innovation.
Deputy Prime Minister Heng highlighted the importance of embedding sustainability across all sectors of the economy, noting the role of initiatives such as mandatory climate-related disclosures for listed companies in driving progress.
Finance plays a pivotal role in driving the transition to a low-carbon economy, serving as a critical enabler of climate action. Deputy Prime Minister Heng outlined Singapore’s efforts to mobilise financial resources for green investments, citing initiatives such as the Finance for Net-Zero (FiNS) Action Plan and the Singapore-Asia Taxonomy for Sustainable Finance.
These initiatives aim to provide investors with clarity and transparency regarding sustainable investments, thereby reducing the risks of greenwashing and facilitating the flow of capital towards climate-friendly projects.
Deputy Prime Minister Heng outlined strategies to mobilise finance for climate action, emphasising talent pool enhancement in sustainable finance, robust regulatory standards, and urging the use of venture capital for innovative climate solutions, aligning with Singapore’s research and innovation focus.
As nations continue to exchange ideas and forge partnerships, collaboration is key, paving the way for transformative change and a more sustainable future powered by innovation and financial ingenuity. It is through such collective efforts that the world can hope to overcome the challenges of climate change and create a better world for future generations.