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“The Cybersecurity Labelling Scheme (CLS) seeks to improve products by incentivizing manufacturers to see cybersecurity as a competitive advantage,” said Janil Puthucheary, Senior Minister of State of Singapore, during the International Internet of Things (IoT) Security Roundtable, part of Singapore International Cyber Week (SICW).
David Koh, Chief Executive of the Cyber Security Agency of Singapore (CSA), further amplified the senior minister’s message, saying that “cybersecurity is a key enabler of digital development,” the view shared by ASEAN ministers according to him.
The annual conference, which features some of the most prominent figures in the cybersecurity field to facilitate cooperation, has come to an end this week. The Readable has published four stories on SICW as below, with two more articles to be published next week.
This is Dain Oh reporting from Singapore and South Korea, and here is your weekend briefing.
1. Senior Minister of Singapore proposes ways to build trust in the digital world
Singapore―SICW 2024―Senior Minister and Coordinating Minister for National Security Teo Chee Hean said Monday that the benefits of the digital world, such as societal progress and innovation, can only be achieved when digital technology is fundamentally trusted by the public.
The senior minister made the statement to an audience at Singapore International Cyber Week (SICW), the Asia-Pacific region’s most established cybersecurity conference. This year’s event, held under the theme “Trust and Security in the Digital Era,” focused on discussions and partnerships in cybersecurity.
“Last year, I spoke about how trust in the digital domain is under considerable pressure. Unfortunately, this remains so, perhaps even more so,” Teo said, citing grim figures of cyberattacks. According to blockchain intelligence firm Chainalysis, ransomware payments exceeded $1 billion in 2023, a record high. Additionally, the Global Anti-Scam Alliance found that just over a quarter of the nearly 50,000 people surveyed from 43 countries had lost money to scams or identity theft over a 12-month period. READ MORE
2. Singapore, South Korea join forces on cybersecurity labelling for consumer products
Singapore―SICW 2024―The Cybersecurity Labelling Scheme (CLS), launched by Singapore’s Cyber Security Agency (CSA) as a voluntary program to rate commercial products based on their cybersecurity standards, has gained international momentum with South Korea joining its proactive efforts to protect the digital ecosystem.
By signing a mutual recognition arrangement (MRA) with Singapore on October 16, South Korea became the first country in the Asia-Pacific region to join the ambitious cybersecurity scheme. On the same day, Germany also updated its existing CLS agreement with Singapore.
The MRAs with South Korea and Germany were signed during the International Internet of Things (IoT) Security Roundtable, part of Singapore International Cyber Week (SICW). Lee Sang-joong, President of Korea Internet & Security Agency (KISA), and Barbara Kluge, Deputy Head of the Directorate-General Cyber and Information Security at Germany’s Federal Ministry of the Interior and Community (BMI), representing the Federal Office for Information Security (BSI), appeared on stage with David Koh, Commissioner of Cybersecurity & Chief Executive at CSA. READ MORE
3. Conversation with David Koh: Cybersecurity as a key enabler for social advancement
Singapore―SICW 2024―David Koh is the first commissioner of cybersecurity in Singapore and the first chief executive (CE) of the Cyber Security Agency (CSA). Since the establishment of CSA in 2015, he has led the agency as CE while also serving as the chief digital security and technology officer at the Ministry of Digital Development and Information.
On the morning of Oct. 17, Koh sat down with journalists who had flown in to cover the Singapore International Cyber Week (SICW), a conference that has become, in less than a decade, the Asia-Pacific region’s most established cybersecurity event. Over coffee and a sandwich, the chief executive answered questions from the press and discussed some of the week’s key announcements.
Regarding the Cybersecurity Labelling Scheme (CLS), where CSA signed mutual agreements with South Korea and Germany a day before the foreign media meeting, Koh explained that the initiative is a coordinated effort to shift the industry’s long-standing view of cybersecurity from one of concern over cost to one that prioritizes competitive advantage. READ MORE
4. “Be visible. Trust yourself. Uphold integrity,” say women in cyber
Singapore―SICW 2024―The recent movie Young Woman and the Sea, which parallels Ernest Hemingway’s classic novel The Old Man and the Sea, tells the true story of Trudy Ederle, who made history by becoming the first woman to swim the English Channel on August 6, 1926. The film concludes with the assertion that her achievement extended beyond swimming, as it permanently changed the landscape for women in sports.
Women pioneers are also making their mark in the cyber domain. The Singapore International Cyber Week (SICW), which attracted about 12,000 delegates from more than 80 countries this year, invited women leaders in cybersecurity to share their insights with female students and working professionals aspiring to pursue careers in the field.
“Despite growing numbers, women working in cybersecurity continue to be a minority. It is an important part of our work to promote the advancement of women,” said Rahayu Mahzam, Minister of State for the Ministry of Digital Development and the Ministry of Health of Singapore, during her opening address at SICW’s Women in Cyber session. “This is not just about improving statistics. Creating and sustaining trust in our digital world calls for comprehensive, ecosystem-wide collaboration. As cybersecurity threats become more sophisticated and impact our communities, tapping into the unique perspectives and talents across society is essential to strengthen our collective defenses,” asserted the minister. READ MORE
5. South Korea’s robotics market overtaken by Chinese brands after key tech leak
South Korea once led the domestic robotic vacuum market with companies like Samsung and LG, but Chinese brands such as Roborock, Xiaomi, and Ecovacs have since taken over, largely due to the illicit transfer of key technologies, according to South Korean lawmaker Choi Soo-jin. A decade ago, South Korea had a significant technological edge in the domestic robot vacuum sector, but in 2013, critical robotic vacuum technology was leaked to China—a key event now viewed as a major factor in the shift of market dominance toward Chinese brands. READ MORE
6. Bank of Korea discloses DDoS attack amid rising cyber threats
The Bank of Korea recently disclosed that its official website experienced a Distributed Denial of Service (DDoS) attack in December 2023, a fact revealed during a National Assembly audit. The attack temporarily caused access delays, though the extent of disruption to regular users was minimal, and the incident was not made public at the time. This marks the first DDoS attack on the bank since 2019. READ MORE
7. Italy’s Intesa Sanpaolo apologises for security breach involving PM Meloni
Italy’s largest bank, Intesa Sanpaolo, issued an apology after a security breach involving unauthorized access to the bank accounts of thousands of customers, including Prime Minister Giorgia Meloni. The breach, reportedly caused by a disloyal bank employee who was subsequently fired, raised serious concerns about data security and privacy violations. The bank has notified authorities and filed a formal complaint. READ MORE
8. Hong Kong fraudsters use deepfake tech to swindle love-struck men out of $46M
Hong Kong police have dismantled a fraud syndicate that used deepfake technology to scam men, including those in Singapore, out of HK$360 million (US$46 million). The syndicate used AI-generated images to pose as attractive women in video calls, luring victims into fake cryptocurrency investments. This marks the first time local authorities have cracked down on a fraud operation using deepfake technology in such a scheme. READ MORE
More stories this week…
9. [Reuters] EU AI Act checker reveals Big Tech’s compliance pitfalls
10. [BBC] Firm hacked after accidentally hiring North Korean cyber criminal
Minkyung Shin contribute to this briefing.
