Singapore’s push for a secure and trusted digital ecosystem calls for collaboration across industries
Singapore must tackle pressing digital trust issues, such as cybersecurity and data protection, through a collective effort involving both the government and the private sector, according to Senior Minister of State for Communications and Information, Tan Kiat How. As the country strengthens its position as a global business hub, Tan emphasized the importance of collaboration to ensure a secure and trusted digital environment.
With the rise in cyber fraud, misinformation, and data breaches in recent years, businesses are finding it increasingly difficult to build trust with users. “It requires the entire ecosystem in Singapore — businesses, large and small, across all sectors — to work together to create a safer, more digitally trusted ecosystem,” said Tan.
While many nations have introduced regulations to address digital trust, Tan acknowledged that laws and regulations alone will not solve the problem. “The government and regulations won’t have all the answers,” he explained. “The industry must collaborate with regulators and policymakers to find pragmatic and sensible solutions.”
A recent study by SGTech, a tech trade association, revealed that digital trust is becoming a critical focus for businesses as cybercrimes continue to rise in the Asia Pacific region. Representing over 1,000 companies, including multinational corporations, SMEs, and start-ups, SGTech highlights that the digital trust sector in Singapore is valued at S$1.7 billion, with projections to grow to S$4.8 billion by 2027. The sector’s growth is expected to create 30,000 new jobs in the next five years, with cybersecurity, digital identity services, cyber insurance, and digital certifications leading the charge.
Tan also emphasized Singapore’s competitive advantage in the digital trust space. “In a digital world, we have a certain brand premium around trust, which benefits our economy and presents opportunities for businesses and workers,” he said.
As digital technologies permeate every aspect of life, from work to entertainment, protecting personal data has become essential. Tan stressed the need for greater awareness of digital trust, not just at the management level, but across all levels of an organisation, especially since employees are often the first line of defence against cyber threats.
To help businesses and individuals safeguard themselves, various agencies and industry groups have created reference guides, including earning relevant trust marks to reassure customers. “All of us can play our part by being cyber-safe online and mindful of who we share our data with,” said Tan. “True consumer choice will drive companies to adopt better digital trust practices.”
Tan also cautioned that smaller companies and SMEs often underestimate the importance of digital trust. “Cybersecurity threats don’t discriminate against large or small companies,” he noted, warning that reputational damage could occur if data is lost or misused. SMEs, he said, need to prioritise digital trust to protect customer interests and ensure the safety of their digital operations.
