Singapore will set aside $1 billion over the next three years to build up the Government's cyber and data security capabilities, Finance Minister Heng Swee Keat said yesterday.
This is to safeguard citizens' data and critical information infrastructure systems, he said, with data security being a vital prerequisite and key enabler of Singapore's digital economy.
He said that Singapore must be prepared to deal with cyber threats as digitalisation becomes more pervasive.
The Republic's cyber capabili-ties have been raised significantly with the setting up of the Cyber Security Agency (CSA) in 2015 and the passing of the Cybersecurity Act in 2018.
CSA is preparing measures for the next level of cyber security as advanced technologies such as artificial intelligence and the In-ternet of Things are adopted, said Mr Heng.
"All of us, in the Government, enterprises, and as individuals, will need to stay vigilant and strengthen our cyber and data security capabilities."
Other than enabling Singapore's digital economy, data security is also key to preserving trust in a digitally connected world, said Mr Heng, who is also Deputy Prime Minister.
"As we embark on initiatives to realise our Smart Nation ambitions, we must continue to enhance our cyber capabilities," he said, adding that more details of the schemes to address security challenges will be disclosed by the respective ministers.
Security was one of three major long-term challenges Mr Heng flagged in his Budget speech, along with climate change and fiscal sustainability.
Despite the many demands on Singapore's Budget in uncertain times, the country's peace, pros-perity and stability cannot be taken for granted, he said. "As a small city-state, we are particularly vulnerable to volatilities in our external environment."
"Securing our home remains a high priority in our Budget, and must be funded adequately. It is imperative that we continue to invest in our external, internal, cyber and data security to keep Singapore and our families safe and secure," he added.
Noting that diplomacy and de-terrence are twin pillars in maintaining Singapore's sovereignty, Mr Heng said that Singapore strives to build good relations with neighbours and international partners, and to promote a rules-based world order.
"A strong Singapore Armed Forces supports our diplomatic efforts and ensures that other countries take Singapore seriously. We must be ever ready to defend our interests should negotiations fail.
"We must continue to ensure a credible deterrence by maintaining our military and technological edge in a prudent manner that stretches every defence dollar."
Back home, Singapore is committed to protecting safety and its way of life, he said.
The Home Team agencies will continue to enhance the operational readiness of their officers, leverage technology and build partnerships with the community, he added.
