MAS’ S$30 million cyber security enhancement grant just the tip of the iceberg

The world may have spent US$118 billion on information security products and services in 2018, but expect them to spend even more in 2019 – to the tune of US$124 billion, an increase of 8.7%, according to Gartner.

In Asia, regulators want to be seen as making an additional effort to up the local industry’s cybersecurity and cyber resilience posture.

For instance, the Monetary Authority of Singapore (MAS) has set aside S$30 million for the nation state’s financial services sector to beef up their cyber resilience posture in 2019. Funded under the Financial Sector Technology and Innovation Scheme (FSTI) the Grant will support the development of advanced cybersecurity functions among Singapore-based financial institutions.

Cybersecurity functions that could qualify for the Cybersecurity Capabilities Grant are security operations, cyber threat surveillance and intelligence gathering, computer forensics, malware research and analysis, and cyber threat hunting.

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