Singtel has unveiled a groundbreaking initiative, the Cyber Elevate Programme, aimed at empowering small and medium-sized enterprises (SMEs) to bolster their defenses against the growing threat of cyberattacks. This innovative program will be conducted under the auspices of Singtel’s Cyber Security Institute.
The core of the Cyber Elevate Programme is a comprehensive two-day workshop designed to assess participating companies’ cyber risk profiles. SMEs will gain valuable insights into creating workflows for identifying cyber incidents and developing strategies to mitigate the impact when their systems are compromised by malware.
To further fortify their cybersecurity posture, SMEs enrolled in the program will receive legal and forensics support for an entire year, thanks to the partnership with prestigious law firm Drew & Napier and cyber incident response experts Blackpanda.
In addition to these benefits, SMEs will be eligible to receive a year of cloud backup service from Singtel, offered at no extra cost. This will provide them with an extra layer of data protection, ensuring business continuity even in the face of cyber threats.
Mr. Ng Tian Chong, Singtel’s Chief Executive, acknowledged the heightened vulnerability of SMEs to cyberattacks due to their limited resources and cybersecurity expertise. He stated, “Our team of experts will work with SMEs to build new capabilities and skill sets in spotting cyberattacks, identifying key assets to protect, and creating workflows to limit the impact of an attack.”
Mr. Ng emphasized that SMEs will also receive guidance on how to report a breach, communicate with stakeholders, and tailor their response strategies according to the specific requirements of their industries.
While both SMEs and larger corporations can participate in the Cyber Elevate Programme, SMEs will enjoy substantial subsidies, paying only 10% of the fees, capped at $3,000.
To qualify as an SME under this program, companies must be registered and incorporated in Singapore, possess at least 30% local shareholding by Singapore citizens or permanent residents, and maintain an annual sales turnover not exceeding $100 million or employing no more than 200 workers.
Polar Puffs & Cakes, a prominent pastry retailer, is among the early adopters of the Cyber Elevate Programme. Francis Looi, the company’s CEO, expressed enthusiasm about the program, noting its potential to evaluate the effectiveness of their current cybersecurity measures.
The initiative comes in response to the Cyber Security Agency of Singapore’s (CSA) findings in the “Singapore Cyber Landscape 2022” report, which revealed that nearly 40% of cyberattacks in Singapore target SMEs, constituting over 90% of the nation’s economy. The report specifically highlighted manufacturing and retail SMEs as particularly susceptible to ransomware attacks, given their valuable data and intellectual property but limited resources dedicated to cybersecurity.
Looking ahead, CSA has plans to launch a scheme later in 2023, offering subsidized cybersecurity consultancy services and tailored cybersecurity health plans to SMEs to enhance national cybersecurity certification.
Speaking at the event, Senior Minister of State for Communications and Information Janil Puthucheary reaffirmed the government’s commitment to supporting SMEs in their cybersecurity efforts. He emphasized the resources available, including CSA’s free cybersecurity toolkits and the “chief information security officer as a service” scheme, aimed at helping small businesses develop customized cybersecurity health plans.
