Digital banks will have a positive economic impact for Singapore. It will power startups and smaller businesses while further strengthening Singapore as Asia's leading financial and technological hub. However, these achievements will also put a target on our backs for cyberattacks, especially as the nation transitions towards hyper-connectivity with 5G.
Already this year, we saw a state-sponsored attack against Chilean ATM networks - a chilling reminder of how cyberthreats will only evolve as the industry goes digital. With the rise in multi-vector attacks and the chronic shortage of qualified security professionals, the economics of cyberattacks are very much slanted in favour of the attackers.
Digital-first businesses today need more efficient tools and advanced technologies to balance this equation. This includes machine learning algorithms and heuristic behaviour analysis that can identify attack patterns. They must also deploy intelligently automated defences that can accomplish tasks autonomously. Manual intervention response time will be too slow, resource-intensive, and ineffective - resulting in greater potential of network downtime and high costs to the organisation.