[L3 Analysis] Why Singapore is a Prominent Target for Cyber Attack

Singapore is a prominent target for cyber attack because of the following factors:

Strong Economy

Singapore is a major economic and financial hub in the world, with technologically advanced and interconnected economy. Singapore is among the top 10 richest countries in the world in terms of Gross Domestic Product Per (GDP) Capita and Gross National Income (GNI)[1]. Also, Singapore is also among the top 10 in terms of Global Financial Centres Index (GFCI) Rating [2]. Also, Singapore being ranked 2nd in the "Ease of Doing Business" by the World Bank [3] is home to large number of multinational corporations (MNCs). According to Singapore Economic Development Board (EDB), Singapore has over 37,000 international companies which include 7,000 MNCs, with their regional headquarters in the country [4]. Thus, singapore is lucrative and attractive for cyber adversaries seeking to steal sensitive and valuable data for financial gain or to disrupt economy activity or critical infrastructure.

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Advanced Infrastructure

Singapore has an advanced technological infrastructure, including a highly developed digital economy and high level of internet connectivity. According to KPMG survey, Singapore is one of the biggest technology hubs in the world aside from Silicon Valley/San Francisco [5]. 2022 IMD World Digital Competitiveness ranking report shows Singapore among the top 5 in the world for digital competitiveness [6], and it is also among the top 5 in terms of internet speed [7]. This makes it easier for cyber adversaries to launch cyber attacks.

Strong Reputation for Research and Development

Singapore has the status of global hub for research and development and has consistently ranked highly in international rankings for innovation. According to data from World Intellectual Property Organization (WIPO), singapore is among the top 10 for the Global Innovation Index Ranking [8]. This means that singapore is home to a wealth of intellectual property which makes it an attractive target for cyber adversary seeking to steak proprietary information.

References

[1] https://worldpopulationreview.com/country-rankings/richest-countries-in-the-world

[2] https://en.wikipedia.org/wiki/Global_Financial_Centres_Index

[3] https://archive.doingbusiness.org/en/rankings

[4] https://www.hawksford.com/knowledge-hub/2018/mncs---why-you-should-set-up-a-subsidiary-in-singapore

[5] https://www.inapps.net/the-biggest-tech-hubs-in-the-world/

[6] https://www.imd.org/centers/world-competitiveness-center/rankings/world-digital-competitiveness/

[7] https://worldpopulationreview.com/country-rankings/internet-speeds-by-country

[8] https://www.wipo.int/edocs/pubdocs/en/wipo-pub-2000-2022-section1-en-gii-2022-at-a-glance-global-innovation-index-2022-15th-edition.pdf