Cyber Threats and The Impact on Businesses

More than 80 members from Singapore infocomm Technology Federation (SiTF) and Singapore Manufacturing Federation (SMF) gathered for a talk on “Cyber Threats and The Impact on Businesses.” The session, held on 25 November 2016 was the inaugural talk co-organised by both trade associations with the purpose of sharing technology insights, trends and best practices.

Participants listening intently to the speakers

Mr Lam Joon Khoi, Secretary-General of SMF opened the session by addressing the pervasiveness of   cyber threats and the need for awareness in ensuring healthy practices to minimize the risk. He added that productivity would be impacted should a business’ data be compromised by a cyber-attack.

Mr Lam Joon Khoi, Secretary-General of SMF giving his welcome address

An invited panel of technology experts shared with members on cybersecurity in Singapore. Mr Ryan Flores, Forward-Threat Research Senior Manager, Trend Micro Singapore shared with the audience that in an increasingly inter-connected world, Singapore faces a greater risk of cyber-attacks. He emphasized the need for companies and individuals to be proactive in protecting their systems.

Mr Stephen Tan, Regional Sales Manager of Palo Alto Networks provided a case study about ransomware. One of the latest known cyber threat, ransomware encrypts the user’s data and demands a ransom to de-encrypt the data. Attendees were shown a demo on how ransomware worked.

The panel of experts addressing questions from the crowd

A case study on the use of the Internet of Things (IOT) to harness productivity in the manufacturing sector was introduced by Mr John Lockhart, Business Developer, Dell EMC. He discussed about devices that could be used to control temperature, useful tools for manufacturers in their production process. With such devices, not only would the manufacturing process be hastened but the quality of products would be ensured as well.

John Lockhart, Business Developer, Dell EMC sharing on how IoT can impact the manufacturing sector

The session was wrapped up with Mr Rizwi Wun, Partner, IP & Technology, RHTLaw Taylor Wessing, who cautioned companies who had experienced cyber-attacks to be considerate of their response to their customers and partners as it could have implications on their branding. He shared that it was important for companies to be aware of present and upcoming legislations on data protection and cybersecurity incidents as it had direct impact on their business operations.

Rizwi Wun, Partner, IP & Technology, RHT Taylor Wessing, explaining the importance of crisis management

All speakers participated a lively Q&A session where the upcoming cybersecurity bill and its potential impact on businesses were discussed.

Question from one of the participants