February 25, 2005 – (HOSTSEARCH.COM) – Reuters news agency reported recently that Singapore is to spend $23 million over the next three years on internet security.
Singapore, Deputy Prime Minister Tony Tan said, "We cannot afford to treat the threats from cyber terrorists, cyber criminals and irresponsible hackers lightly."
"Infocomm security is as important in protecting Singapore as is physical security at our borders," added Tan, who is also Coordinating Minister for Security and Defense.
50-60 percent of Singapore’s 4.2 million people live in homes wired to the internet.
In 2003, Singapore passed strict legislation to allow monitoring of all computer activity and for police to take pre-emptive action to protect state computers from cyber attack.
Tan said the money would also be used to help businesses tighten security for online financial transactions while guiding them to work with the government in maintaining cyber security.
The Cyber-Threat Monitoring Center will link up with companies that provide anti-virus systems and governments running similar centers, including the United States and Australia. It is expected to be fully operational by the second half of 2006.
