INSIGHTS
Banks and financial services companies in Singapore are increasing their spending on cyber-security to keep IT systems safe from attacks, with 60 per cent indicating they will up such expenditure this year compared to 2013, according to recruitment firm Robert Half. The survey findings released on Wednesday (June 4)
Singapore's financial institutions spending more on cybersecurity: Survey
Date: 2014/06/05
Source: CNA/CHANNEL NEWSASIA
Banks and financial services companies in Singapore are increasing their spending on cyber-security to keep IT systems safe from attacks, with 60 per cent indicating they will up such expenditure this year compared to 2013, according to recruitment firm Robert Half.
The survey findings released on Wednesday (June 4) showed that IT security is more likely to get increased funding than other key banking functions such as regulatory reform and compliance, product development or digital initiatives such as online banking.
Beyond spending on IT systems, 93 per cent of companies in Singapore said they are planning to hire more staff to manage their online security. About 39 per cent are hiring more permanent staff, while another 54 per cent will be recruiting temporary staff, according to the survey.
Robert Half Managing Director Stella Tang said banks here are responding to guidance issued by the Monetary Authority of Singapore to heighten cybersecurity and safeguard their systems.