Cybersecurity sector projected to grow to S$900m by 2020: Yaacob

Cybersecurity sector projected to grow to S$900m by 2020: Yaacob

Dr Yaacob said that cyber security is one of the emerging growth sectors in Singapore's digital economy, with the potential to provide more than 2,500 additional job openings by 2018.

Dr Yaacob Ibrahim at Palo Alto Networks opening

SINGAPORE: The cyber security sector in Singapore is projected to grow to around S$900 million by 2020, Minister for Communications and Information Yaacob Ibrahim said on Wednesday (Mar 22).

Speaking at the opening ceremony of US security firm Palo Alto Networks' new Asia Pacific headquarters in Singapore, Dr Yaacob - who is also Minister-in-charge of Cyber Security - said that with increasingly sophisticated cyber attacks fuelling demand, cybersecurity is one of the emerging growth sectors in Singapore's digital economy, with the potential to provide more than 2,500 additional job openings by 2018.

However this growth will require collaboration between private and public sectors, he added.

"The Government alone cannot propel its growth. It requires collaborative effort from all stakeholders including both international and local companies, as well as professionals and the wider community."

Palo Alto Networks' new office space at Guoco Tower is more than double its previous space at Millenia Tower. The office will be the base for many cybersecurity personnel in the region, the company said.

Dr Yaacob said Palo Alto Networks is an "important partner" of the Government in development of its cybersecurity capabilities. He noted that the firm published a practical guide to cybersecurity for the industry early this year with the support of the Cyber Security Agency of Singapore, and offered internships to tertiary students to hone their skills with experts and cut their teeth on the latest technologies.

"Your significant investment in the new facilities at this APAC headquarters such as the new solutions lab, a data centre and planned investment to host WildFire Cloud – Palo Alto Networks’ threat analysis service – as well as training programmes for cybersecurity professionals will be a welcome addition to our cybersecurity landscape," he said.

Source: CNA/nc

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