Neil Parekh Nimil Rajnikant on Cybersecurity (Amendment) Bill

The Cybersecurity (Amendment) Bill represents a significant step forward in enhancing Singapore's digital resilience by bolstering its cybersecurity framework and ensuring that it stays ahead of sophisticated and rapidly evolving digital threats, said NMP Neil Parekh Nimil Rajnikant. Speaking in Parliament on Tuesday (May 7), he highlighted the opportunities for businesses, such as market expansion in cybersecurity services, avenues for innovation and product development and new products and services around cybersecurity insurance. However, there could be increased regulatory burden for businesses, especially small- and medium-sized enterprises. The measures could also stifle innovation and competition, and act as a barrier to entry for new start-ups in critical sectors which could find the high standards daunting and financially taxing. He pointed out that businesses would like to have some clarity on the specific criteria that will be used to designate entities to be of special cybersecurity interest, as well as better understand both the financial and operational impact of non-compliance.