Yip Hon Weng on Cybersecurity (Amendment) Bill

Businesses are the foundation of Singapore's economic strength and they should not be burdened with unnecessary red tape. MP Yip Hon Weng said this in Parliament on Tuesday (May 7). On the proposed amendments within the Cybersecurity (Amendment) Bill, he said that the resulting financial burden due to compliance costs on businesses, especially small- and medium-sized enterprises, must be carefully considered. What is the expected increase in compliance costs for businesses? Are there plans to provide assistance to businesses to help them cope with the increased costs? How will the Government support businesses that struggle to navigate the legal changes? These were some of the questions raised by Mr Yip. He added that Singapore should cultivate a cybersecurity culture that prioritises both robust security and a conducive environment for innovation. He also asked the Government to elaborate on how the amendments are in line with international cybersecurity frameworks and standards to ensure that Singapore's cyber defences are interoperable and effective on a global scale.