Singapore must clamp down on security inertia before digital banking era can take off

Where cybersecurity is concerned, governments and businesses often tout the importance of “shared responsibility”, with consumers urged to also practise good cyber hygiene to help stave off attacks and protect their own assets. A recent spate of online scams in Singapore, however, reveals that blame will be placed on individuals when possible and demonstrates that regulations sometimes are the only way to shake organisations out of complacency.

People, process, and technology. How often has this trinity been preached as the three fundamentals of any successful digital adoption and the holistic approach to ensure good security posture? Which of the three, though, bears greater weight? Does technology play the biggest role in cybersecurity? Or are processes the most critical component of this equation? 

When it comes to blame, it appears that significant onus is placed on consumers to safeguard their personal data and bear the consequences should they fall for online scams. 

A recent series of online scams involving at least 469 customers of OCBC Bank resulted in losses of more than SG$8.5 million ($6.32 million), with S$2.7 million scammed over the recent three-day Christmas weekend alone. Several of the victims reportedly lost their life savings, including a 43-year-old man whose account

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