Singapore to invest millions to improve cybersecurity for banks

Global Business

Singapore to invest millions to improve cybersecurity for banks

Cybersecurity is perhaps the biggest risk facing financial system.

With a series of high profile hacks on Asian banks, Singapore is upping its game to fight against potential threats to the system.

CCTV’s Melanie Ralph takes a look at what’s at stake.

Singapore to invest millions to improve cybersecurity for banks

Singapore to invest millions to improve cybersecurity for banks

Cybersecurity is perhaps the biggest risk facing financial system. With a series of high profile hacks on Asian banks, Singapore is upping its game to fight against potential threats to the system.

In Singapore, huge advances are being made with financial technology, with plans to spend $225 million on projects within banks.

Turning to tech not only makes operating costs cheaper for banks, but also entices customers searching for easier management of their money.

Local bank DBS is one of those ahead in the financial tech field. They’ve just launched India’s first mobile-only bank, Digibank, where internet safety is a top priority for its operations.

Along with learning about cybercrime prevention, students educating themselves on cybersecruity are also learning how to deal with the fallout of a cyber-attack which in many ways is just as important.