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As cybercrime rises, data breach fines may exceed $1 million

In the wake of the pandemic, cybersecurity risks have risen dramatically. Not only has the number of reported data breaches gone up, but the size of the breaches has also increased.

This is the assessment of Ng Quan Cheng, who is Manager, IT InfoSec, and the Data Protection Officer (DPO) at Straits Interactive, which set up and supports the Data Protection Excellence (DPEX) Network community.

In recent years, both firms and individuals in Singapore have faced increasing cyber threats and online scams such as phishing and ransomware attacks. In fact, an August report by the Cyber Security Agency of Singapore (CSA) highlighted a 54 percent jump in ransomware cases and a 17 percent increase in phishing cases.

This followed an April announcement by the CSA that a recurring tech support scam had tricked at least 154 victims since January of at least SGD7.1 million.


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