CSA Commits S$50 Million to Boost Talent, Innovation, and Growth in Singapore's Cybersecurity Industry

01 Oct, 2023

CSA Commits S$50 Million to Boost Talent, Innovation, and Growth in Singapore's Cybersecurity Industry

The Cyber Security Agency of Singapore (CSA) has announced a S$50 million investment in Singapore's cybersecurity sector as part of the three-year Cybersecurity Talent, Innovation & Growth (Cyber TIG) Plan. The plan was unveiled by Mrs. Josephine Teo, Minister for Communications and Information and Minister-in-charge of Smart Nation and Cybersecurity, during CSA's Cybersecurity Innovation Day 2023 on September 29, 2023.

Cybersecurity is a critical pillar in bolstering the growth of Singapore's digital economy, aligning seamlessly with the core tenets of Singapore's 2021 Cybersecurity Strategy: "Fostering a Dynamic Cybersecurity Ecosystem" and "Nurturing a Strong Talent Pipeline." These foundational components are essential for fortifying resilience against enduring cybersecurity challenges, strengthening Singapore's standing as a reliable global business center, and fostering economic prospects for both Singaporean citizens and businesses headquartered in the country.

The cybersecurity sector in Singapore has demonstrated substantial growth. A 2015 study estimated a market size of approximately S$570 million, while a more recent study in 2022 estimated the market size to be around S$2 billion. The cybersecurity workforce has also tripled over six years, increasing from 4,000 professionals in 2016 to 12,000 in 2022.

To harness the opportunities presented by increased digitalization, CSA's Cyber TIG Plan focuses on Talent, Innovation, and Growth. It consolidates and enhances existing talent and innovation initiatives, supports companies in developing and internationalizing cybersecurity solutions, facilitates mid-career conversions into the sector, and explores professionalizing the cybersecurity workforce.

The plan includes a place-and-train mid-career conversion program that will add approximately 100 more cybersecurity professionals to the workforce annually for the next three years. CSA will also study the feasibility of establishing a professional framework to set standards for cybersecurity professionals in Singapore.

CSA aims to provide training for non-cybersecurity professionals, such as industrial system engineers, to acquire relevant cybersecurity skills, supporting their organizations' cybersecurity needs.

A new program, CyberBoost, will assist cybersecurity companies in developing, validating, and scaling their solutions, with training, mentorships, networking opportunities, and more. This initiative will work alongside the Cybersecurity Industry Call for Innovation (CyberCall).

To support SMEs and startups in the cybersecurity sector, CSA will launch an export program called CyberGrowth. This program will help local companies understand overseas cybersecurity markets and explore opportunities for business expansion through webinars and overseas missions.

CSA will collaborate with SGTech on a Cyber Catalogue, showcasing the capabilities of Singapore-based cybersecurity companies to potential global buyers.

The establishment of the CyberSG TIG Collaboration Centre, in partnership with the National University of Singapore (NUS), will play a pivotal role in achieving the Cyber TIG Plan's objectives. The center will foster synergy between cybersecurity talent, innovation, and industry growth, building a vibrant cybersecurity ecosystem by bringing together various stakeholders to capitalize on digitalization opportunities.