In a move widely telegraphed and consulted with the industry, the Singapore Cybersecurity Agency (CSA) has established a licensing scheme for cybersecurity providers. This means that any company providing cybersecurity services in Singapore must apply for a license to operate within six months of this regulation’s implementation on 11 April 2022 (i.e. by 11 October 2022.)
There are two initial licenses available, which are for penetration testing companies, and for managed security operations centre monitoring service companies. It is expected that the licensing scheme will expand to include a broader variety of licenses as it matures.
Impact Assessment: This cybersecurity licensing scheme was created to establish a strong standard of assurance for customers, as cybersecurity companies have a high level of access to their clients’ information systems and infrastructure. With this scheme, safeguards and standards of operation, risk management frameworks, and accountability mechanisms, will be legislated, leading to higher standards of security from any Singapore-licensed cybersecurity provider.
For more information, the press release is available here.
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