DBS to help Singapore SMEs tackle cybercrime

• Offers complimentary training with the aim of protecting 280,000 SMEs
• Course includes ten online modules, covering different facets of cybersecurity

DBS announced that it will be availing a complimentary cybersecurity training programme, which the bank claimed will help protect the 280,000-strong SME (small medium enterprises) community in Singapore from the growing threat of cybercrime.  

In a statement, the bank said SMEs will be presented with recommendations for suitable cyber insurance and cybersecurity solutions, at the end of the programme. 

This will enable SMEs to take immediate steps to protect their businesses from potential cyberattacks, it added.

The programme, DBS #CyberWellness, comprises ten online modules, each covering a different facet of cybersecurity, such as password protection, phishing, digital scams, physical security, and social media security. 

To make the training even more accessible for time-strapped employees, each module can be accessed on the go digitally through an e-learning platform, with all 10 modules taking no more than 120 minutes to complete, DBS said.

Going forward, the bank is looking to partner government agencies, industry associations, and like-minded corporate partners to scale the programme so SMEs can continue to digitalise safely and securely. 

StarHub was introduced today as a programme partner for DBS #CyberWellness.

The telco will provide participating SMEs with a complimentary two-month trial of their hardware-free, plug-and-play cybersecurity solution called “Secure Access Service Edge (SASE) for SME”. 

This will enable SMEs to gain business-wide defence against cyber threats, DBS said.

According to the Cyber Security Agency of Singapore (CSA), over two in five crimes committed in Singapore in 2020 were related to cybercrime, with over 16,000 such cases reported and SMEs accounting for almost 40% of these.

With SMEs making up 99% of businesses in Singapore, employing 70% of Singapore’s workforce and contributing nearly half of the nation’s Gross Domestic Product, Joyce Tee (pic), group head of SME Banking at DBS, noted that the potential disruption of lives and livelihoods in the event of coordinated cyberattacks on SMEs cannot be underestimated. 

“SMEs tend to be more vulnerable to cyberthreats because they lack the time or resources of bigger companies.

“We believe we can make the biggest impact by equipping the employees of SMEs with foundational cybersecurity skills, which become ingrained everyday habits as they put their skills to practice.

“Most importantly, trained employees become the first line of cyber defence for SMEs and play a crucial role in averting downtime due to catastrophic cyberattacks,” she said.

DBS #CyberWellness was first rolled out as a pilot to social enterprises and charities in Singapore and was subsequently expanded to include SMEs. 

Agreeing with DBS on the pressing need for businesses to boost cyber defences, Charlie Chan, chief, enterprise business group, StarHub, said cyber threats hurt indiscriminately, causing significant financial and reputational damage not just to large enterprises, but also to SMEs and the man on the street. 

“We are partnering with DBS to help SMEs and their employees stay safe online. Joining hands with DBS, we have combined critical and free training with defensive tools that are easy to use,” he said

SMEs keen to tap on DBS #CyberWellness and partner offerings can register here.