13 July 2005 - Welcome Speech By Mr Khoong Hock Yun, Assistant Chief Executive, Industry Group, Infocomm Development Authority of Singapore At IDA & T-Systems Infocomm Security Breakfast Event, Hotel Intercontinental.
Welcome Speech By Mr Khoong Hock Yun, Assistant Chief Executive, Industry Group, Infocomm Development Authority of Singapore At IDA & T-Systems Infocomm Security Breakfast Event on 13 July 2005, Hotel Intercontinental.
Dr. Franz-Peter Heider, Executive Vice President, Security, T-Systems International,
Thomas Jakob, Chief Executive Officer, Asia South, T-Systems Singapore,
Ladies and gentlemen,
1. A very good morning to everyone. Thank you for taking the time to join us today, and I believe you will certainly gain insights into the significance of infocomm security for businesses.
Increasing Importance of Infocomm Security2. Over the years, as infocomm technology increasingly becomes the backbone of many businesses; infocomm security has received greater attention and emphasis. Companies are beginning to appreciate infocomm security as a preventive strategy to protect their corporate information systems.
3. A CIO Magazine and PriceWaterhouseCoopers survey last year revealed that infocomm security has become a bigger line item in the corporations' IT budget, growing to 11% as compared to 7% in year 2002.
4. This survey revealed that infocomm security profession as a major job function is growing, and companies are creating more senior-level security positions.
5. I am sure you are already well aware of the recent security breach at the US-based credit card processing company which has exposed 40 million credit card accounts worldwide. If you could recall, back in 2002, we also had an episode back home: 21 DBS and POSB online accounts were broken into, where the hacker transferred over $21000 into his account. When infocomm security is breached, besides direct financial loss there can also be incalculable reputation loss. For example, LexisNexis and HSBC Bank revealed earlier this year that almost half a million Americans' personal and financial data were stolen from data brokers, banks and retailers.
6. Earlier this year, IDA launched the Infocomm Security Masterplan to provide a comprehensive approach to strengthen Singapore's infocomm security infrastructure, systems, processes and manpower development and capabilities. IDA will continue to engage the industry to co-create a robust Infocomm security eco-system in the areas of security, privacy and reliability, to strengthen assurance and risk management for our government, industry and, the public.
7. All these bring on a deeper meaning to IDA's collaboration with T-Systems. I believe this is truly a win-win partnership. Singapore offers a sound and connected infrastructure, and a strong corporate governance to anchor and expand their critical ICT operations here. T-Systems, on the other hand, brings to us its leadership and expertise in ICT, especially in the area of security evaluation. Their investments will enable the local industry to develop new markets, and also new capabilities in high-end ICT competence.
About the Talk
8. On this note, I would like to sincerely welcome Dr Peter-Franz Heider to Singapore, who has specially flown in from Germany to witness this momentous occasion between IDA and T-Systems Singapore.
9. Dr. Heider is one of the pioneers that shaped the development of the information and communication security in Germany. And he has been acting as consultant and advisor to the German security authorities for the past 20 years.
10. Without further ado, please join me in welcoming Dr. Heider.