Tech leaders praise Singapore's Budget 2025 digital focus
Singapore's Budget 2025 has been met with reactions from various leaders within the tech industry, highlighting the budget's implications for digital and cybersecurity advancements across the nation.
Simon Lee, Senior Vice President and Managing Director of Asia-Pacific and Japan at New Relic, commented on Singapore's progress towards becoming a significant digital economy, noting that in 2024, AI adoption by Singaporean businesses was at 53%, surpassing global levels.
"The Enterprise Compute Initiative in the Singapore Budget is highly welcome, as it will further advance the nation's vision to become the driver of global AI collaboration and development as outlined in National AI Strategy 2.0," he said.
Lee emphasised Singapore's strong interest in emerging technologies and the importance of observability in AI adoption.
With data explosion and the need for rapid business and developer velocity, he underlined that intelligent observability is crucial for automating operations and understanding dynamic environments.
Furthermore, he highlighted that initiatives like the SkillsFuture Enterprise scheme would aid in addressing the IT talent shortage, crucial for supporting Singapore's digital ambitions.
William Oh, Director of Business Development APAC at BlueVoyant, addressed the need for clearer plans to enhance cybersecurity in light of the increasing breaches affecting Singaporean organisations.
"Recent research from BlueVoyant showed that more than 70% of Singaporean organisations report an average of negative impacts from 3.97 breaches from third parties, such as vendors and suppliers," Oh stated, emphasising the risks posed by relying on external vendors.
According to Oh, organisations must review current cybersecurity practices and manage third-party risks more effectively.
He noted that the improved workforce development schemes within the budget will support organisations in enhancing supply chain risk defence and remediating cyber issues collaboratively.
He concluded by stressing the complexity of diversifying supply chains and the need for careful planning and risk assessment.
Ben Goodman, Senior Vice President and General Manager, Asia Pacific & Japan at Okta, highlighted the growing threat of identity-based attacks, a significant concern given that globally, identity is involved in 8 out of 10 cyber breaches.
"The increased risk of cyber threats across both the public and private sector are hitting unprecedented levels," Goodman remarked, calling attention to the urgent need for proactive measures to protect Singapore's digital landscape.
The combined insights from these industry leaders point towards a focused effort in Singapore's Budget 2025 to enhance its standing as a digitally savvy and cyber-secure nation, poised for continued growth in the face of evolving challenges in the tech realm.
