Singapore Invests $22 Million In Financial Sector With Cybersecurity Grant
This post was last updated on August 10th, 2021 at 06:00 pm
Singapore Invests $22 Million To Reinforce Financial Sector Cybersecurity With Capabilities Grant
In December, the Monetary Authority of Singapore (MAS) launched the Cybersecurity Capabilities Grant. The Cybersecurity Capabilities Grant is a new cybersecurity funding initiative designed to help strengthen cyber resilience in Singapore’s financial sector.
The $30 million (Singapore Dollars, roughly $22 million USD) government program is also aimed at helping spur the growth of local cybersecurity talent in Singapore.
The latest grant was funded as part of the Financial Sector Technology and Innovation (FSTI) Scheme, which includes over S$225 million invested since June 2015 to support Singapore’s financial sector. Money from the grant is reserved for Singapore-based financial institutions who are reinforcing “advanced cybersecurity functions” (listed below) and security operations.
- Cyber Threat Hunting
- Malware Research and Malware Analysis
- Digital Forensics
- Threat Monitoring
- Threat Intelligence
Beyond investing in advanced cybersecurity applications and resources, a secondary goal for the Cybersecurity Capabilities Grant is to encourage its financial sector to invest more in local talent — perhaps offering more access to cybersecurity training programs and continuing education.
The financial sector cybersecurity grant will c0-fund (50%) qualifying expenses with a $3 million cap. To learn more about the Cybersecurity Capabilities Grant and apply, interested institutions may email: email@example.com.