SINGAPORE--Data analytics will be tapped to shape future businesses, and the need to secure such information will create growth opportunities in Singapore's information security industry.
Giving his address at the IBM InterConnect 2013 event here Wednesday, deputy prime minister Teo Chee Hean said cybersecurity issues must be addressed for data analytics to be used to realise the full potential of future businesses.
He said ICT and data analytics would become important in how businesses differentiate themselves in the future. However, for organisations to thrive in this space, it is paramount that security and privacy concerns are resolved, Teo said.
"If data analytics is the key to unlocking new business value, cybersecurity will help ensure the safety of data," he said. "Having robust cybersecurity capabilities will allow businesses and consumers to safely adopt next generation technologies such as mobile and cloud computing."
He added that having robust data security will become a necessity, enabling organisations to safely conduct business.
As such, Teo predicted Singapore's information security market will boom. "Cybersecurity market in 2011 was estimated to be worth S$63.7 billion (US$51.02 billion), and this is expected to grow to about S$120 billion (US$96.1 billion) by 2017."
Regarded as a key business hub in the Asia-Pacific region, Singapore must continue to be one in the online domain, the minister said, noting that the Asian nation was already doing so by supporting Interpol's Global Complex for Innovation, which is scheduled to open next year. The complex itself will assist global law enforcement agencies with investigations involving online criminal activity.
Michael Lee attended IBM InterConnect 2013 in Singapore as a guest of IBM.