Singapore’s cybersecurity industry is growing strong, with now some 105 unique startups, according to the Innovation Cybersecurity Ecosystem at Block71 (ICE71)’s latest Singapore Cybersecurity Community Map.
Singapore Cybersecurity Startup Map
These startups operate in cybersecurity and associated fields including information privacy, cyber threat intelligence, and email/ mobile/ cloud/ network/ Internet-of-Things (IoT) security.
According to the map, risk and compliance is one of the most developed segments in Singapore’s cybersecurity startup ecosystem with companies such as Swarmnetics, a startup delivering security testing services, Threatspan, a business that manages cyber risk for the shipping and maritime industry, and Phishnow, a phishing simulation company.
Data security is another well developed segment with companies in the field that include Dathena, a Swiss and Singaporean company developing data governance software based on machine learning algorithms, Digify, an award-winning document security service, and OneKIY, a company providing a security platform of applications built around the KIY (Keep It Yourself) security system.
Cloud security and identity and access management as well as are crowded categories with startups such as Cloudpurge, which provides endpoint protection from browser, email and document-based malware, ransomware and phishing attacks, Cloudsine, a cloud technology company specializing in cloud adoption, security and innovation, V-Key is a software-based digital security solutions provider, and CashShield, an online enterprise risk management company that helps companies manage their payment fraud risks and prevent hostile account takeovers.
Other cybersecurity startups in Singapore include SafeChats, a cross-platform solution which ensures a military-grade security for business and private communications, eShard, a specialist in embedded security technology, Secucial, a decentralized identity system, Cyfirma, a predictive cyber threat visibility and intelligence analytics platform, and Seconize, a startup providing products and services in the integrated (IT) risk management space.
ICE71: a cybersecurity hub
According to ICE71, almost 30% of the 105 startups are in the “ICE71 Inner Circle,” meaning they are or were in an ICE71 program.
ICE71 is a cybersecurity startup and entrepreneur hub founded in 2018 by Singtel Innov8, the venture capital arm of the Singtel Group, and NUS Enterprise, the entrepreneurial arm of the National University of Singapore (NUS), and supported by the Cyber Security Agency of Singapore (CSA) and the Infocommunications Media Development Authority (IMDA).
ICE71 aims to strengthen Singapore’s growing cybersecurity ecosystem by developing and accelerating cybersecurity startups from early stage to late stages.
It runs a range of programs designed to support entrepreneurs and startups from idea development to the creation, acceleration and scaling of their businesses. Programs include ICE71 Inspire, for individuals with an interesting cybersecurity idea or concept, ICE71 Accelerate, for early-stage cybersecurity startups, and ICE71 Scale, for later-stage cybersecurity businesses who wish to expand their business into the Asian market.
The ICE71 Accelerate program, which has supported 25 companies since it launched in March 2018, held its third Demo Day this week.
Fostering more innovation in cybersecurity
As Singapore expands upon its goal of becoming a Smart Nation, cybersecurity has become a major area of concern.
The Singapore government passed the Cybersecurity Act in early 2018 which provides a framework to Critical Information Infrastructure (CII) owners on their obligations to proactively protect their data and networks from cyber attacks. Sectors concerned include banking and finance, energy, healthcare and media.
Additionally, initiatives such as the Cybersecurity Industry Call for Innovation, the Smart Nation Scholarship, and the establishment of the SG$30 million ASEAN-Singapore Cybersecurity Centre of Excellence, showcase that Singapore is committed in supporting the formation of a vibrant cybersecurity ecosystem.