DBS rolls out complimentary cybersecurity training to help inoculate Singapore’s 280,000 SMEs against cybercrime

Singapore.17 Feb 2022

SMEs will be provided with cyber insurance and cyber security solutions at the end of the programme to immediately protect themselves

Singapore, 17 Feb 2022 - DBS announced today that it will be availing a complimentary cybersecurity training programme to help protect the 280,000-strong SME community in Singapore[1] from the growing threat of cybercrime.

At the end of the programme, SMEs will be presented with recommendations for suitable cyber insurance and cybersecurity solutions. This enables SMEs to take immediate steps to protect their businesses from potential cyberattacks.

The programme, DBS #CyberWellness, comprises 10 online modules, each covering a different facet of cybersecurity, such as password protection, phishing, digital scams, physical security, and social media security. To make the training even more accessible for time-strapped employees, each module can be accessed on the go digitally through an e-learning platform, with all 10 modules taking no more than 120 minutes to complete.

Going forward, DBS is looking to partner Government agencies, industry associations, and like-minded corporate partners to scale the programme so SMEs can continue to digitalise safely and securely. StarHub was introduced today as a programme partner for DBS #CyberWellness. StarHub will provide participating SMEs with a complimentary two-month trial of their hardware-free, plug-and-play cybersecurity solution called “Secure Access Service Edge (SASE) for SME”. This enables SMEs to gain business-wide defence against cyber threats.

While digitalisation has offered a precious lifeline to SMEs looking to adapt to the post-pandemic new normal, SMEs with a digital presence are becoming increasingly exposed to potential cyberattacks. According to the Cyber Security Agency of Singapore (CSA), over two in five crimes committed in Singapore in 2020 were related to cybercrime, with over 16,000 such cases reported and SMEs accounting for almost 40% of these[2].

With SMEs making up 99% of businesses in Singapore, employing 70% of Singapore’s workforce and contributing nearly half of the nation’s Gross Domestic Product, Joyce Tee, Group Head of SME Banking at DBS, noted that the potential disruption of lives and livelihoods in the event of coordinated cyberattacks on SMEs cannot be underestimated. “SMEs tend to be more vulnerable to cyberthreats because they lack the time or resources of bigger companies. We believe we can make the biggest impact by equipping the employees of SMEs with foundational cybersecurity skills, which become ingrained everyday habits as they put their skills to practice. Most importantly, trained employees become the first line of cyber defence for SMEs and play a crucial role in averting downtime due to catastrophic cyberattacks.”

DBS #CyberWellness was first rolled out as a pilot to social enterprises and charities in Singapore and was subsequently expanded to include SMEs. Appendix A contains testimonials from SMEs that have participated in DBS #CyberWellness.

Tee added, “We’re especially proud that DBS #CyberWellness was developed entirely in-house in partnership with our technology teams. This speaks to our commitment to come together as one Team DBS to help our SMEs, social enterprises, and even charities digitalise their operations safely.”

Agreeing with DBS on the pressing need for businesses to boost cyber defences, Charlie Chan, Chief, Enterprise Business Group, StarHub, said, “Cyber threats hurt indiscriminately, causing significant financial and reputational damage not just to large enterprises, but also to SMEs and the man on the street. We are partnering DBS to help SMEs and their employees stay safe online. Joining hands with DBS, we have combined critical and free training with defensive tools that are easy to use. There is no better time than now for SMEs to say ‘no’ to being an easy target, both for the business as well as their employees. We are in it for the long haul, to be a trusted partner for our customers in their digital and cybersecurity journey.”

SMEs keen to tap on DBS #CyberWellness and partner offerings can register at https://go.dbs.com/cyberwellness .

[1] Department of Statistics, 2020
[2] Singapore Cyber Landscape 2020, Cyber Security Agency of Singapore, July 2021

Appendix A

Sam Pang, Executive Director at Samwoh, said, “Cybercrime has been on the rise recently and it is important for us to stay vigilant. As employers, we have a duty of care to ensure that our employees are equipped with the knowledge to identify online scams as they are the first level of defence. DBS #CyberWellness has been invaluable, and my employees have benefitted greatly from it. The content is well-curated, and it shows DBS’ intention to educate companies on cybersecurity with the use of simple scenarios and graphics.”

Steve Chua, CEO of SF Fruits, said, "With cybercrime on the rise, it is important for us to do what we can to protect our employees and our business. DBS #Cyberwellness is an easy and useful way to equip our staff with foundational cybersecurity practices and tools to keep us safe even as we continue to digitalise."


About DBS
DBS is a leading financial services group in Asia with a presence in 18 markets. Headquartered and listed in Singapore, DBS is in the three key Asian axes of growth: Greater China, Southeast Asia and South Asia. The bank's "AA-" and "Aa1" credit ratings are among the highest in the world.

Recognised for its global leadership, DBS has been named “World’s Best Bank” by Euromoney, “Global Bank of the Year” by The Banker and “Best Bank in the World” by Global Finance. The bank is at the forefront of leveraging digital technology to shape the future of banking, having been named “World’s Best Digital Bank” by Euromoney and the world’s “Most Innovative in Digital Banking” by The Banker. In addition, DBS has been accorded the “Safest Bank in Asia” award by Global Finance for 13 consecutive years from 2009 to 2021.

DBS provides a full range of services in consumer, SME and corporate banking. As a bank born and bred in Asia, DBS understands the intricacies of doing business in the region’s most dynamic markets. DBS is committed to building lasting relationships with customers, and positively impacting communities through supporting social enterprises, as it banks the Asian way. It has also established a SGD 50 million foundation to strengthen its corporate social responsibility efforts in Singapore and across Asia.

With its extensive network of operations in Asia and emphasis on engaging and empowering its staff, DBS presents exciting career opportunities. For more information, please visit www.dbs.com.