The Singapore Business Federation (SBF), in partnership with the Ministry of Defence (MINDEF), has launched the first nationwide business phishing exercise. This initiative, part of Exercise SG Ready (ESR) and the Total Defence Day Commemorative Event (TDDCE), took place at SBF Center on 15 February. The event was attended by Deputy Prime Minister Gan Kim Yong and Senior Minister of State for Defence Heng Chee How. Around 200 organisations participated in the phishing simulation, involving approximately 7,000 employees.
Strengthening national cyber resilience
ESR 2025, running from 15 to 28 February, aims to enhance national resilience by engaging businesses and communities in large-scale cyber and physical disruption simulations. This year’s exercise builds on the success of the inaugural ESR conducted in 2024, where many companies used a phishing playbook provided by the Cyber Security Agency of Singapore (CSA) to assess their vulnerability to phishing attacks.
As cyber threats continue to evolve, this exercise provides companies with practical experience in dealing with cyber incidents. By testing their preparedness, businesses can identify weaknesses and improve their cybersecurity strategies.
Partnership to boost SMEs’ cybersecurity
At the event, SBF, MINDEF, and Nexus signed a Memorandum of Understanding (MOU) to strengthen cybersecurity support for small and medium-sized enterprises (SMEs). The agreement formalises efforts to enhance SMEs’ cyber resilience by tapping into the expertise and resources of both organisations.
Senior Minister of State for Defence Heng Chee How, SBF Chairman Lim Ming Yan, and Director Nexus, MINDEF, Deanne Tan, witnessed the MOU exchange. Key aspects of the agreement include:
- Supporting Total Defence initiatives: Encouraging business organisations to take part in Total Defence Day and initiatives like Exercise SG Ready.
- Enhancing cyber resilience: Advocating for and conducting annual cybersecurity exercises to help businesses better defend against cyber threats.
Cybersecurity remains a major concern for businesses
Cybersecurity remains a top concern for businesses, as highlighted in SBF’s National Business Survey (NBS) 2024 – Smart-Enabled Businesses Edition. The survey found that seven in ten businesses identified cybersecurity as a critical issue. Nearly half of the respondents cited challenges related to third-party service providers, while four in ten noted that employees’ lack of cybersecurity awareness was a significant concern.
To address these challenges, SBF will collaborate with both public and private sector partners to roll out cybersecurity initiatives later this year. One of these key initiatives is the phishing exercise under ESR, which aims to support 800 companies over the next two years in strengthening their cybersecurity measures.
Kok Ping Soon, Chief Executive of SBF, emphasised the importance of such initiatives, stating, “SBF strongly supports ESR as it plays a crucial role in encouraging businesses to enhance their preparedness for unforeseen disruptions, specifically on Digital Defence. The exercise provides a valuable platform for businesses to engage in discussions on the potential impact of various crises and threats in the cyber realm on their operations, as well as to review and refine their contingency plans.”
As businesses become increasingly digital, staying ahead of cyber threats is essential. This initiative marks a step forward in strengthening cybersecurity awareness and preparedness among Singapore’s business community.
