Singapore government has announced that it is going to issue licenses to all cybersecurity vendors that will enable them to continue in business. All they have to do is to apply for the license in the next six months if they do not wish to fake the possibility of a jail term.
According to the 2021 Cybersecurity Act of Singapore, all companies in the security field were asked to take licenses aimed at protecting the interests of customers.
And from April 11th,2022 the licensing framework became a standard for two business sectors in the security field, i.e. SOC and Pen testing as they had access to Information and Communication Technologies (ICT) systems of customers and their sensitive details.
As a compromise in ICT systems can show a significant impact on the Cybersecurity landscape-negatively, those involved in the business will have to apply for a license before October 11th,2022, or else need to pause their business until a license is issued, thereafter.
Any person who continues in the business without a proper license will face a fine of $36,783 or a jail term of up to 2 years and, sometimes, both.
An application fee of SG$500 for issuing a license to individuals and a fee of SG$1000 to businesses will be charged and the licensing term will be valid for two years.
A 50% fee waiver for companies applying for licenses within April 11, 2023, has been proposed.
