Singapore companies form 'Net security joint venture
- 17 September, 2001 09:56
Singapore's Cisco Computer Security & Recovery Services and e-Cop.net, an Internet security services provider, announced a multi-million dollar joint venture on Thursday that will offer fortified physical and cyber security for local companies.
Cisco Computer Security purchased a minority stake worth $4 million in e-Cop.net. Cisco's investment will fund e-Cop.net's future plans for Research and Development, expansion, and hiring of additional security consultants and analysts.
Most cyber attacks are launched from the US and Europe, according to Eddie Chau, Chairman of e-Cop.net. Other attacks are also commonly instigated from Korea and Taiwan where there are no cyber laws in place. Chau said e-Cop.net reports serious crimes detected in their command center that monitors more than 50 Web sites in Singapore, to the Cyber Crime Department in Singapore.
Threats from computer crime and other information security breaches are taking a financial toll on companies and they continue unabated, according to the US-based 2001 Computer Crime and Security Survey. Eighty-five per cent of respondents from large corporations and government agencies detected security breaches in the 12 months, amounting to $US378 million in losses. Theft of proprietary information and financial fraud account for the most serious losses. Seventy per cent of respondents cited their Internet connection as a frequent point of attack.
There is a demand for more sophisticated and advanced security services to combat these growing security threats. Hence, Cisco Computer Security and e-Cop.net sniffed the opportunity to offer a total security solution to local firms.
"Besides prevention and recovery, we now offer detection services so that businesses can harness IT effectively as a business enabler without the concerns of security risks," said Wong Yew Leong, General Manager, Cisco Computer Security and Recovery Services.