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CSA Released a New Guideline: What’s in it for me?

The surge in digital transactions post-pandemic opens up a new way for cybercriminals to do their bidding.

“The new recommended Safe App Standard was published by the Cyber Security Agency (CSA) and will set out best practices that reduce the risk of malicious actors exploiting weaknesses in the app design”

by Minister for Communications and Information of Singapore, Josephine Teo

Minister for Communications and Information of Singapore, Josephine Teo

The surge in digital transactions post-pandemic opens up a new way for cybercriminals to do their bidding. The worldwide mobile payment revenue is expected to hit $12.06 trillion by 2027, which indicates the surging adoption and growth of mobile payments.An overreliance on mobile devices for transactions and interactions has made it easier for cybercriminals to exploit security loopholes and get into your pockets, literally!

Let’s look at the numbers

Increase malware attack worldwide

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Over the past decade, there has been an 87% increase in malware infections. (Statista)

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There were an estimated 2.8 billion malware attacks in just the first half of 2022. (AAG)

Increase phising attempt worldwide

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Research from IRONSCALES revealed that 81% of organizations around the world have experienced an increase in phishing attacks since March 2020.

Increase phising attempt worldwide

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Juniper Research estimated that the annual losses suffered by e-commerce due to payment fraud are estimated at 48 billion dollars by 2023 which doubled from 22 billion dollars projected in 2018.

The majority of online mobile activities are carried out in mobile apps, with smartphones centralising daily activities via social networking, entertainment, messaging, payments, transportation, and delivery apps. With the number of unique mobile subscribers worldwide expected to reach 6.3 billion by 2030, the Safe App Standard is a guideline you want to befriend to thwart cyber threats.

Want to know more about Safe App Standard?

We have summarized some elements of the regulation for your convenience. Download this report to gain insights on how you can stay safe!

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