Building global digital supply chain hub by cybersecurity commitment: Singapore's strategic role in the digital age

Abstract

Digital trade is growing in importance: it contributed to 10% of the global GDP in the last decade by enabling cross-border e-commerce. However, accompanied by sustained digital innovations, weak cybersecurity is becoming a growing threat to digital trading. Unfortunately, there are no global rules for managing digital trade, let alone rules to address challenges to cybersecurity issues in the domain of digital trade.

An international effort to develop a global standardized cyber code is not a luxury for digital trade. It is a necessity. Concerns surrounding cybersecurity in digital trade are global in scale and scope. The diversified circumstances and inconsistent actions that can lead to different outcomes, sometimes become a source of provocation, and even result in international conflicts. Fragmented efforts to manage various cybersecurity threats can also increase, instead of reduce cyber risks in all digital trade.