Singapore: Implemented licensing framework for cybersecurity service providers

On 11 April 2022, the Cyber Security Authority (CSA) of Singapore implemented a new licensing framework for cyber security service providers. The licensing requirement applies to all cyber security service providers and allows for certification of security and risk mitigation plans under the supervision of the Cybersecurity Services Regulation Office (CSRO). Specifically, providers must apply within six months of introduction (by 11 October 2022) and pay a licensing fee (of 500 Singapore dollars for individuals and 1'000 Singapore dollars for companies). Providers which do not apply for a license until 11 October 2022 must cease offering their services, whereby non-compliance could result in a fine of up to 50,000 Singapore dollars or two years in prison.