Government urged to introduce tiered tax concessions for firms that enhance cyber resilience

KPMG says in its Budget 2019 wishlist that it may encourage corporations to develop their risk management, vigilance and governance for cyber attacks.

Professional services firm KPMG called on the government to introduce tiered tax concessions or rebates for those companies which succeed in enhancing their cybersecurity-related capabilities to further encourage better governance and risk management.

In its wishlist for Singapore Budget 2019, KPMG also suggested that the government could fund small and medium-enterprises (SMEs) up to 70% for investment in cybersecurity solutions, and up to 59% for other types of firms that develop such solutions.

Also read: MAS launches $30m cybersecurity capabilities grant

Meanwhile, KPMG also suggested a new financial sector digital deployment scheme which will facilitate the deployment of fintech solutions on a wider scale in a bid to help financial service firms that face deployment challenges such as time, financial costs and resistance in implementing new technologies.

Additionally, KPMG suggested extending the Monetary Authority of Singapore’s (MAS) $225m financial sector technology and innovation (FSTI) grants based on 50% of outlay incurred for deployment in a bid to further drive the adoption of digital payments, data and analytics, on top of artificial intelligence (AI) and machine learning.

Likewise, it is proposing the extension of the FSTI proof-of-concept scheme to provide up to 50% of qualifying costs to financial institutions that have substantial trade finance business in Singapore. This would be in an effort to aid early-stage development of platforms designed to monitor trade transactions and proliferate financing activities.

KPMG claimed that such schemes could drive sector growth and move fintech deployment to an implementation phase.