But while the Singapore government recognizes the need for individual companies to be accountable for securing their IT infrastructure, it will not enforce any form of regulation or penalty to ensure they do so, Ho said.
Instead, he added that it is more important to instill a "mindset change", as companies need to understand the situation and act in a way that is responsible.
Tan said that four out of five businesses in Singapore have adopted some form of infocomm technology, and three out of four have access to the Web. An estimated 50 percent of organizations also engage in some form of online trade, while one in every two Singaporeans is an Internet user, he said.
Technology, Tan warned, can be exploited by criminals, terrorists and irresponsible hackers to cause harm and create mischief. He singled out phishing as a common tactic used by hackers to "trick" online users in Singapore to reveal user IDs and passwords.
"Today, many countries have realized the benefits of a connected society," he said. "But none has yet to attain a reputation for being a secured one."
With the Masterplan, Singapore has taken "a major step forward" in the effort to make cyberspace a safer place for the country, Tan said.
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