A new centre will be set up to boost Singapore's ability to counter the growing frequency and sophistication of cybersecurity threats, said Deputy Prime Minister Teo Chee Hean yesterday.

Speaking to delegates at the Singapore Global Dialogue, Mr Teo said that the National Cyber Security Centre will help the Government deal more effectively with threats and vulnerabilities through early detection and prevention.

Mr Teo, who is also the Coordinating Minister for National Security and Minister for Home Affairs, said that managing the risks of cyberspace is critical to Singapore's society, economy and national security.

The risks range from intellectual-property thefts to terrorists spreading ideology and "trades- craft" via the Internet, he noted.

The centre will be set up in phases in the "coming months", and will be ready in two to three years' time, he said.

It will be headed by the Singapore Infocomm Technology Security Authority (Sitsa).

Sitsa is an agency under the Ministry of Home Affairs' (MHA's) Internal Security Department, and was set up in 2009 to oversee infocomm-technology security here.

The first phase, on cyber- monitoring of critical-information infrastructure for the security- and emergency-services sector, has already been completed.

MHA said that one of the centre's critical functions will be to perform round-the-clock operations to detect national cyberthreats early.

Mr Teo said that the centre will also serve as a "nodal point" to coordinate awareness and implementation of measures between the public and private sectors.

The two-day dialogue, held at the Shangri-La Hotel, is organised by the S. Rajaratnam School of International Studies.

While advancements in technology are a double-edged sword, Mr Teo said the key is to balance the pros and cons on three fronts: Society, Government and business.

He said: "The central dilemma is how to balance the benefits which the Internet has created, in terms of openness, accessibility and convenience, against

the risks of abuse, exploitation and criminality."