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Digital Trust Insights Survey 2021: Singapore findings

Cybersecurity transformed.

The Digital Trust Insights 2021 survey: Singapore findings tells us what’s changing and what’s next in cybersecurity in the region.

Today, a digital-first strategy is key to pivoting back to a steady growth path, and securing the future of businesses in the new world. Cyber is undoubtedly integral to the digital-first strategy. It's heartening to see Singapore CEOs and boards, much like in other parts of the world, teaming up with Chief Information Security Officers (CISOs) today like never before.

Nearly half the Singapore companies surveyed are prioritising accelerated digitalisation (e.g. e-commerce models, direct to consumer, new business models, virtual workforce) over anything else in the next year. The majority of them are placing a larger weight on IT and telecommunications infrastructure of countries where they do business. Despite the challenging economic environment, about 32% see their headcounts surging upto 5% and 16% see it surging even beyond 5%.

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The report will cover the five key insights and priorities from the Singapore region around cybersecurity:

Five key insights and priorities from the Singapore region around cybersecurity

Increasing threat outlook

Remote work set-ups, accomplished hastily to enable business continuity, have brought increased exposure to threats. Most likely threats to occur in the next year and potentially the most devastating ones, Singapore executives said, are attacks on IoT (77% voted ‘highly likely’), cloud service providers (65%), and social engineering (74%)

Focusing on greater resilience testing, and embedding cybersecurity in the overall business strategy

With an accelerated roadmap for a digital-first organisation and the consequent heightened risk of cyber attacks, the role of the CISO has changed forever. Over three out of five (61%) Singapore organisations believed that digital business strategy and cybersecurity can no longer exist in silos, and that cybersecurity and privacy implications will be baked into every business decision in 2021.

Getting the most value for every cybersecurity dollar

Against the backdrop of digitalisation, getting the most value for every cybersecurity dollar spent is more critical today than ever before. Nearly half of the organisations (48%) are looking to strengthen their security function’s skill sets while 45% will be investing in advanced technologies to improve the effectiveness of their cyber defence capabilities.

Shifting toward new approaches and thinking around cybersecurity

Innovation is changing the cybersecurity game, giving new advantages to defenders and leveling the playing field with attackers - for example, more than four out of five (84%) are confident that new solutions exist to secure the cloud more than ever before.

Future-proofing the workforce

Skills that were earlier ‘good-to-have’ are now a must-have. Singapore businesses are now investing in the skills and know-how of cloud solutions (48%), security intelligence (45%), and specific technologies like iOT and Blockchain (35%).

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Tan Shong Ye

Tan Shong Ye

Digital Trust Leader, PwC Singapore

Tel: +65 9679 6920

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