Across the globe, businesses are racing to implement new technologies, using data to innovate and grow in an increasingly interconnected world. But as companies become more reliant on cyber capabilities, they must also recognize and manage the associated risks. To compete in the emerging digital world, companies must protect themselves from cyber risks, and become more resilient to cyber shocks – large-scale events with cascading disruptive consequences.
This report, the first in a three-part series, focuses on businesses vulnerability to cyber disruption and how leaders can help their organizations build resilience to sustain operations and boost economic performance in the face of such challenges.
Even with the most sophisticated security technology, organisations have found that current employees are the weakest link. 38% of Singapore companies citied current employees are the likely source of cyber incidents, an increase of 13% from 2016. By training and educating employees to act as the first line of defence, it develops a strong cybersecurity culture which will be the organisation’s greatest asset and cybersecurity safeguard.
Exploited data on mobile devices is the most common security incident in Singapore, followed by Phishing which further highlights the vulnerability to threats due to human error or negligence.
“Organisations need to identify their critical information infrastructure and know how to protect it. This will enable them to be better prepared for when cyberattacks occur and get back to business-as-usual quicker”
The rise of cybersecurity incidents have prompted companies to step up in their cyber readiness and Singapore has emerged ahead of the global and regional average in terms of: Employee security awareness, active monitoring/analysis of information security intelligence, penetration tests, incident-management response process and overall information security strategy. However, many other companies are ill-equipped to react to cyber incidents and manage the risks.
As a safeguard, many companies has looked to cyber insurance to insure their business against data breaches and/or network disruptions.
“Having a clear cybersecurity strategy helps build organisations cyber resiliency. However, this must be coupled with the right expertise to effectively put strategy into action”
The impacts of cyberattacks is not just a business issue but extends to the larger economy. As such, it is important for industries and government leaders to work across organisations and borders to identify risks and improve resilience and risk management. With the Singapore government encouraging collaboration across industries, companies have benefited from this initiative with 61% reporting that their organisation’s security programme has improved threat intelligence and awareness.
“As technology increases interconnectivity, public-private coordination is critical to effectively addressing cybersecurity. The benefits of such collaboration is clear, as the ecosystem needs to continue to work together to leverage lessons learned in addressing cyberattacks.”