SINGAPORE (Oct 2): More than nine in 10 Singapore businesses reported experiencing an increase in overall cyberattack volume over the past 12 months, according to cybersecurity firm Carbon Black.
This is higher than the global average of 84% who reported an increased number of cyberattacks.
The company says the results of its survey of more than 250 CIOs, CTOs and CISOs across Singapore show the threat environment is sustained and sophisticated.
Some 96% of respondents reported suffering a data breach during the past 12 months, with 92% adding that the cyberattacks have grown more sophisticated.
An overwhelming 99% of businesses here also said they plan to increase their security budgets over the next year.
“As we analyse the findings of our second Singapore Threat Report, it appears businesses are adjusting to the ‘new normal’ of sustained and sophisticated cyberattacks,” says Rick McElroy, Head of Security Strategy at Carbon Black.
“Greater awareness of external threats and compliance risks have also prompted businesses to become more proactive about managing cyber risks as they witness the financial and reputational impacts that breaches entail,” he adds.
Further, respondents indicated that ransomware attacks were the prime cause of breaches in Singapore.
Close to Singaporean businesses surveyed noted a degree of financial damage associated with the breaches, while more than eight in 10 they suffered damage to their corporate reputation.
According to Carbon Black, the data indicates that threat actors are targeting the weakest link in the security chain – end users.
However, 84.5% of Singaporean businesses reported feeling more confident in their ability to repel cyberattacks than they did 12 months ago.
“As the cyberdefense sector continues to mature, businesses are becoming more aware of the tools at their disposal and the tactics they can use to combat cyberattacks,” McElroy says.
“We believe this growing confidence is indicative of a power shift in favor of defenders, who are taking a more proactive approach to hunting out and neutralising threats than previously,” he adds.
