A third of Singapore firms lack confidence in their ability to detect cyber attacks: survey

At least a third of Singapore organisations lack confidence in their ability to detect cyber attacks.
At least a third of Singapore organisations lack confidence in their ability to detect cyber attacks.PHOTO: BLOOMBERG

SINGAPORE - At least a third of Singapore organisations lack confidence in their ability to detect cyber attacks, going by a recent survey on Monday.

This is in line with the global figure, which stands at 36 per cent.

The annual survey, conducted by financial services consulting firm EY, also found that a large 56 per cent of the Singapore respondent believe their IT security budgets should be increased by up to 50 per cent to align their organisation's need for protection with its management tolerance for risk.

Globally, the response came in higher at a staggering 69 per cent.

"Organisations are embracing the digital world with enthusiasm, but there must be a corresponding optical in addressing the increasingly sophisticated cyber threats," said Mr Paul O'Rourke, EY cyber security leader for Asia-Pacific.

"Businesses should not overlook or underestimate the potential risks of cyber breaches. Instead, they should develop a laser-like focus on cybersecurity and make the required investments."

The study polled some 1,750 organisations across all major industries from 67 countries, including 35 from Singapore.

It showed that about 44 per cent of Singapore organisations did not have a dedicated security operations centre that manages its security issues, including those related to cybersecurity.

This was only slightly lower than the global response of 47 per cent.

Hacktivists came up as the top source of cyber attacks for organisations here, at 74 per cent, followed by cyber criminals (62 per cent) and employees (41 per cent).

Accordingly, Singapore respondents said that they see unaware employees - namely those unaware of the implications of their actions in the digital world - as the biggest risk, followed by malware.

Added Mr O'Rourke: "The only way to make the digital world fully operational and sustainable is to enable organisations to protect themselves and their clients and to create trust in their brand."

tsjwoo@sph.com.sg