Singapore firms vulnerable to cyberattacks

According to tech firm IDC and security service provider Quann, 9 out of 10 medium to large city-state organisations in Singapore are at the “start of security”, with 75% not having a stable planning process or security budget for IT.

Over 56% of sovereign-city companies don’t have event management and security intelligence systems to raise alerts and correlate, despite firewalls, antivirus software and safeguards being widely deployed.

Computer Weekly revealed: “54% of Singaporean respondents do not have a security operations centre or a dedicated team to proactively monitor, analyse and respond to cyber security incidents that are flagged by the systems. Security leads may have other responsibilities at the same time, with 32% providing security support only during work hours.”

‘Cyber security investments are akin to military spending’

Quann said in a statement that little process and monitoring systems means security devices might be unattended, so malware may damage corporate networking.

Simon Piff,Vice President of IDC’ warned: “Cyber security investments are akin to military spending – we do it in the hope that we would never have to use the tools. However, the consequences of not taking a proactive approach now could lead to legal disputes, customer dissatisfaction, and even loss of jobs and careers at all levels in the organisation.”

The findings also stated that 33% of Singapore companies require all members of their organisation to take part in IT security awareness training.

Written by Leah Alger