Singapore enterprises are aware cyber threats are becoming more sophisticated, but lack of tools and insights to understand these threats prevent these enterprises from effectively addressing them. Close to half (42.6%) of enterprises in Singapore admit that they lack sufficient intelligence on the threats specifically faced by their businesses, among other localised findings from Kaspersky’s “B2B IT Security 2018”.
The study, conducted in 31 countries in which 155 are respondents from Singapore, found out that more than a third of businesses experienced 2-3 data breaches in the last 12 months (39.1%), and also found one incident to be considered complex (39.2%).
The type of security incidents Singapore enterprises experienced in the last few months include inappropriate IT resources used by employees (49%), malware infection of BYOD devices and inappropriate sharing of data via mobile devices (40.6%), and DDoS attacks (39.4%).
“Singapore businesses are increasingly becoming a target for attackers. As a rapidly growing business hub, there is a wealth of data available due to the country’s fast-tracked digitalisation, increased business activities, and transactions. As such, there is a need for organisations to proactively pre-empt cyber attacks, rather than react when they happen,” says Stephan Neumeier, Managing Director for the Asia Pacific at Kaspersky.
Kaspersky’s survey also showed that organisations are looking to increase investment in IT security measures. More than half want to invest in improving IT security (56.8%) regardless of the return-on-investment (ROI), improve their incident response plans for a data breach or IT security events (55.5%), and expect their IT security budget to increase over the next three years (50%).
“Enterprises across all sectors are facing a shortage of real-time, relevant data to manage the risks associated with IT security threats. When they are empowered with the ability to track, analyse, interpret and mitigate constantly evolving IT security threats, they can better anticipate and understand threats, and prepare for the next step,” comments Yeo Siang Tiong, General Manager for South-East Asia, at Kaspersky.
Organisations are also looking to invest in tools that give them insight into preventing or mitigating cyberattacks. 60% of organisations also invest resources in threat intelligence services, behind network detection technologies (63.2%), in addition to their cybersecurity investment.
“GReAT is a key part of Kaspersky’s Threat Intelligent capabilities. We are experts in deep threat analysis and cyberattack investigation. With our unique customer base, mainly in Russia and Europe, but also covering all other parts of the world with hundreds of millions of cyberattack sensors, we offer our clients a different view of threats so that they can beef up their protective layers better. It has been known for centuries that knowledge is power. In our digital epoch, our knowledge instantly becomes our clients’ power,” adds Vitaly Kamluk, Director for Global Research & Analysis Team (GReaT) APAC at Kaspersky.