Singapore organisations are recording the region’s highest breach costs even as they struggle to hire the cybersecurity talent needed to defend against an increasingly AI-driven threat landscape, according to a new report from Fortinet.

The 2026 Global Cybersecurity Skills Gap Report, based on a survey of more than 50 IT and cybersecurity decision-makers in Singapore, found that 80 per cent of organisations reported one or more breaches in the past 12 months, with the average cost of a breach in Singapore reaching US$2.3 million — the highest in the region.

Breach costs climb as talent shortage persists

The proportion of organisations reporting breach costs above US$1 million has risen sharply, from 43 per cent in 2021 to 66 per cent today. For the third consecutive year, IT leaders cited a lack of cybersecurity skills as a top cause of security breaches, with 64 per cent naming it as a factor.

The shortage is most acute at the senior level: half of respondents said they need senior cybersecurity skills most, yet 58 per cent said they struggle to get approval to hire additional cybersecurity talent — a hiring freeze that persists even as 44 per cent of organisations report executives or board members facing penalties after a cyberattack.

“Cybersecurity is not simply a technical issue but a strategic business risk. This year’s survey suggests that while boards generally recognize the importance of cybersecurity, more investment is needed to address key issues, such as emerging AI risks and the ongoing cybersecurity skills shortage.” – Carl Windsor, Chief Information Security Officer at Fortinet.

AI widens the gap even as it aids defenders

The report points to artificial intelligence as both a help and a hindrance. Ninety-two per cent of respondents said they are using or experimenting with AI-powered cybersecurity tools, and 90 per cent said these tools are making their teams more effective. But 44 per cent cited defending against AI-driven attacks as a top concern, as cybercriminals gain access to the same technology.

Board awareness has not kept pace: only 56 per cent of leaders believe their board members are “fully aware” of the risks employees’ AI use introduces. Fifty-eight per cent said their top recruiting challenge is finding cybersecurity talent with AI-specific experience, and 72 per cent expect a growing need for AI oversight and governance roles on their security teams over the next three years.

Investment in training is rising

Despite the hiring constraints, organisations are putting more money into upskilling. Ninety-four per cent of Singapore respondents said they would pay for an employee to get certified, up from 88 per cent in the 2025 report, and the same proportion said they are likely to invest in AI-related cybersecurity training or certifications over the next 12 months.

Sixty-six per cent of organisations are developing internal training or reskilling programmes to support AI adoption, while 62 per cent are procuring training from industry vendors. Ninety-two per cent said they use internships, apprenticeships and similar programmes to draw in talent from underrepresented groups, and 68 per cent report formal hiring targets for these pools.

Fortinet said it remains on track to train one million people in cybersecurity globally this year, part of a pledge the company began in 2022. Survey respondents came primarily from financial services (26 per cent), manufacturing (26 per cent) and healthcare (14 per cent).