SINGAPORE – 19 July 2017 – Most companies in Singapore support the mandatory reporting of data breaches to authorities to help fight cybercrime, but according to ‘The State of Cybersecurity in Asia-Pacific’, a report by Palo Alto Networks, less than one-third of organisations in Singapore currently actually share threat information with other companies in their industry.
Throughout the Asia-Pacific region, 44 per cent of companies have shared threat information within their industry. Only 32 per cent of respondents have done so in Singapore, making the country the least active in sharing threat information with industry peers. China emerged on top, with 64 per cent of respondents revealing that they share such threat information.
Fear of being seen as a victim of a data breach could be one reason organisations are hesitant to share threat information with industry peers. Other than monetary damages, reputational damage ranked highest (28 per cent) on Singapore respondents’ concerns in the event of a data breach, with loss of confidential details (27 per cent) and company downtime (25 per cent) closely trailing behind. The publicity that comes along with the failure to prevent a cyberattack appears to have a greater negative effect on an organisation’s reputation, going beyond financial impact.
Other key findings in Singapore revealed:
- When cybersecurity solutions defeat their purpose: While respondents in Singapore reported fewer incidents of data breaches in the current financial year compared to the previous, more than one-third (37 per cent) suffered losses of at least S$140,000 (US$100,000) due to data breaches. With such financial impact to organisations, it is unsurprising that 58 per cent of respondents reported an increase in their cybersecurity budget moving into the current financial year. Furthermore, 86 per cent of respondents also indicated they have a dedicated IT security department or team.
- Despite dedicated financial and human resources, many respondents acknowledged their inability to keep up with evolving cybersecurity solutions (45 per cent) as a primary barrier to ensuring cybersecurity in their organisations. For most, cracking cyberthreats remains a complex undertaking, even as advanced cybersecurity solutions become more readily available in the Asia-Pacific region.
- There is a need to change the ‘working in silos’ mindset: Aside from the inability to assess which cybersecurity solutions to implement, close to half of respondents in Singapore appeared indifferent about which cybersecurity approach to take. When asked whether detect and respond strategy works better than prevention, 42 per cent of respondents felt neutral, potentially indicating a lack of clarity on how they should address cybersecurity.
- ‘A mindset shift is imminent for local businesses and professionals as cyberattacks become increasingly common in Singapore and around the world. They need to move away from thinking in silos, both within the organisation and the industry. Organisations will be better placed to mitigate internal and external threats by adopting a prevention-minded approach to cybersecurity.’
- Sean Duca, vice president and regional chief security officer for Asia-Pacific, Palo Alto Networks
- ‘The State of Cybersecurity in Asia-Pacific’ report features analysis, practical strategies and tips that can be implemented to help companies in Asia-Pacific keep up with rapidly evolving cybersecurity technologies.
Note to Editors
The survey was conducted amongst more than 500 business professionals in APAC, covering Australia, China, Hong Kong, India and Singapore markets.
About Palo Alto Networks
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