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:
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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Senior Manager, Corporate Communications, Asia Pacific & Japan, Palo Alto Networks
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Rice Communications on behalf of Palo Alto Networks
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