Study provides an assessment of the security considerations and key imperatives for Singapore organizations
In collaboration with the ISACA Singapore Chapter, Frost & Sullivan’s Security Practice has conducted an end-user survey, 2021 ISACA-Frost & Sullivan Survey: The Singapore Cybersecurity Landscape, with 78 ISACA thought leaders. The goal was to seek opinions on the technologies that will have a profound transformative impact on existing industry dynamics, value chains, and business models across multiple vertical markets in the next 2-3 years.
In addition to providing quantitative insight, the study provides a top-level assessment of three main cybersecurity threats in Singapore: ransomware, data exfiltration and vulnerability of unpatched systems.
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“The ongoing COVID-19 pandemic has pushed enterprises globally to accelerate their security capabilities, sometimes leading to security gaps. The increasingly sophisticated threat landscape and a complex business environment are also driving businesses to explore solutions to help them strengthen their security posture for better cyber threat/risk,” said Kenny Yeo, Associate Director, Head of Asia-Pacific Cybersecurity Practice at Frost & Sullivan. “However, utilizing these solutions in isolation will limit their effectiveness. As our organizations change, IT and risk teams also need to adapt and better manage the expanded threat surface by implementing a holistic cybersecurity approach for maximum benefits.”
“In its third year running, the ISACA-Frost & Sullivan survey of thought leaders within the ISACA Singapore Chapter membership has provided situational awareness to aid organizations in building threat-informed defenses across people, processes and technology,” said Steven Sim, President, ISACA Singapore Chapter. “The results are also reflective of the ISACA Global State of Cybersecurity 2021 results, albeit with Singapore-centric nuances. In a strong public-private partnership, keeping regular tabs on the ground’s pulse helps us guide organizations in developing more agile, risk-optimal security improvement programs and contributing to a collective ecosystem defense.”
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Key findings include:
- Cloud adoption continues to accelerate in Singapore, with 63% of respondent organizations adopting cloud more during the pandemic.
- Twenty-nine percent of enterprises saw a moderate to major increase in supply chain attacks during the pandemic.
- Sixty-five percent of Singapore enterprises are still at risk, with only 35% of respondents indicating that they had no cybersecurity incidents during the year after regular forensics and assessments were conducted.
- Top areas of concern in Singapore include data exfiltration (leak of personal data), ransomware attacks and vulnerability of unpatched systems.
- Top cybersecurity challenges faced in Singapore include resourcing and skills, balancing regulatory requirements and customers’ needs, and lack of budget.
- Senior management is more concerned with cyber risk issues as the general perception of cybersecurity has improved.
People, processes and technology all need to be addressed in today’s modern enterprise with the support of senior management. These include cybersecurity awareness programs, governance, risk and compliance tools, and cyber drills.
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