Are Singaporean companies over-confident in the face of growing cyber threat?

Are Singaporean companies over-confident in
the face of growing cyber threat?

BAE Systems calls on
Singaporean businesses to test their cyber security readiness with its Cyber
Risk tool,
as findings from their recent cyber security preparedness survey show:

·         Singapore-based
businesses believe they have the right security controls in place, yet over 50
per cent suffered an attack last year

·         The average cost of
their last attack amounts to S$692,088

·         Over one in five
Singaporean businesses have not tested their incident response plan in at least
six months

Singapore, 16
November 2016 – BAE
Systems today unveiled the results of a global survey looking at the cyber
security preparedness of Singaporean businesses, and introduced an online cyber
risk assessment tool to help businesses test their cyber security readiness. 

Findings from the
survey revealed Singapore-based businesses believe they have the right security
controls in place (89 per cent), but that alarmingly, over 50 per cent had
suffered an attack in the last year. 

To drive awareness
among business leaders, BAE Systems has introduced the online cyber risk tool
designed to enable businesses to assess their vulnerability to cyber threats.
The tool measures the preparedness of a business across 10 key elements of ICT
security, including incident response and information management. 

Gundeep Singh Sandhu, Vice President Cyber
Defence Asia Pacific & Japan at BAE Systems Applied Intelligence, said:

“Businesses must
ensure they are fully equipped to defend against cyber threats.  When an attack
succeeds, quick detection, investigation and response are essential, or the prevailing costs to the company
and their customers can be disastrous.

“While 89 per cent of
respondents believe they have the right security controls in place, over 50 per
cent had suffered an attack in the last year, at an average cost of nearly
S$700,000.” 

“Our research also
found more than one in five Singaporean businesses have not tested their
incident response plans in at least six months.  This is despite the fact
a company’s ability to respond in the face of an attack is now almost as
critical as preventing an attack, as the velocity of attacks grow and they
become more targeted and sophisticated.”

The research,
conducted in Singapore with over 100 IT decision makers, also found:

1.    Less than a quarter of businesses are
completely confident they could return to business as usual within 48
hours (24 per cent). 17 per cent are not very confident or had no
confidence at all that they could. 

2.    Five per cent don’t have a cyber
incident response plan and more than one in ten (11 per cent) don’t know if
they have the right security controls in place.

“As recent high
profile cyber attacks have demonstrated, businesses of all sizes and in all
industries must ensure they’re prepared.

“Regular testing,
training of staff, and updating technology and processes is crucial to avoid or
minimise monetary and reputational damage. We encourage all businesses to take
this simple test to assess the strengths and weaknesses in their cyber security
and understand their vulnerabilities,” Mr Sandhu said.

See if your business
is cyber-secure by accessing the Cyber Risk tool here: www.baesystems.com/takethetest