Research from BAE Systems reveals C-suite and
IT Decision Makers in Singapore at odds in their approach to cyber defence
IT Decision Makers in Singapore at odds in their approach to cyber defence
IT Decision Makers and boardroom directors
believe the other is responsible in the event of a breach
believe the other is responsible in the event of a breach
Boardroom directors in Singapore predict cost
of cyber-attack to their business to be S$16.5m (US$19.1m) less than their IT
colleagues
of cyber-attack to their business to be S$16.5m (US$19.1m) less than their IT
colleagues
Significant majority of respondents expect
both the number and severity of attacks to increase over the coming year
both the number and severity of attacks to increase over the coming year
SINGAPORE – New research published today by cyber
defence experts, BAE Systems, reveals boardroom executives and IT Decision
Makers are at odds in their approach to defending against cyber threats.
defence experts, BAE Systems, reveals boardroom executives and IT Decision
Makers are at odds in their approach to defending against cyber threats.
The research shows
board directors and IT leaders believe each other are responsible for managing
the response to a cyber-attack, and that board level directors estimate the
cost of a successful attack to be dramatically lower than their IT colleagues –
with a disparity of S$16.5m in Singapore.
board directors and IT leaders believe each other are responsible for managing
the response to a cyber-attack, and that board level directors estimate the
cost of a successful attack to be dramatically lower than their IT colleagues –
with a disparity of S$16.5m in Singapore.
These latest findings
reveal that
cyber-security is the most significant business challenge to over three
quarters (76%) of C-Suite respondents in Singapore. Additionally, 77% of IT
Decision Makers anticipate they will be targeted by a cyber-attack in the next
12 months, with the majority of both groups reporting they expect the frequency
and severity of attacks to increase (67% C-Suite and 78% ITDM).
reveal that
cyber-security is the most significant business challenge to over three
quarters (76%) of C-Suite respondents in Singapore. Additionally, 77% of IT
Decision Makers anticipate they will be targeted by a cyber-attack in the next
12 months, with the majority of both groups reporting they expect the frequency
and severity of attacks to increase (67% C-Suite and 78% ITDM).
Therefore,
it has never been more important for businesses to understand the nature of the
threat and how to combat it. In line with this, half (48%) of boardroom
respondents plan to devote more time and resource to cyber security.
it has never been more important for businesses to understand the nature of the
threat and how to combat it. In line with this, half (48%) of boardroom
respondents plan to devote more time and resource to cyber security.
Alex Taverner, BAE
Systems Commercial Head of Cyber in the Asia-Pacific, said:
Systems Commercial Head of Cyber in the Asia-Pacific, said:
“This
research confirms the importance that business leaders place on cyber security
in their organisations. However, it also shows an interesting disparity between
the views of C-Suite respondents and those of IT Decision Makers. Each group’s
understanding of the nature of cyber threats, and of the way they translate
into business and technological risks, can be very different.
research confirms the importance that business leaders place on cyber security
in their organisations. However, it also shows an interesting disparity between
the views of C-Suite respondents and those of IT Decision Makers. Each group’s
understanding of the nature of cyber threats, and of the way they translate
into business and technological risks, can be very different.
“With
successful cyber-attacks regularly making headline news, our findings make it
clear that boardrooms and IT teams recognise the risks but need to concentrate
on bridging the intelligence gap to build a robust defence against this growing
threat.
successful cyber-attacks regularly making headline news, our findings make it
clear that boardrooms and IT teams recognise the risks but need to concentrate
on bridging the intelligence gap to build a robust defence against this growing
threat.
“The disconnect in
opinions between board level respondents and IT Decision Makers when it comes
to potential threats, accountability and responsibility creates gaps for
attackers to exploit. While the Singapore government is stepping up its efforts
to create a resilient and trusted cyber environment with the launch of the
Cybersecurity Strategy, organisations still need to plan ahead for successful
incidents and ensure that the boardroom and IT teams are working
collaboratively to narrow gaps in understanding, intelligence and
responsibility.”
opinions between board level respondents and IT Decision Makers when it comes
to potential threats, accountability and responsibility creates gaps for
attackers to exploit. While the Singapore government is stepping up its efforts
to create a resilient and trusted cyber environment with the launch of the
Cybersecurity Strategy, organisations still need to plan ahead for successful
incidents and ensure that the boardroom and IT teams are working
collaboratively to narrow gaps in understanding, intelligence and
responsibility.”
Key Singapore findings
include:
include:
· 66% of C-Suite respondents say their
IT teams and staff more broadly are responsible in the event of a breach,
whereas 39% of ITDMs think this is the case. Similarly, over half of ITDMs
(57%) think senior management and leaders should shoulder the blame, compared
to less than a quarter (24%) of C-Suite respondents.
IT teams and staff more broadly are responsible in the event of a breach,
whereas 39% of ITDMs think this is the case. Similarly, over half of ITDMs
(57%) think senior management and leaders should shoulder the blame, compared
to less than a quarter (24%) of C-Suite respondents.
·
Singaporean IT
Decision Makers believe the cost of a successful cyber attack on their business
to be around S$27.1m compared to an estimation of just S$10.6m from board level
directors in the same country.
Singaporean IT
Decision Makers believe the cost of a successful cyber attack on their business
to be around S$27.1m compared to an estimation of just S$10.6m from board level
directors in the same country.
·
In Singapore, between
11 and 13 per cent of a company’s IT budget is spent on cyber security and
defence (C-Suite 11% and ITDM 13%).
In Singapore, between
11 and 13 per cent of a company’s IT budget is spent on cyber security and
defence (C-Suite 11% and ITDM 13%).
·
And around half of
respondents plan to increase their allocation of time and resources on cyber
security in the coming year (48% C-Suite and 45% ITDM)
And around half of
respondents plan to increase their allocation of time and resources on cyber
security in the coming year (48% C-Suite and 45% ITDM)
·
Both groups believe
the number and severity of attacks will increase over the coming year with 81%
of board respondents and 80% of IT teams predicting an increase in the number
of attacks, and 67% and 78% respectively predicting an increase in the severity
of attacks.
Both groups believe
the number and severity of attacks will increase over the coming year with 81%
of board respondents and 80% of IT teams predicting an increase in the number
of attacks, and 67% and 78% respectively predicting an increase in the severity
of attacks.
·
And yet, 67% of Board
members and 76% of IT teams are confident they are well-equipped to defend
against a cyber attack.
And yet, 67% of Board
members and 76% of IT teams are confident they are well-equipped to defend
against a cyber attack.
·
While 81% of IT teams
report that their spend on cyber security is part of a comprehensive strategy,
only one-third of the board (29%) believe this to be the case – the lowest
among all countries – with 48% believing the investment is more ad hoc.
While 81% of IT teams
report that their spend on cyber security is part of a comprehensive strategy,
only one-third of the board (29%) believe this to be the case – the lowest
among all countries – with 48% believing the investment is more ad hoc.
Twice
as many C-Suite executives think that human error will enable a cyber attack
than ITDMs (62% vs 30%), indicating the C-Suite have lower confidence in the
cyber savviness of their people.
as many C-Suite executives think that human error will enable a cyber attack
than ITDMs (62% vs 30%), indicating the C-Suite have lower confidence in the
cyber savviness of their people.
Gundeep Sandhu,
Asia-Pacific Head of Cyber Solutions in the Asia-Pacific, said:
Asia-Pacific Head of Cyber Solutions in the Asia-Pacific, said:
“Perhaps most worryingly for Singapore, only
two per cent of IT Decision makers are confident their company has the skills
they need to deal with a cyber attack.
two per cent of IT Decision makers are confident their company has the skills
they need to deal with a cyber attack.
“This is an area where industry and Government
must work together to close the skills gap and lift Singapore’s cyber security
capability and capacity. There is an opportunity for Singapore to take a
leadership role in the region in this respect, and last year’s Memorandum of
Collaboration signing between the Cyber Security Agency of Singapore and BAE
Systems was one step towards that.”
must work together to close the skills gap and lift Singapore’s cyber security
capability and capacity. There is an opportunity for Singapore to take a
leadership role in the region in this respect, and last year’s Memorandum of
Collaboration signing between the Cyber Security Agency of Singapore and BAE
Systems was one step towards that.”
The full report can be
found at: www.baesystems.com/cdm
found at: www.baesystems.com/cdm
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