Why businesses in Singapore are threatened by the ever growing cyber-attacks? What to do? Find out here…
Remember WannaCry? Remember Messiah? Remember Petya Ransomware?
These are some deadly computer viruses that took down thousands of businesses in Singapore the time they broke out.
From leaking information, locking out the users of their PC to corrupting the databases, they have done severe damages to the companies across the island and worldwide as well.
Read More: 10 Mistakes That Make Your Ecommerce Website a Hacker’s Target
Consider yourself lucky if your business survived the attack or remain unaffected, but for how long?
Your business can be the next target. Why?
Singapore is one of the vulnerable nations to cybercrimes. Singapore Cyber Landscape found that cybercrimes rate was nearly doubled from previous year, as it was up from 7.9 per cent to 13.7 percent. In 2016, the Singapore Government revealed that the nation faces more than one cyber-attack per month.
According to Asia Pacific Defence Outlook 2016 by Deloitte, Singapore is nine times more vulnerable to cyber attacks.
Therefore, you shouldn’t overlook the cyber-attacks.
Why cyber crimes rate have been on the rise in Singapore? Despite being Asia’s tech hub, why businesses in Singapore are on the radar of cyber criminals?
Reasons Singapore Businesses Become Target of Cyber Attacks
Lack of Investment in Security Measures:
Many companies are not taking cyber security seriously, despite the potential threats. According to a Quann IT Security End User Study 2017, most businesses in Singapore are not making investment in cyber security measures like device deployment, professional services, cyber awareness and resources for attacks.
Businesses need to recognize the value of comprehensive security plan, solid processes and detection system to detect the threats early and minimise their risk.
Having No Security Features to Detect and Monitor the Attack:
Although most Singapore companies use firewall and antivirus, over half of them lack robust security measures to deal with sophisticated attack, according to Quann. The study further says that they lack advanced security features like SOC or dedicated team to monitor, analyse and respond to the attack.
Having the Highest Internet Penetration Rate:
Singapore is on the way to become the next big tech hub of the world. 90% people have smartphone due to overwhelming Internet speed and government support for IT sector.
On the flip side, the ever increasing Internet penetration rate has attracted the eyes of cyber criminals. For example, people rely on their smartphones for making even nominal payment without caring for the basic security standards or paying platform. As everything is on the Internet, it takes a hacker to break some simple codes to get access to your info.
Read Also: 10 Smart Ways to Promote Your Mobile Apps in Singapore
Being the Launchpad for Cyber Attacks:
Singapore has become the most favourable place to launch a cyber-attack, according to Check Point Software Technologies, an Israeli security firm. This is because much of the internet traffic is delivered from other countries. It means that a cyber-attack being delivered from Singapore might have been launched outside the nation.
Cyber Security—It is As Important as Your Business Practices
Given the ever growing rate of cybercrimes in Singapore, cybersecurity is more important than anything else. It is a need of hour to protect your valuable data, detect malware and threat and monitor the functions. These dos and don’ts help you reinforce the cyber security of your business.
Do’s
- Stay Updated with Latest Hacking Threat
- Use Strong Passwords
- Keep Your All Software Updated
- Use SSL
- Update Antivirus and Malware
Don’ts
- Don’t open attachments or links contained in email from unknown sender.
- Don’t download shareware or freeware from unknown sites or sources.
- Don’t give away any critical info to unauthorized person
- Don’t use cyber café or unprotect computer to access or process sensitive data.
So this is how Singapore businesses are prone to cyber-attacks and how to deal with them. Have we skipped something else? Please remind us by commenting below.
