Singapore organizations are resilient to cyber attacks but need more talent

singapore organizations cyber attacks
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Organizations in Singapore still face major cybersecurity issues such as DDoS attacks, fraudulent websites, and software supply chain attacks. The good news is that Singapore remains fairly resilient to such attacks – the bad news is that skillsets are hard to find, and many incidents go unreported.

That’s according to Splunk’s State of Security Report 2022, which reveals how organizations in Singapore and around the world can understand the risks they face and take steps to mitigate them.

In terms of downtime, Singapore-based respondents said that their organizations are more resilient. On a weekly basis, just 2% of respondents in Singapore reported outages to applications linked to security events, whereas 22% of their peers across the world did so. Singaporeans more often report annual or less often downtime (33% versus 18%).

However, the report also found that 22% of Singapore-based organizations are less likely to report cyber attacks such as DDoS attacks (22% versus 45% in the rest of the world), fraudulent websites (24% versus 41%), and a software supply chain attack (16% versus 41%).

The report – based on a survey of over 1,200 security professionals from around the world – also found that organizations are struggling to keep up with the pace of change. Specifically, they are challenged in securing new technologies, such as cloud services and IoT devices. They are also struggling to attract and retain skilled security professionals.

Skillsets is a pain point for Singapore in particular – 44% of respondents reported challenges related to both hiring and retention (versus 22% of peers globally).

Globally, Splunk notes that cybercriminals remain successful with traditional tactics – over half of the respondents reported incidents of business email compromise (51%), up from 42% a year ago, and insider attacks (39%), up from 27% a year ago.

Furthermore, 40% of respondents (up from 28% last year) indicated that their organization had reported a regulatory violation. SOCs are being thrown into disarray by more and more sophisticated attacks, acute talent shortages, and pandemic-specific challenges.

Splunk emphasizes that regardless of why there are more breach detections, organizations have to work harder to remediate them. 59% of security teams said they devoted significant time and resources for remediation (up from 42% a year ago).

44% of respondents said they had suffered business process disruptions (versus 35% a year ago), and 44% indicated that their organization had lost confidential data (up from 28% a year ago).

In 2021, another report by Barracuda revealed that Singapore struggles to repel network attacks amid the rise of remote working. Meanwhile, an earlier report by Sophos revealed that APAC has been especially susceptible due to stagnant budgets and apathetic leadership.

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