Singapore is one of Asia’s most developed and prosperous countries, with a fast-paced tourism industry driven by its clean streets, modern buildings, and luxurious casinos. However, with the exponential growth of new technologies such as smartphones and other wearable devices comes an increase in cyber-security threats.
The number of data breaches has increased in recent years by almost five times compared to 2010. In this post, we look at some mind-blowing statistics about cyber security in Singapore that every business should know.
1. Cyber-Crime Remains the Most Concerning Internet Threat in Singapore
Singapore leads the way globally regarding the frequency and sophistication of cyber-attacks on businesses. During 2016, there was a total of 492 reported data breaches. In 2017, there were 289 attacks reported, with at least 13 attacks involving more than 10,000 records compromised.
2. Singapore Has Been Ranked As One of the Top Data Breach Countries in Asia
In September 2018, Singapore was ranked as one of Asia’s top data breach countries. Of the 11 countries with the highest data breaches, Singapore has had 50 more breaches than any other country in Asia.
3. Attacks Are Rising In Singapore
There were 77 reported cyber-attacks in Singapore in 2015 alone. In 2016, there were 59 reported cyber-attacks in Singapore alone. In 2017, there were 28 reported cyber-attacks in Singapore alone, most of which happened to small and medium-sized businesses. Internet or cyber-attacks costs Singapore businesses billions of dollars.
4. Criminals Target Smartphones
Businesses in Singapore have been quick to realize the importance of mobile devices and data-sharing channels. During 2016, over 1,000 reported smartphone breaches in Singapore, with approximately half being data breaches of businesses that had operations overseas. This is an increase from 10% just three years prior, where Smartphone-based business information-sharing was the fourth most reported data breach threat to businesses.
5. The Need for Cyber-security Training Is the Highest It Has Ever Been Singapore companies are facing a round of cyber-attacks and desperately need to up their cybersecurity game.
In 2017, security training was the most requested service by Singapore businesses, as 99% of Singapore SMBs reported that they did not have a full-time IT security advisor on board. In a nutshell, with a rapidly changing cyber landscape, Singapore businesses risk falling prey to hackers. However, with the right security measures, businesses can protect and even turn potential cyber-security threats into business opportunities.
Data sources: ZD Net Statista