The Vulnerability of Information to Hackers: How Truly Safe Do You Think You Are?
Cyber threats are borderless. According to research conducted by Trend Micro, Singapore receives about 550 cyber threats every day. Some companies might think that they are safe from cyber threats. However, anyone can be the hacker’s target. After all, information to hackers is pretty much like an indispensable asset. Further, they can utilize such data according to their will.
2015 Internet Security Report pointed out that 60% of all cyber-attacks are on SMEs. Cybercriminals are targeting smaller businesses as a way of entering into larger companies. Since 99% of the registered companies are SMEs in Singapore, SMEs need strong cybersecurity going forward as they move to e-commerce for their business growth.
Information to Hackers: Implications on SME’s
SMEs depend on their phones to do business. This can include sending an e-mail, conducting online banking and other transactions via their smartphones. Vulnerabilities can happen due to high exposure to malware. Apart from that, the usage of pirated software and inadequate security controls in the systems increased the possibility of exploits and frauds.
Experts warn that small and medium-sized enterprises (SME) are increasingly becoming soft targets for hackers. SMEs are easier to target as they often lack resources, expertise and technical manpower to defend themselves against cyber threats. Hackers have realized the booming economy of the APAC region and the security lag in the region, which prominently seen in recent incidents.
The Cyber Security Agency of Singapore (CSA) encourages taking a risk-based approach to cybersecurity, balancing the cost, risks and potential impact of the cyber threats. Alongside with the new opportunities and risks as Singapore’s cyber landscape evolves, CSA will continue to reach out to the SME and public to raise their awareness of the importance of cybersecurity.
Conclusion
SMEs are encouraged to understand and incorporate cybersecurity as a business risk, taking responsibility for investing in cybersecurity. Moreover, it is an opportunity for organisations to assure their customers on how the data is safe. Some IT solutions will incur costs, but there are quick and relatively low measures. These include ensuring regular back up of your company data and software updates and employee education.
If you require any assistance, then please feel free to contact a Singapore cyber risk specialist like IT Solution.
