Can Singapore companies remain unscathed by rising cyber threats?

Not without IT security talents.

Technology leaders of companies in the city-state have been on a rough battle against cyber-criminals, with more attacks being recorded now than a year ago.

According to the latest report by Robert Half, cyber-attacks are increasing with 72 percent of Chief Information Officers (CIO) detecting more cases cyber-attacks.

The report revealed that 85% of CIOs expect their companies will be more vulnerable attacks because they lack skilled IT security talents

"Singapore has the highest percentage of CIOs predicting ‘significantly more’ cyber-attacks in the next five years – 30 per cent compared to the global average of 19 per cent," the report said.

The study also took note of the top three cyber-security risks facing organizations in the city-state including data abuse, spying & ransomwares, and cyber-crimes.

Robert Half Asia Pacific Senior Managing Director David Jones said the lack of IT professionals with the right skills to defend companies shows how the fight against rising cyber-threats is already on the critical phase.

“As demand for new cyber-specialists entering the IT market outstrips supply, companies are being forced to reconsider their training and retention programs. They are also recruiting from overseas, partnering with educational organisations, and developing flexible hiring strategies that include both permanent and contract specialists, including external risk agencies,” Jones explained.

However, even with the imminent threat, only 23% of CIOs said they will be adding new permanent IT security professionals to their team in the next 12 months and only 29% stated they are planning to hire IT professionals for newly added contract positions within their team.