3 in 5 Singapore businesses lose trust in legacy vendors due to cyberattacks

This is based on a survey done by Crowdstrike.

A survey by Crowdstrike found that 63% or three out of five Singaporean businesses no longer have trust in legacy vendors due to the increased number of cyberattacks.

Despite more than half of Singapore respondents (67%) having experienced a supply chain attack during their lifetime, the country was less prone to a supply chain attack. The most prone region was India at 84%, followed by Australia at 82%, and Japan at 73%.

Other findings from the survey revealed that 36% of respondents in Singapore have experienced at least one supply attack over the past 12 months, whilst 57% said they cannot claim that all their software suppliers have been vetted in the past year. Meanwhile, 73% express fear over the possibility of software supply chain attacks becoming one of the biggest cybersecurity threats in the next three years.

On the other hand, ransomware attacks cost APAC organisations an average of $3.2m (US$2.35m), with Singapore having an average less than others in the region at $1.99M (US$1.46m.)

Organisations also normally face “double extortion” in which threats can demand a reason to decrypt data and threaten to leak the data.

93% of Singaporeans that paid a ransom were also asked to pay additional, setting a cost average of $843,423 per ransom.

Challenges pointed to by Singaporeans respondents include the lack of resources (51%), disparate solutions (49%), legacy infrastructure (45%), and poor performing solutions (41%).