Code red: 70% of Singapore CIOs and CTOs fear cyber attacks

This makes 4 out of 10 executives refrain from migrating to cloud computing.

In a release from Robert Half Singapore, it was found out that if there is one thing banks and financial institutions in Singapore take very seriously, it is the threat of cyber attacks.

A survey of 150 Chief Information Officers (CIOs) and Chief Technology Officers (CTOs) working in the finance and banking sector in Asia found Singapore technology experts are more concerned about threats than their regional counterparts.

A high 70 per cent of the Singapore respondents cited concerns about security threats, compared to Hong Kong (60%) and Japan (42%).

When it comes to migrating technology functions to the cloud, security concerns (36 per cent) top the list of reasons why Singapore firms are holding back, followed by data integrity (24 per cent) and lack of internal knowledge on cloud computing (18 per cent).

The concern about cyber security is having a significant impact on the decisions of Singapore technology leaders, making them reluctant to migrate further services into the cloud. In Singapore 44 per cent of CIOs/CTOs have no further plans to migrate to cloud computing.

The three most common steps taken by Singapore CIOs/CTOs to protect themselves against cloud cyber security threats are:
· Developing business continuity processes (32%)
· Improving physical security (30%)
· Identifying management systems (28%)