How prevalent are cyber threats today?

9 in 10 Singapore organisations experience increased cyber threats. 

A study by McAfee Enterprise and FireEye showed that cyber threats in Singapore have seen an 89% increase during the pandemic.

In the study titled Cybercrime in a Pandemic World: The Impact of COVID-1919 Findings, 81% also experienced service outages due to cyber incidents. E-commerce and retail, travel, and supply chain and logistics industries are also seen to be more vulnerable to these threats, given the upcoming sales this November and December. 

“It is imperative that all businesses of scale evaluate and prioritise security technology to keep them protected, especially during peak seasons like the holidays. Traditional approaches are no longer enough—94% want their organisation to improve its overall cyber readiness—and businesses need an integrated security architecture and an always-on approach to prevent, protect, and react to the threats of today,” said Bryan Palma, CEO of the recently merged company.

According to the study, the season also brings an impact on industries as they react to the increase in customer demands, as 92% of organisations are anticipating an increase in demand due to this. The study also points to an “everything shortage” as one of the reasons for organisations to have security plans to be able to respond to threats. 

Other data gathered from the study points to Singapore organizations not prioritising security during the pandemic. Despite organisations having a 66% increase in online/web activity, 31% of respondents have had their technology and security budgets cut. 62% have suffered downtime due to these cyber threats, with some costing over $134,740 (US$ 100,000). 91%, on the other hand, find that manning a fully staffed security team/SOC presents more challenges during peak hours.