IoT threat has greatest potential impact on organisations: survey

Around 65% said it would negatively impact them.

A threat to the Internet of Things (IoT) would have the greatest potential impact on Singapore organisations, with 65% saying it would negatively impact them, according to the latest PwC survey.

Gathered from 31 business and technology executives from Singapore, the survey found that aside from an IoT threat, other threat vectors with potential impacts include social engineering (61%) and cloud service providers (55%).

Meanwhile, 55% of respondents indicated that they would invest in unifying cyber risk reporting across organisations (55%) over the next two years. Other key areas of investment were in improving security function’s skill sets (48%) and investing in advanced technologies to improve the effectiveness of cyber defence capabilities (45%).

Majority of the organisations in Singapore also believe that moving to the cloud is fundamental to the next generation of business solutions, with 42% accelerating cloud adoption whilst 55% already implementing an integrated cloud and network strategy approach.

“Cybersecurity has come a long way and is now a must-have for all organisations big and small. The adoption of new digital technologies, particularly with the pandemic nudging businesses to quickly implement remote working, has increased exposure to cyber threats. Organisations must have the right people, processes and technology to build digital trust and move towards realising their digital strategy,” PwC Singapore digital trust leader Tan Shong Ye said.