The majority of businesses increased cybersecurity budget

Businesses said budgets rose to adapt to next-gen security capabilities.

A study showed that 73% of Singaporean businesses polled said their cybersecurity budget grew to adopt next-gen security capabilities, secure talent, and increase online commerce.

In a statement, global security leader, Palo Alto Networks, said 85% of local businesses in Singapore shared that cybersecurity is a top priority as it is being discussed at a board level.

To address cyberthreat gaps, businesses in Singapore are implementing cloud security adoption (45%), securing loT and OT (41%), and endpoint protection (39%).

Across the ASEAN region, Al integration is the top technology businesses across ASEAN are adopting, particularly those in the Telco/Tech/Communications industries.

"This reflects the approach of organisations in Singapore, where 41% are looking into Al integration (including machine learning, predictive analytics, voice recognition, and sentiment analytics) in the next one to two years," read the statement.

The April 2023 online poll included 500 corporate IT decision-makers and business leaders across five key industries in SEA: Services (Banking, Financial), Government/Public Sector/ Essential Services, Telco/Tech/Communications, Retail/Hotel/F&B, Transport and Logistics, and Manufacturing. Of the 500, 100 each were from Singapore, Malaysia, Indonesia, the Philippines, and Thailand.