Majority of companies experienced cyberattacks, looks to new tech for solutions: report

AI, cloud and zero trust strategies sought by companies to bolster security.

Nearly three-fourths or 73% of companies in Singapore said they experienced at least one cyberattack in the past year, according to a report by Palo Alto Networks.

Over 60% reported weekly or monthly attacks, with more than a third (35%) having to halt industrial operations due to successful cyberattacks.

60% of the respondents consider security for their operational technology (OT) a high priority, with roughly half expecting to up spending on OT cybersecurity in the next two years. 

More than two-thirds said that AI-driven attacks against their OT were a significant issue, but 8 out of 10 also agreed that utilising AI was crucial to combat these attacks.

Meanwhile, 79%  believed that moving to the cloud would reinforce OT security, but 55% also said this would increase challenges for cybersecurity in the next two years.  

80% also endorsed zero trust strategies as the right option. However, deployment rates for full implementation of zero-trust solutions remain low at just over 15% for their OT/IT environments.

“An AI-led approach stands at the forefront of defence, offering unparalleled capabilities to analyse massive data volumes at speed, as well as identify patterns indicating imminent threats, even before an attack occurs,” Claribel Chai, country manager of Singapore at Palo Alto Networks. “Furthermore, a close collaboration between the IT and OT teams is essential, to ensure a consolidated approach to cybersecurity.”

The report surveyed 1,979 operational technology and IT business leaders across 23 countries globally, including 101 leaders in Singapore.