Cyber attacks on SMEs in Singapore and S.E.A.
The pandemic has accelerated the need for businesses to shift their operations online and in the cloud, and cybercriminals are well aware of this change. Every new digital process and asset becomes susceptible to cyber-attacks because it is not fully tested and protected.
40% of cyberattacks in Singapore target small and medium enterprises (SMEs) – Cyber Security Agency of Singapore (CSA)
Consequences of a cyber attack on SMEs
According to Microsoft, in the past year, SMEs were the target of 43% of cyber attacks, and on average, the cost of each attack was $184,000. A report stated that 60% of small businesses fold within six months of a cyber attack.
Attackers have become more sophisticated and can exploit gaps in traditional security policies, which are not prepared to accommodate the company’s remote workforce. With such loopholes, an entire network can be hacked and ransomed in under 45 minutes.
Cyber attacks have a three-pronged effect:
1. Disrupts businesses
2. Pilfers critical business data (customers’ details and financial info.)
3. Compromises company reputations
These are compounded by additional costs to the company; cost to hire security specialists to investigate, identify and remedy the situation, the cost to rebuild the company’s reputation (PR campaign), and cost of lawyers to deal with the legal consequences
What should SMEs do?
Gartner, “Resource-challenged security and risk management leaders at midsize enterprises (MSEs) need to outsource security services to a MSS or MDR provider if the IT team does not have enough staff dedicated to running and using the necessary security monitoring tools, especially if 24/7 monitoring is required."
SMEs need to engage professional managed security providers who can offer insights into their current security integrity. Fortunately, there are managed security services delivered via the cloud (SOCaaS) that are tailored for SMEs, such as the LAC’s CloudFalcon, which offers SMEs a comprehensive 24x7 service, at affordable prices.
Remember, if your company has not been a victim of cyber attack, you may still be a prime target for cybercriminals. Secure your business before cyber incidents happened, don’t delay any longer.