SINGAPORE: The Cyber Security Agency of Singapore (CSA) has released its inaugural Cybersecurity Health Report on Thursday, shedding light on the prevailing cyber threats faced by local businesses and non-profit organizations. The report underscores the escalating risks posed by cyber attacks amidst technological advancements, urging for comprehensive measures to counteract these threats.
According to the report, while a majority of companies and non-profit entities have embraced approximately 70% of cybersecurity measures, the CSA contends that this level of adoption remains insufficient to thwart evolving cyber threats effectively.
The survey, conducted between May and August 2023, canvassed 2,036 businesses of varying sizes, assessing their cybersecurity posture across five critical categories: assets, protection, backup, updates, and response.
Despite the widespread recognition of cybersecurity’s significance, the survey revealed that merely one-third of the organizations surveyed had fully implemented measures across at least three of the five categories. This revelation underscores a significant gap in cybersecurity preparedness, leaving ample room for improvement.
Highlighting the economic implications of inadequate cybersecurity, the report cites the staggering costs incurred by businesses in the aftermath of cyber incidents. For instance, for small enterprises with fewer than 20 endpoints, the expense of implementing basic network hygiene measures ranges from approximately $1,800 to $4,500.
While this expenditure may seem substantial for small and medium-sized enterprises (SMEs), it pales in comparison to the financial toll of business interruptions or recovery procedures triggered by cyber incidents.
Since the inception of cybersecurity certification in 2022, over 180 organizations have obtained the Cyber Security Basic Competency Mark (Cyber Essentials), while more than 60 organizations have attained the Singapore Cyber Security Credibility Mark (Cyber Trust).
Additionally, the CSA has collaborated with the Infocomm Media Development Authority to launch the Cybersecurity Health Check, enabling organizations to evaluate their cyber hygiene status, benchmark against industry peers, and access resources to address gaps.
Through a brief questionnaire, organizations can receive a personalized cybersecurity health report and recommendations for bolstering their defenses. The CSA urges all enterprises and organizations to utilize this assessment tool to enhance their cybersecurity measures, ultimately striving to attain the coveted Cybersecurity Certification Mark.