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Are Singaporean companies over-confident in the face of growing cyber threat?

Are Singaporean companies over-confident in the face of growing cyber threat?
BAE Systems today unveiled the results of a global survey looking at the cyber security preparedness of Singaporean businesses, and introduced an online cyber risk assessment tool to help businesses test their cyber security readiness.
BAE Systems calls on Singaporean businesses to test their cyber security readiness with its Cyber Risk tool, as findings from their recent cyber security preparedness survey show:
  • Singapore-based businesses believe they have the right security controls in place, yet over 50 per cent suffered an attack last year
  • The average cost of their last attack amounts to S$692,088
  • Over one in five Singaporean businesses have not tested their incident response plan in at least six months
 
Singapore, 16 November 2016 – BAE Systems today unveiled the results of a global survey looking at the cyber security preparedness of Singaporean businesses, and introduced an online cyber risk assessment tool to help businesses test their cyber security readiness.
 
Findings from the survey revealed Singapore-based businesses believe they have the right security controls in place (89 per cent), but that alarmingly, over 50 per cent had suffered an attack in the last year.
 
To drive awareness among business leaders, BAE Systems has introduced the online cyber risk tool designed to enable businesses to assess their vulnerability to cyber threats. The tool measures the preparedness of a business across 10 key elements of ICT security, including incident response and information management. 
 
Gundeep Singh Sandhu, Vice President Cyber Defence Asia Pacific & Japan at BAE Systems Applied Intelligence, said:
 
“Businesses must ensure they are fully equipped to defend against cyber threats.  When an attack succeeds, quick detection, investigation and response are essential, or the prevailing costs to the company and their customers can be disastrous.
 
“While 89 per cent of respondents believe they have the right security controls in place, over 50 per cent had suffered an attack in the last year, at an average cost of nearly S$700,000.”
 
“Our research also found more than one in five Singaporean businesses have not tested their incident response plans in at least six months.  This is despite the fact a company’s ability to respond in the face of an attack is now almost as critical as preventing an attack, as the velocity of attacks grow and they become more targeted and sophisticated.”
 
The research, conducted in Singapore with over 100 IT decision makers, also found:
  1. Less than a quarter of businesses are completely confident they could return to business as usual within 48 hours (24 per cent). 17 per cent are not very confident or had no confidence at all that they could.
  2. Five per cent don’t have a cyber incident response plan and more than one in ten (11 per cent) don’t know if they have the right security controls in place.
 
“As recent high profile cyber attacks have demonstrated, businesses of all sizes and in all industries must ensure they’re prepared.
 
“Regular testing, training of staff, and updating technology and processes is crucial to avoid or minimise monetary and reputational damage. We encourage all businesses to take this simple test to assess the strengths and weaknesses in their cyber security and understand their vulnerabilities,” Mr Sandhu said.
 
See if your business is cyber-secure by accessing the Cyber Risk tool here: www.baesystems.com/takethetest
 
ENDS
 
For further details, please contact:
Sam Eatwell
Edelman Singapore
M: (+65) 9397 5288 | Sam.Eatwell@edelman.com
 
Sheryl Tham
M: (65) 9066 4933 | Sheryl.Tham@edelman.com
 
About BAE Systems
 
At BAE Systems, we provide some of the world’s most advanced, technology-led defence, aerospace and security solutions and employ a skilled workforce of some 83,400 people in over 40 countries. Working with customers and local partners, we develop, engineer, manufacture and support products and systems to deliver military capability, protect national security and people and keep critical information and infrastructure secure.
 
At BAE Systems Applied Intelligence, we help nations, governments and businesses around the world defend themselves against cybercrime, reduce their risk in the connected world, comply with regulation, and transform their operations.
 
We do this using our unique set of solutions, systems, experience and processes - often collecting and analysing huge volumes of data. These, combined with our Cyber Special forces - some of the most skilled people in the world, enable us to defend against cyber-attacks, fraud and financial crime, enable intelligence-led policing and solve complex data problems.
 
We employ over 4,200 people across 18 countries in the Americas, APAC, UK and EMEA. For further information about BAE Systems Applied Intelligence, please visit www.baesystems.com/businessdefence.