Only 1 in 10 companies in Singapore are prepared to address cybersecurity risks

Cybersecurity issues have cost organisations at least US$500,000.

Most companies in Singapore are not ready to defend against cybersecurity threats, a survey by Cisco has found.

Based on Cisco's Cybersecurity Readiness Index, only 14% of companies are on the "mature" level in security preparedness.

Under the index, companies are classified into four. Companies at the mature stage have achieved advanced stages of deployment and are almost ready to address security risks.

Cisco considers companies a "Beginner" if they're at the "initial stages of deployment of solutions"; "Formative: if they have some level of deployment but performing below average on cybersecurity readiness; and "Progressive" if they have a considerable level of deployment and performing above average on cybersecurity readiness.

In Singapore, 7% of companies fall under "Beginner," and 42% are in the "Formative" stages, performing below average on cybersecurity readiness. 

"This readiness gap is telling, not least because 85% of respondents said they expect a cybersecurity incident to disrupt their business in the next 12 to 24 months," said Cisco.
 
Cisco added that the cost of being unprepared can be substantial, given cybersecurity incidents cost 58% of companies at least US$500,000.