,Singapore

3 in 5 Singapore businesses lose trust in legacy vendors due to cyberattacks

This is based on a survey done by Crowdstrike.

A survey by Crowdstrike found that 63% or three out of five Singaporean businesses no longer have trust in legacy vendors due to the increased number of cyberattacks.

Despite more than half of Singapore respondents (67%) having experienced a supply chain attack during their lifetime, the country was less prone to a supply chain attack. The most prone region was India at 84%, followed by Australia at 82%, and Japan at 73%.

Other findings from the survey revealed that 36% of respondents in Singapore have experienced at least one supply attack over the past 12 months, whilst 57% said they cannot claim that all their software suppliers have been vetted in the past year. Meanwhile, 73% express fear over the possibility of software supply chain attacks becoming one of the biggest cybersecurity threats in the next three years.

On the other hand, ransomware attacks cost APAC organisations an average of $3.2m (US$2.35m), with Singapore having an average less than others in the region at $1.99M (US$1.46m.)

Organisations also normally face “double extortion” in which threats can demand a reason to decrypt data and threaten to leak the data.

93% of Singaporeans that paid a ransom were also asked to pay additional, setting a cost average of $843,423 per ransom.

Challenges pointed to by Singaporeans respondents include the lack of resources (51%), disparate solutions (49%), legacy infrastructure (45%), and poor performing solutions (41%).

Join Singapore Business Review community
Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!

Keppel Corp had the most growth.
It got Asian Infrastructure Investment Bank as its investor.
This optimistic performance is expected to continue until March 2022.
The stock saw a contradicting rise of 51%, despite the STI observing a dip of 4.2% during the period. 
Along with this, the group recommends a green financing bank.
The SGX listed SPAC raised $23.4m from the offering.
They believe crypto's value will increase in the next five years.
ThaiBev had the most growth.
VSTPL’s failures placed the trust at a higher risk of being used as a conduit for illegal activities, says MAS.
The growth rate estimate is lower than the 2021 forecast of 6.6%.
The bank assured customers that it employs a multi-layered defence system against fraud.
This after S-REITs delivered a modest 6% in total returns in 2021. 
Banks are asked to remove links in emails and SMS sent to customers.
It will redeploy the proceeds from this divestment into higher-yielding assets.