Cloud breaches cost Singaporean businesses $16M on average in 2022
6 in 10 Singaporean cybersecurity officers think cloud security lacking, poses huge risk to businesses
More than half of Singaporean cybersecurity leaders believe breaches in cloud security could deal a huge blow to businesses, which could render normal operations “impossible,” according to cloud security firm Illumio.
The report showed half of all local data breaches originated from the cloud, costing businesses in the city-state an average of $16m last year. Despite this, nearly one in five businesses still operate under the pretense that breaches are not unavoidable.
About 95% of businesses store their most sensitive data in the cloud, including financial information, business intelligence and personal information of both employees and customers.
Singaporean businesses in the report strongly agreed that their current cloud security measures create serious risks, with all of them mentioning a need to improve reaction times to cloud breaches and better visibility of connections with third party software.
The Illumio report, which used surveys from research firm Vanson Bourne of 1,600 IT and security decision makers across nine countries, noted that traditional cloud security tools fall short in mitigating cloud security risks.
“Because cloud environments are dynamic and interconnected, they’re increasingly challenging for security teams to navigate with legacy solutions,” said John Kindervag, chief evangelist at Illumio. “Organisations need modern security approaches that offer them real-time visibility and containment by default to mitigate risk and optimise opportunities afforded by the cloud.”