Study shows 60% of Singaporean firms suffering breaches costing $1.3m

More than eight in 10 firms are hiring more IT staff.

Six in 10 businesses in Singapore are currently being hit by breaches that cost $1.3m (US$1m), with boards scrambling to address the impact by hiring more tech experts, a Fortinet study revealed.

Eight in 10 (86%) are eyeing hiring more IT staff as the technologies such as AI worsened the lack of cybersecurity experts, which led to higher cyber risks.

“Cybersecurity is no longer just a technology issue in Singapore; it's a board-level concern," said Jess Ng, Country Head of Singapore and Brunei, Fortinet.

The total respondents are 1,855 businesses, with 30% from APAC, 27% from EMEA, 22% each in North America and LATAM.