Singapore: a third of organisations lack confidence in detecting cybercrime

According to a recent survey conducted by EY, 36% of global organisations are also facing this same problem. The survey reveals that a majority of Singapore organisations (80%) do not believe their information security structure fully meets their organisations needs. In fact, 56% of them said their IT security budgets should be increased by up to 50% to better align their organisations need for protection.

Additionally, the survey shows that in Singapore the top three likely sources of cyber-attacks are hacktivists (74%), cyber criminals (62%) and employees (41%). In line with perceiving employees as a top source of cyber-attacks, it is not surprising that Singapore survey respondents view unaware employees (50%) and malware (45%) as the top two threats and vulnerabilities; followed by cyber-attacks to disrupt or deface the organisation (44%) and phishing (41%).

According to the study, more than half (52%) of Singapore respondents said that they lack a dedicated function that focuses on emerging technology and its impact; while 44% said they do not have a security operations centre.