A recent survey conducted by Cisco has revealed that most companies in Singapore are not equipped to handle cybersecurity threats. In fact, only 1 in 10 companies in the country are prepared to address cybersecurity risks effectively.
The Cisco Cybersecurity Readiness Index
The survey, which was based on Cisco’s Cybersecurity Readiness Index, assessed the level of security preparedness in companies in Singapore. The index classifies companies into four levels based on their level of deployment and performance in addressing cybersecurity risks.
Maturity Levels of Singapore Companies
The results showed that only 14% of companies in Singapore are at the “mature” stage, which means they have achieved advanced stages of deployment and are almost ready to address security risks. On the other hand, 7% of companies were classified as “Beginner,” while 42% were in the “Formative” stage, indicating that they have some level of deployment but are performing below average on cybersecurity readiness.
The Readiness Gap in Singapore Companies
The readiness gap identified by the survey is alarming, especially since 85% of respondents expect a cybersecurity incident to disrupt their business within the next 12 to 24 months. This finding highlights the urgent need for companies to improve their cybersecurity readiness.
The Cost of Being Unprepared
The cost of being unprepared can be significant, as cybersecurity incidents cost 58% of companies surveyed at least US$500,000. With the increasing frequency and sophistication of cyber threats, companies that do not take adequate measures to protect their data and systems are putting themselves at risk of severe financial and reputational damage.
The Importance of Improving Cybersecurity Readiness
Improving cybersecurity readiness requires a multi-faceted approach that involves investing in the latest technology, implementing robust policies and procedures, and training employees to be vigilant against cyber threats. By taking a proactive approach to the issue, companies can mitigate the risks of cyber incidents and protect their business from potential harm.
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The survey results show that many companies in Singapore are not adequately prepared to defend against cyber security threats. This readiness gap poses a significant risk to businesses, making it crucial for companies to take proactive steps to improve their cybersecurity readiness.