42% of Singapore SMBs have adopted two-factor authentication as part of their security measures
SINGAPORE, Sept. 13, 2017 /PRNewswire/ -- ESET, developer of award-winning cybersecurity software, today released data from the ESET 2017 SMBs survey showing that SMBs in Singapore were most likely to have adopted two-factor authentication (2FA) security solutions.
More than one-third (42%) of survey respondents in Singapore have adopted 2FA solutions, the highest rate among countries surveyed in Asia Pacific including Hong Kong, Japan, India and Thailand. In addition, Singapore had the smallest proportion of businesses (40%) experiencing cyber breaches due to 2FA, suggesting that the implementation of 2FA might have been relatively effective.
The willingness of Singapore SMBs to adopt 2FA could be attributed to the country's strong cybersecurity infrastructure. A large majority of Singapore SMBs (81%) indicated that they have a dedicated IT team, which represents businesses' emphasis on investing in and dedicating resources to IT. However, there is still some way to go for Singapore SMBs with 54% having experienced a cyber breach within the past three years, which cost them an average of US$36,690 per breach.
"Given the evolving threat landscape, businesses should understand the importance of multiple layers of security to protect their confidential data," said Parvinder Walia, Sales and Marketing Director for Asia Pacific and Japan, ESET. "It is heartening to see that Singapore is taking strides towards 2FA adoption and strengthening its cybersecurity framework as it advances towards becoming a Smart Nation where almost everything will be connected."
The latest findings from ESET mirror the data on the overall perceptions and activities around cybersecurity for the region. Businesses in the region appear to be stepping up efforts in the fight against cybercrime given that a majority of businesses, regardless of size or market region, reported utilizing cyber security solutions such as antivirus software and firewalls.
The survey polled 1,500 respondents with 300 respondents from small and medium businesses in each of the following markets: Singapore, Hong Kong, India, Thailand and Japan. The objective of the survey was to get a better understanding of the perceptions and activities related to cybersecurity of small and medium-sized businesses in the region. In particular, it sought to uncover what high-level business executives and IT professionals in Asia Pacific thought about issues such as the importance of cybersecurity to business operations, the existing policies and procedures they had in place, as well as their opinions on the need for advanced cybersecurity technology such as 2FA and encryption.
For more on ESET's 2017 SMBs survey, view the full results at this link.
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