Worrying finding: Singapore companies unprepared for cyber attacks

Almost all Singapore companies are ill-prepared in the event of a cyber attack, judging from the alarming findings of a recent survey.

Although a majority of the businesses surveyed said they believed in the importance of installing cyber security and seeking expert guidance, 91 per cent of them were only in the early stages of building their security fortress, said Quann, a security services provider, in a statement today.

The survey also found that more than half or 54 per cent of the respondents did not have a security operations centre to monitor their networks and security devices for any suspicious traffic. In addition, almost half or 49 per cent had not conducted any form of IT security awareness exercise.

Jointly conducted by Quann and research firm IDC, the survey revealed the serious security gaps, which could expose companies to being hit by potentially crippling attacks.

In its statement, Quann's managing director, Mr. Foo Siang-tse, said: "The findings are worrying but they don't come as a surprise. Many companies are simply not investing enough in IT security, despite the obvious threats. The lack of investment in security infrastructure, professional services and employee training makes them extremely vulnerable."

Pointing out that the recent WannaCry and Petya ransomware attacks were "just the tip of the iceberg", Mr Foo said there was a need for companies to have a comprehensive security plan, which would enable them to detect threats early and mitigate their impact, among other things.