Singapore – Despite the increased spending on cybersecurity efforts, a recent study by security awareness training and simulated phishing platform KnowBe4 revealed that less than half of the IT decision-makers in Singapore indicated that their employees have fully understood the repercussions of business-related cyberattacks.
This implies a significant gap in cybersecurity awareness and preparedness among several organisations in Singapore.
According to the report, there is a relatively low level of confidence in their ability to identify phishing and business email compromises (BEC), underscoring the crucial need for more comprehensive training and awareness.
A shift in investment focus was then observed, with 64% of the respondents expressing intentions to allocate funds for cybersecurity awareness training programs. This preference highlights the industry’s recognition of the crucial role that employee behaviour plays in managing cybersecurity risks.
Around 42% of IT decision-makers, on the other hand, indicated confidence in their understanding of the actions to take after a cyber incident or data breach. This reflects a slight increase from 37% in 2022; however, it shows a decrease from 51% in 2021.
These figures underscore the urgent need for enhanced breach response planning and employee training.
Commenting on the report, David Bochsler, vice president of sales APAC at KnowBe4, said, “As one of the most interconnected countries in the world, Singapore is a prominent target for cyber-attacks and cyber-crime. The planned increase in cyber spend demonstrates that protecting companies remains a high priority for Singaporean IT professionals. As the nation accelerates its digitization efforts, there is a heightened sense of urgency to shield companies from evolving cyber threats.”
“There is no one-stop solution for cyber protection; rather, companies should focus their efforts on ultimately creating a strong security culture,” Bochsler emphasised.
This report by KnowBe4 showed a significant rise in cybersecurity spending among Singaporean IT decision-makers, with 87% planning to allocate funds for cybersecurity measures in 2024. This marks a significant increase from 72% in 2022.
“Preparing employees to be the last line of defence for an organisation is a critical component of a strong cybersecurity programme,” he concluded.
