More than 80% of businesses more vulnerable to cyberattacks

Work from home set ups have made businesses more vulnerable to data breaches and other online security threats.

Singapore businesses have become more vulnerable to cyberattacks as more employees work remotely during the pandemic.

This is according to the latest VMware Singapore Security Insights Report, which found that 82% of Singaporean businesses reported a higher volume of cybersecurity attacks in 2020.

“The true scale of attacks is hard to discern because defenders can’t see into the corners where personal mobile devices and home networks have been grafted on to the corporate ecosystem. Add to this the challenges of monitoring third-party apps and vendors, and the number of blind spots escalates,” VMware said in its report.

Of those who experienced breaches, 86% reported more sophisticated cyberattack methods, 68% said the damage they suffered were material, and 66% said they suffered a breach within the year.

According to VMware, Singapore witnessed an average of 3.3 significant data breaches per year, higher than Japan (2.5) and Australia (2.3).

In response, several companies have moved to a cloud-based security strategy.

“But moving to the cloud is not a security panacea. Not all clouds are equal, and controls need to be vetted by consumer organisations because if adversaries want to attack at scale, the cloud is the place to do it. As this shift builds momentum, investment in public cloud security will be critical,” VMware warned.

The commissioned survey interviewed 250 Singaporean chief information officers, chief technology officers and chief information security officers in December 2020.