Singapore firms could have lost billions that would amount to six per cent of city state’s GDP through cyberattacks
Study found that cyberattacks on companies in Singapore last year could potentially cost US$17.7 billion in economic damage
By Ethan Rakin
Some local companies may not realise the severity but cybersecurity could lead to major financial losses.
According to a study which Microsoft commissioned Frost & Sullivan, it found that cyberattacks on companies in Singapore last year could potentially amount to a staggering US$17.7 billion (S$23.8 billion) in economic damage. That figure would account for six per cent of Singapore’s Gross Domestic Product (GDP).
The study, titled “Understanding the Cybersecurity Threat Landscape in Asia Pacific: Securing the Modern Enterprise in a Digital World”, was conducted with 1,300 business and IT decision makers ranging from mid-sized organisations (250 to 499 employees) to large-sized organisations (more than 500 employees) across the Asia Pacific region.
Key findings showed that more than half of the 100 organisations in Singapore surveyed have either experienced a cybersecurity incident (20 per cent) or are not sure if they had one as they have not performed proper forensics or data breach assessment (33 per cent).