In today’s digital landscape, cybersecurity has become increasingly crucial for individuals, businesses, and government agencies alike.

The rapidly evolving nature of cyber threats makes it more important than ever to stay ahead of potential security breaches. As AI-powered cyber incidents become more common, the likelihood of being attacked increases. Singapore, is acutely aware of the importance of cybersecurity in its bid to solidify its position as a hub for technology and innovation in the region.

This has led to the rise of Managed Security Services (MSS), which help businesses defend against cybersecurity incidents with ease. MSS provides organisations with a comprehensive suite of cybersecurity services, as well as a team of professionals to help manage these solutions, to safeguard against potential breaches and mitigate risks.

Understanding the Cybersecurity Landscape in Singapore

The cybersecurity landscape in Singapore has evolved over the years, presenting businesses and organisations with a multitude of challenges to address while keeping Singapore’s cyberspace safe.

The Cyber Security Agency of Singapore plays a major role in ensuring that the nation is well-prepared against emerging threats, and is equipped to tackle national cybersecurity incidents effectively. According to its Singapore Cyber Landscape 2022 report, dangers such as ransomware attacks and phishing campaigns are continuing to impact organisations, individuals, and even government systems. They received reports of 132 local ransomware cases in 2022 within manufacturing, retail, financial institutions, and healthcare sectors, posing a distinct threat to national security.

Falling prey to an attack can have major consequences on companies. They can suffer from financial losses, suffer huge damage to their reputation and lose trust, as well as receive regulatory consequences; especially if they handle critical information infrastructure. If a company fails to protect consumer data, and a breach of sensitive info occurs, they may be penalised by the government. These fines can go up to 10% of their annual turnover rate, or $1 million, whichever is higher.

To combat the evolving threats and continue protecting Singapore’s cyberspace, cybersecurity strategies need to evolve as well. There’s a significant need for resilient infrastructure and proactive systems, which can safeguard businesses against the risk of complex attacks and achieve tightened data security.

Dealing with Cyber Threats: Challenges Faced

While there are many available security tools to help shore up an organisation’s defences, 62% of cybersecurity professionals in Singapore still struggle to keep up with the rapid evolution of threats, with organisations experiencing an average of 54 security incidents daily.

This is primarily due to the following cybersecurity challenges:

1. A lack of holistic cyber resiliency

Many organisations struggle with establishing their cyber resiliency framework. This includes having the necessary procedures and technologies in place to repel cyber criminals. Without a holistic approach to cybersecurity, organisations may have vulnerabilities in their systems and processes, making them more susceptible to cyberattacks.

For example, work-from-home and hybrid work policies have created opportunities for hackers to gain access to corporate networks through employee devices. Not all companies have security solutions that encompass a full range of threats, and may struggle to obtain these solutions by themselves.

2. A lack of trained experts or professionals

The shortage of skilled cybersecurity professionals in the field is a significant challenge faced by organizations. Last year, Singapore experienced a 16.5% drop in cybersecurity staff, shrinking to only 77,425 industry experts. This scarcity of talent can result in a lack of expertise to effectively manage and respond to cyber attacks, leaving organisations vulnerable to these breaches. It’s not always viable for businesses to have in-house experts.

3. A high cost of adoption

Implementing and maintaining robust cybersecurity measures can be costly for organisations. Investing in advanced security technologies and hiring skilled professionals requires financial resources. Smaller organisations with limited budgets may find it challenging to allocate sufficient funds for cybersecurity initiatives, which can leave them exposed to potential threats. The Singapore Business Federation has found that this is the leading challenge companies face in adopting digital solutions such as cybersecurity management.

Exploring the Solution: Managed Security Services

Managed Security Services (MSS) is a comprehensive approach to cybersecurity, where an external provider delivers security solutions and monitors an organisation’s IT infrastructure. These Managed Security Service Providers (MSSPs) are the ones handling the work on behalf of the company. This is a way for businesses to outsource their cybersecurity needs, enhancing efficiency and reducing costs.

The typical features of managed services include 24/7 monitoring and support, incident detection and response, threat intelligence and analysis, compliance management, vulnerability assessment, and patch management. By offering these features, managed services providers like SPTel ensure that their clients’ systems remain secure, allowing them to focus on their core business operations.

Perks of working with an MSS provider (MSSP)

Relying on MSSPs instead of in-house security has several large advantages.

1. Alleviation of In-House IT Strain: Firstly, by outsourcing security management, businesses free up crucial time for their internal teams to focus on their own core operations. Organisations don’t have to worry about their security concerns, and can rest easy knowing that it’s being handled by an exterior service. MSSPs also constantly monitor the organisation’s network and infrastructure for any potential threats and vulnerabilities. So in the event of a cyber incident, these service providers are equipped to respond quickly and efficiently, minimising the impact on the organisation.
2. Cost-Effectiveness: MSSPs typically offer flexible pricing models, allowing businesses to choose a plan that aligns with their security requirements and financial constraints. This customisability reduces the need for substantial upfront investments and ensures organisations get the most value for their cybersecurity spending.
3. Professional Expertise: MSSPs have the skills, expertise, and up-to-date knowledge essential for maintaining robust cybersecurity. These experts stay ahead of emerging trends and best practices to ensure that their clients’ systems remain secure. By using MSSPs, businesses can tap into a wealth of knowledge and acquire all the right tools to handle any heavy lifting they require.
4. Meeting Regulatory and Compliance goals: Businesses that deal with sensitive information have to remain accountable, and meet requirements set by regulatory bodies. Breaching regulations such as the PDPA can have huge consequences on an organization. As such, many have turned to MSSPs in order to meet compliance standards. These providers are familiar with government requirements and can easily ensure that an organisation is complying with mandatory cybersecurity measures.

Engaging MSSPs can provide your organisation with the continued support you need in today’s cybersecurity landscape. You can rely on them for their professional input, and relieve the strain on your own organisation while meeting all the necessary requirements.

Choosing the Right MSSP

When it comes to cybersecurity in Singapore, selecting the right managed services provider is crucial for organisations seeking to safeguard their digital assets.

At SPTel, we offer numerous advantages and stand out in the market as a reliable choice for network services. Our Managed Security services are designed with a Security First approach, and enable virtualised provisioning of cyber security to minimise your IT footprint while keeping your business secure. We build our infrastructure from the ground up and include security features by default. This lets us cover both network and security services, making us stand out as an MSSP in terms of delivering clean-pipe capabilities and virtualised security services.

SPTel’s Differentiators

1. Cyber Security deployed and provisioned instantaneously through customer portal to end customers.

Customers can now choose to activate cyber security solutions on demand and mitigate threats in real time. This means paying only for what you use without needing to invest in hardware or software service.

2. Monitoring by a World Class Security Operations Centre (SOC)

SPTel engages the services of an SOC that is operated by ST Engineering to provide security intelligence to customers. This gives them the peace of mind that their services are monitored round the clock, and also allows them to tap on insights to make informed decisions for their security requirements.

3. Digitalised network enabling virtualised cyber security

By investing in software defined networking with network functions virtualisation, SPTel supports virtualised deployment of cyber security solutions to reduce the need for owned equipment and allows more agile responses to threats. Virtualised security solutions can also scale with the customer’s network without requiring a physical hardware upgrade. This minimises hardware usage and provisioning lead time.

Opting for SPTel’s Managed Security Services can greatly enhance an organisation’s cybersecurity strategy. Our industry-specific solutions, cutting-edge infrastructure, and commitment to continuous improvement can make us the right choice for a company.

Implementing MSS

When planning the implementation of managed security services, it is vital to consider several factors.

1. The integration of the new solution with the existing security infrastructure needs to be seamless. This minimises possible conflicts and ensures that the two systems work in harmony, enhancing overall protection.
2. Training employees on the new system is necessary for fostering a strong cybersecurity culture and empowering them to become the first line of defence.

As an experienced service provider, we have a track record of providing managed services for organisations and businesses of various sizes. We handle the installation, implementation, and maintenance of our Managed Security Services, allowing your business to take a hands-off approach.

By working closely with us as a reliable partner, businesses can navigate the complex cyber landscape with confidence, ensuring that their digital assets remain secure and protected.

Stay Ahead of Evolving Cybersecurity Threats With SPTel’s

Managed Security Services

With the increasing frequency and complexity of cyberattacks, businesses need to adopt proactive measures to safeguard their digital assets. At SPTel, we offer affordable, scalable services as well as comprehensive security solutions.

Don’t wait for a security breach to act—seize the opportunity to enhance your organisation’s cybersecurity posture with SPTel’s professional and reliable services. Contact us for managed cybersecurity services today!