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Cyberattacks have long been recognised as one of the risks of doing business, but the stakes have escalated as of late. As of 2020, 13% of companies in Singapore have already experienced one ransomware attack, with 9% suffering between three and five attacks. Of these victims, 78% ended up paying the ransom.1
But the threat environment has grown beyond run-of-the-mill malware (Trojans, viruses, and worms); the threat landscape has evolved, and now businesses need to contend with Advanced Persistent Threats (APTs) propagated by state-sponsored groups.
Small and medium enterprises are just as vulnerable as large enterprises and government organisations. In late 2019, the website of a popular local fashion retailer was hacked, and the bad actors collected its customers’ personal information such as names, addresses and credit card details.2
It is no longer about whether you have a cyber-security strategy or IT department in place. With the rapid pace that threats are evolving at, it is now about ensuring your organization is prepared to react quickly and effectively to minimize your risk and exposure.
This paper addresses the different approaches towards cyber security management that an organisation can take. It analyses the benefits, challenges as well as available solutions to manage and mitigate security threats. We explore how SPTel effectively provides Managed Security Services via our business class digital network with on demand and scalable cyber security deployment.
This white paper will be of value to Cyber Security, Network and IT professionals, business leaders as well as Government organisations.
1 ZDNet. “Majority of APAC firms pay up in ransomware attacks.” 17 November 2020.
2 The Business Times, “Why SMEs need to prioritise cybersecurity” 29 October 2020.