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Written by Breton Chan, Privasec's Marketing Executive

How prepared is your business for upcoming challenges in the digital landscape?

In recent research data released by the Ponemon Institute and IBM Security, cyber crimes accounted for 18.6% of all crime in Singapore. The average cost of a data breach per organisation in the ASEAN bloc sits at about S$2.7m, with the time taken to identify and subsequently contain an attack clocking in at 287 days; this is an increase from 2019, when the average cost and response time were about S$2.6m and 259 days respectively.

The COVID-19 crisis has thrust all manner of businesses into untenable situations, with increased pressure to maintain operations amidst a much-more hastened need for digitalisation. Many companies took on more risk as they had to implement remote work solutions for their staff on a tight timeline. Laptops from the retail market had to be obtained for business use, of which many are not configured with appropriate security controls to be deployed in the environments they were used in.

A lack of adequate security controls, employee training and typically poorly configured computers accessing remote business endpoints cultivated a hotbed of cyberattacks. Most recently, targeted ransomware has also been in the spotlight, taking advantage of the increased amount of vulnerable security gaps.

The forecasts of cyber risk as we head into 2021 predict much activity with increased risks of more sophisticated tooling from malicious actors. Maintaining and strengthening cyber hygiene postures should be an area of focus for all, and frequent reviews should be a norm and not the exception.

About Privasec's Cyber Security Health Checks

Privasec’s assessments follow the globally accepted security best practice standard ISO 27001 and the ISO 27002 best practice guideline. These are high level enough to cover all the security domains and can be easily mapped to any other framework of interest to the organisation. Based on the industry or geography that the organisation operates in, additional frameworks like NIST, APRA CPS 234, CIS etc. will be used along with ISO 27001 for the assessment.

A health check does not significantly disrupt the normal business operations. We have experienced security consultants who will conduct onsite workshops with your key subject matter experts, to review the organisation’s business and technology risk management practices. Our consultants take the time to understand how these are applied across the business to identify the systems and information assets that are critical to the business.

Health checks are a great value add to the business as it is cost effective and has a quick turnaround time of a few weeks, which will give you the responses you need fast, allowing you to move forward.

Contact us here to find out more.