Singapore organisations are failing to back up their efforts in the digital world with adequate cyber-security investments, suggests a new survey.
In a study by financial services consulting firm EY, 56% of the Singapore respondents believe their IT security budget should be upped by as much as 50% to align their organisation's need for protection with its management tolerance for risk.
The lack of investment means that a third of Singapore organisations lack confidence in their ability to detect cyber-attacks, which could well be impacting firms' propensity to seek growth.
"Organisations are embracing the digital world with enthusiasm, but there must be a corresponding optical in addressing the increasingly sophisticated cyber threats," said Paul O'Rourke, EY cyber security leader for Asia-Pacific.
He added that businesses in Singapore shouldn't underestimate the risks in having an under-resourced cyber-security team. He believes that they should "develop a laser-like focus on cyber-security and make the required investments."
EY's survey indicates that there are structural issues as well as budgetary limitations, with 44% of the 35 Singapore organisations admitting they do not have a dedicated security operations centre that manages its security issues, including those related to cyber-security.
When asked where the biggest threat came from, 74% said hacktivists, followed by cyber-criminals (6%) and employees (41%).
As such, Singapore respondents said that uninformed employees, who are unaware of the problems they can cause from misguided actions in the digital world, as the biggest risk, followed by malware.
"The only way to make the digital world fully operational and sustainable is to enable organisations to protect themselves and their clients and to create trust in their brand," stressed O'Rourke.