Experts emphasize that in the digital age, cybersecurity should be a top priority for organizations. However, the continued presence of lax company policies poses a significant threat to firms.
Although there is widespread recognition of the threat posed by cyberattacks to businesses and individuals, a panel of experts has recently noted a discrepancy between this awareness and the actions taken by companies.
According to Raju Chellam, a panellist and Fellow of the Singapore Computer Society, it is crucial for companies to ensure that cybersecurity becomes a shared responsibility among all employees. He emphasized the need for companies to take concrete actions to show the consequences of not adhering to company policies.
Speaking at the MDIS event, Chellam mentioned that having malware on an individual’s device may not immediately endanger the individual.
However, many hackers are constantly seeking opportunities to exploit vulnerabilities. They eagerly await the moment when someone connects their device to a company network, hoping to discover valuable data that can be used for personal financial gain.
He mentioned that companies, especially small and medium enterprises (SMEs), often overlook the importance of enforcing stringent cyber policies. In contrast, this is not the situation in other advanced markets.
According to him, the research conducted in Israel revealed a strong emphasis on cybersecurity practices among local companies. Employees may face dismissal if their cyber hygiene practices jeopardize the security of a company’s system.
It is crucial for companies to enhance their efforts, as a significant 53% of cyber incidents can be attributed to employees, either due to administrative errors or the loss of a company device. This data comes from the 2019 Chubb survey conducted in Singapore.
Anthony Lim, Director – Research & Alliance, at Centre for Strategic Cyberspace + International Studies Singapore, acknowledged the importance of every individual within the organization contributing their part.
He emphasized the importance of practicing basic cyber hygiene within organizations to ensure safety. One way to enhance security is by practicing effective password management.
Keeping up with the latest advancements in cyber development is crucial for companies to understand how their cybersecurity solutions need to adapt to combat ever-evolving threats.
According to Dr. Lee Hing-Yan, Executive Vice President, APAC, at Cloud Security Alliance, the rapid pace of digital transformation is placing significant pressure on businesses to adjust their cybersecurity strategies.
“The increase in digital solutions has led to the emergence of new or evolving threats,” Dr. Lee pointed out.
Many organizations, even those with ample resources, often view cybersecurity as a mere expense rather than recognizing its value as a business investment.
It is crucial for companies to conduct risk assessment to evaluate the potential business losses if they do not have cybersecurity measures in place.
