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Today, the digital economy has increased the opportunities for cyber exploitations including hacktivism, cyber ransoms and other related incidents that may easily bring down the entire operation of an organization or nation. Just recently, two universities in Singapore was hit by a phishing incident and suffered IT network breaches. It was then followed by a massive cyber-attack which occurred globally, whereby a piece of ransomware known as "WannaCry" paralyzed businesses and government entities. The succession of attacks reflects the widespread availability of software exploits and the increasing prevalence of malicious actors online, Any occasion where our infrastructure has been infiltrated can potentially produce hazardous outcomes, especially where our nation's national defence and public health system are heavily reliant on infocomm. Fortunately, concerted effort has been dedicated by the Government to tighten cyber defence, and large organisations in Singapore remained largely unscathed from the global hacking attacks. In contrast, small and medium-sized enterprises ("SMEs") may not be as fortunate in this aspect, as reports shown that SMEs make up 60% of the cyberattacks victims.
As an aspiring entrepreneur, I wish to discuss about the constrained resources faced by ("SMEs") with regards to the investment of cyber security solutions and how the Government may aid to remedy the situation. SMEs tend to be most vulnerable against cyber criminals, owing to a lack of resources, expertise and technical manpower when it comes to defending themselves against cyber security breaches. Moreover, cyber criminals view them as a springboard to access large companies' (or even the Government's) data, whom the SMEs are partners with. Going forward, SMEs will need strong cyber security, particularly as they move to e-commerce for their business growth.
Most enterprises are aware of the threat of cyber-attacks and have incorporated conventional IT security tools such as firewalls, whitelists and antivirus. But with the current hostile cyber environment and the emergence of new variants of cyber-attacks, these security tools may no longer be adequate in the deterrence of cyber-attacks in the long run. SMEs thus expose themselves to the risk of induced network outages, permanent loss of customers, corporate data etc. They are thus highly encouraged to keep tabs on the latest developments on cyber security solutions, to adjust their defence posture as needed. Unfortunately, the exorbitant cost of adopting a more holistic solutions is the main impeding factor that cause SMEs on putting off the decision to adopt them. As the nation's cyber landscape evolves alongside the new risks, the Government should reach out to SMEs and support their cyber security efforts. For example, the bestowment of grants and subsidies for the investment of cyber security solutions would be indispensable in relieving the firms' financial burden and propels them to embrace a more holistic approach to cyber defence.
While some cyber security solutions will inevitably incur some costs, one quick and relatively low-cost measure will be education. Any enterprise should start by educating employees, whom are the weakest link to cyber-attacks. This can be exemplified by the phishing incident in National University of Singapore, whereby an employee clicked on a link in a phishing e-mail which easily led to intrusions into the varsity's network. As the cyber security environment advances, the Government should initiate continual campaigns and educational talks as to raise awareness of the latest key threats and developments of new cyber security solutions among employees of SMEs. However, SMEs must also recognize that cyber security is a collective effort by all employees and everyone has a part to play to create a safe cyberspace and for the company's network to run smoothly.
In the light of the cyber security climate, the ability to respond to cyber-attacks plays a pivotal and integral role in ensuring that the nation and the organizations continues to achieve vast success. Unfortunately, SMEs face critical challenges in the adoption of cyber security solutions due to limited resources. The Government should look into rectifying this issue among SMEs, especially when the nation relies on them for the conception of smart nation initiatives. On the other hand, it is imperative for SMEs to do their part as well, by performing periodic reviews of their IT security to safeguard themselves against cyber threats.
Cyber Security environment in SMEs.
Today, the digital economy has increased the opportunities for cyber exploitations including hacktivism, cyber ransoms and other related incidents that may easily bring down the entire operation of an organization or nation. Just recently, two universities in Singapore was hit by a phishing incident and suffered IT network breaches. It was then followed by a massive cyber-attack which occurred globally, whereby a piece of ransomware known as "WannaCry" paralyzed businesses and government entities. The succession of attacks reflects the widespread availability of software exploits and the increasing prevalence of malicious actors online, Any occasion where our infrastructure has been infiltrated can potentially produce hazardous outcomes, especially where our nation's national defence and public health system are heavily reliant on infocomm. Fortunately, concerted effort has been dedicated by the Government to tighten cyber defence, and large organisations in Singapore remained largely unscathed from the global hacking attacks. In contrast, small and medium-sized enterprises ("SMEs") may not be as fortunate in this aspect, as reports shown that SMEs make up 60% of the cyberattacks victims.
As an aspiring entrepreneur, I wish to discuss about the constrained resources faced by ("SMEs") with regards to the investment of cyber security solutions and how the Government may aid to remedy the situation. SMEs tend to be most vulnerable against cyber criminals, owing to a lack of resources, expertise and technical manpower when it comes to defending themselves against cyber security breaches. Moreover, cyber criminals view them as a springboard to access large companies' (or even the Government's) data, whom the SMEs are partners with. Going forward, SMEs will need strong cyber security, particularly as they move to e-commerce for their business growth.
Most enterprises are aware of the threat of cyber-attacks and have incorporated conventional IT security tools such as firewalls, whitelists and antivirus. But with the current hostile cyber environment and the emergence of new variants of cyber-attacks, these security tools may no longer be adequate in the deterrence of cyber-attacks in the long run. SMEs thus expose themselves to the risk of induced network outages, permanent loss of customers, corporate data etc. They are thus highly encouraged to keep tabs on the latest developments on cyber security solutions, to adjust their defence posture as needed. Unfortunately, the exorbitant cost of adopting a more holistic solutions is the main impeding factor that cause SMEs on putting off the decision to adopt them. As the nation's cyber landscape evolves alongside the new risks, the Government should reach out to SMEs and support their cyber security efforts. For example, the bestowment of grants and subsidies for the investment of cyber security solutions would be indispensable in relieving the firms' financial burden and propels them to embrace a more holistic approach to cyber defence.
While some cyber security solutions will inevitably incur some costs, one quick and relatively low-cost measure will be education. Any enterprise should start by educating employees, whom are the weakest link to cyber-attacks. This can be exemplified by the phishing incident in National University of Singapore, whereby an employee clicked on a link in a phishing e-mail which easily led to intrusions into the varsity's network. As the cyber security environment advances, the Government should initiate continual campaigns and educational talks as to raise awareness of the latest key threats and developments of new cyber security solutions among employees of SMEs. However, SMEs must also recognize that cyber security is a collective effort by all employees and everyone has a part to play to create a safe cyberspace and for the company's network to run smoothly.
In the light of the cyber security climate, the ability to respond to cyber-attacks plays a pivotal and integral role in ensuring that the nation and the organizations continues to achieve vast success. Unfortunately, SMEs face critical challenges in the adoption of cyber security solutions due to limited resources. The Government should look into rectifying this issue among SMEs, especially when the nation relies on them for the conception of smart nation initiatives. On the other hand, it is imperative for SMEs to do their part as well, by performing periodic reviews of their IT security to safeguard themselves against cyber threats.
