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Digital transformations in businesses across the industrial verticals are happening at a fast pace.
Post the pandemic, there are many small businesses in Singapore focusing on managing their online presence, creating e-communication systems, CRM solutions, etc. that can support managing competition and sustainable development.
While digital enablement and transformations look promising, some challenges facing the developments are the information cyber security threats that are prevalent in the ICT (information and communication technologies) environment of businesses.
Security threats facing the businesses in common can be termed as digital security threats, and more specifically be discussed as cyber security threats.
Top Security Threat Statistics (Cyber Security Threat) In Singapore
- As per the reports published by a cyber security firm Sophos survey, around 65% of the surveyed businesses from Singapore has been a victim of ransomware attacks in 2021.
- Around USD 1.9 million is the cost incurred by the ransomware-attacked businesses to get their systems back on track, and resume services.
- The average time for recovery of the systems from damage and disruption is around one month.
- 83% of the reported ransomware-attacked businesses have lost a significant volume of their businesses because of the attacks.
- APT (advanced persistent threats) related studies focusing on the Singapore region are raising alarms on vulnerabilities and challenges driving the cyber security threats and the need for anti-ransomware controls.
With the above-mentioned alarming levels of vulnerability, the SMBs must focus on some of the common cyber security threats that could impact the business and accordingly have measures in place like antivirus software, and anti-ransomware solutions impacting the processes.
Digital Identity Threats
One of the common cyber security threats impeding digital security is identity threats. Hackers, always scout for vulnerable systems connected to the internet and induce malware attacks into independent systems or businesses.
More often, the soft targets for digital identity threat, cyber attack, cyber security intrusion attempts are web applications having database connections to customers’ data, which is a profound cyber security threat.
For instance, hackers get access to data like the user-id and passwords of the users from distinct sources and gain access to the web applications as an authentic user.
More often this kind of cyber security threat targets financial institutions’ data systems or ecommerce systems etc.
Hundreds of malware attacks are reported globally, and many such attacks go unnoticed for months.
Predominantly, in the individual user systems and the SMBs, the tendency of weak protection to the information systems network becomes the vulnerability and an issue of cyber security threat.
Hackers induce malware using any of the unsecured websites accessed, or as a disguised insertion into the files or applications downloaded by the users from the untrusted sources.
The objective of malware attacks is for the hackers to gain access to all the data in the systems and servers and work on ransomware.
This is among the more common form of cyber security threat, and unless the users have strong antivirus software deployed, and robust firewall systems screening the information systems network, malware attacks are difficult to prevent.
The other major element integral to cyber security threats is ransomware attacks. In ransomware attacks, hackers use malware attacks or botnet attacks on the information systems and encrypt system data using their set-up.
Businesses are given ransom calls to decrypt the systems. As mentioned in the earlier part, around USD$1.9 million is paid by businesses in Singapore for releasing their data systems and backup.
There is a need for businesses to ensure there are robust systems like antivirus software, and anti-ransomware solutions monitoring the systems persistently and preventing any kind of cybersecurity threats to the business systems.
Related articles: What is Ransomware Attacks?
A distributed denial-of-service (DDoS) attack is a malicious attempt wherein the hackers try to disrupt the regular traffic to the website by targeting the servers, services, or networks of the businesses.
This is also a kind of ransomware attack targeting the systems.
Though DDoS kind of attack is common in businesses having moderate or good traffic to the systems, still the challenges remain high.
Businesses need to ensure there is adequate and appropriate kind of antimalware and antivirus software installations for detection and prevention.
Related: How to Prevent DDoS Attack?
The other kind of cybersecurity threat prevalent is phishing attacks, wherein the hackers attempt to create similar kinds of websites or webpages and route the search engine or targeted source traffic to the phishing attack pages.
Hackers collect the user information and use them for ransomware attacks on businesses. Also, they could attempt breaching into the information systems using the user’s data and make fraudulent transactions.
Cyber security, cyber attack and information security systems could be penetrated using phishing attacks if they are not properly secured.
Payment Gateway Threats
Using the highly secured network for transactions using the payment gateways is important for businesses.
Increasing eCommerce transactions is promising for businesses, but if the cyber security threats prevailing in different forms if not addressed, it could lead to compromising the security of payment gateways and lead to fraudulent transactions.
The other challenge of financial transaction security is wherein the hackers use others’ credit cards etc. for purchases over eCommerce stores.
Though, the onus of such transaction security vests on the end customers, and the bankers, still the credibility of the business can have an impact and cyber security threats.
Thus, there is a need for businesses to have robust security practices and policies for preventing such cyber security threats.
The other common set of cyber security threats are:
- Privacy breach into digital devices
- Breach of network and bandwidth
- Disruption to the business continuity plans in the case of remote servers or network hacking
Using the robust antivirus software that offers holistic protection, create impactful monitoring and controls, and regular update to anti-ransomware and anti-malware for preventing cyber security threats is profound.
Using Acronis Cyber Protection solution can ensure the SMBs of Singapore have a more significant and holistic antivirus software in place for securing the information systems network from cyber security threats.
Exabytes Singapore provides Acronis Cyber Protection at S$3.22/license/month with 50GB cloud backup storage.
It also comes with anti-ransomware protection, anti malware protection, anti-virus protection and vulnerability assessments.
Contact an Exabytes Singapore professional for more details on Acronis Cyber Protection.