According to Statista, during the second quarter of 2022, internet users worldwide experienced approximately 52 million cybersecurity threats.
The highest number of data cybersecurity threats were detected in the measured period, with nearly 125 million cases in the fourth quarter of 2020.
Hackers have the ability to reveal personal information and potentially stop business activities for a few hours or days.
The increasing complexity of this cybersecurity threat has prompted a number of corporations to crack down on cyber security issues in Singapore, and this back-and-forth struggle defines the current developments in cybersecurity.
According to AseanTechSec blog, healthcare industry is Singapore’s most targeted by volume, with an average of 1,998 cybersecurity threats per organization, a 111% increase from 2020 followed by manufacturing and transportation sector.
Here are 20 Top Cyber Security Issues in Singapore in 2022/2023
1. Using Social Engineering
Social engineering is one of the most hazardous cybersecurity threats used by cybercriminals. It is far simpler to mislead a person than to compromise a security system. 85% of data breaches involve human interaction, according to Verizon’s Data Breach Investigations report.
2. Exposure to Third Parties
According to 2021 labor trends research, more than half of employers are more ready to recruit freelancers as a result of COVID-19’s transition to remote work.
As per a cybersecurity Singapore company CyberArk, 96% of firms give access to these third parties to their vital systems, giving cybersecurity threats an unsecured entry point to their data.
This number is expected to rise in 2022–2023.
3. Configuration Errors
Even security systems built and configured by professionals almost certainly include at least one mistake that leads to cyber security issues in Singapore.
A Lyra Health survey claims that 81% of employees have dealt with mental health concerns as a result of the pandemic, and 65% of employees claim that their mental health has had a direct influence on how well they function at work.
4. Improper Cyber Hygiene
Regular technological usage routines and practices are referred to as “cyber hygiene,” such as avoiding open WiFi networks to prevent cybersecurity Singapore and using security measures like multi-factor authentication or a VPN.
Nearly 60% of businesses rely on employees’ memories to keep track of passwords, and 42% use sticky notes, which cause cyber-attacks Singapore.
5. Deficiencies in the Cloud
Contrary to popular belief, cloud vulnerabilities have risen 150% over the previous five years, according to IBM. One may assume that as time goes on, the cloud will get more secure and prevent cyber security issues in Singapore.
6. Smartphone Vulnerabilities
The use of mobile devices will grow in 2022.
Remote users rely more on mobile devices, but pandemic specialists also urged widespread usage of touchless payment methods and mobile wallets, which make smartphones vulnerable to cyber-attack Singapore.
According to 66% of the 1,263 cybersecurity professionals surveyed in 2021, a ransomware attack caused their businesses to lose a considerable amount of income in this cybersecurity threat.
8. Improper Data Management
Due in part to the exponential growth of data that has occurred over the last decade, experts believe that 2022 will see a greater movement away from “big data” and toward “right data,” or an emphasis on retaining just the data that is required.
9. Inadequate Post-Attack Procedures
Security flaws must be corrected as soon as possible after a cybersecurity threat.
In a 2021 study of 1,263 organizations that had been targeted in a cybersecurity breach, 80% of the victims that paid the ransom stated they were shortly attacked again.
10. Threats of Geo-targeted Phishing
Phishing assaults are currently the most prevalent cyber security issue in Singapore in the IT industry, with many people falling victim to phishing emails and malicious URLs that are customized, tailored, and geo-targeted.
11. Attacks on the Healthcare Industry
Failure to address cybersecurity Singapore in the healthcare industry exposes numerous individuals and organizations to various liability and security risks.
12. Machine Learning
Using machine learning, cybersecurity systems can assess cybersecurity threat trends and understand the habits of hackers and prevent similar cybersecurity threats in the future.
13. GDPR Observance
The GDPR, or General Data Protection Law, is one of the most significant advancements in data privacy regulation in European Union (EU) member states.
14. Higher education cybersecurity threats
Cybersecurity threats are currently one of the main cyber security issues in Singapore for individuals in higher education and typically include compromised student data.
15. IoT Vulnerability
Most IoT devices are plagued by security vulnerabilities. Computing equipment installed in IoT items enables data transmission and reception via the Internet.
This raises substantial cybersecurity Singapore risks to consumers, exposing them to assaults such as denial-of-service (DoS) or hijacked devices.
16. Cyberattacks on Financial Services
Another business that faces cybersecurity threats on a regular basis is the financial services sector.
It doesn’t help matters that certain financial institutions are still trying to keep up with cloud migration and the growing number of rules.
17. Password Exploitation
People frequently retain duplicates of their passwords on scraps of paper or sticky notes around or on their workstations.
An attacker can either find the password on their own or bribe someone on the inside to do it for them.
18. SQL Injection Exploit
The Structured Query Language (SQL) injection cybersecurity threat is a popular way of exploiting websites that rely on databases to provide their visitors.
Client machines that receive information from servers, and a SQL attack employs a SQL query sent from the client to the server’s database.
19. URL Translation & DND Spoofing
Attackers employ URL interpretation to change and fake certain URL addresses or uses Domain Name System (DNS) spoofing in order to get access to the target’s personal and professional data or even redirect traffic to a bogus site.
Once on the phony site, the victim may submit important information that the hacker may exploit or sell.
20. Threats from Within
The most harmful cybersecurity threat might sometimes be found within an organization.
People who work within a company’s walls become a specific risk since they generally have access to a range of systems and, in certain circumstances, administrative rights that allow them to make crucial modifications to the system or its security regulations.
To secure the business from cybersecurity threats, and protect their data, tools like Acronis Cyber Protect work really well given its wide range of features.
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