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96% of Singaporean Businesses Breached In Past Year, Reveals Carbon Black Report

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survey of Singapore enterprises conducted in January 2019 uncovered alarming findings: 96% of the organisations surveyed experienced regular security breaches. Commissioned by leader in cloud-delivered, next-generation endpoint security firm Carbon Black, the report surveyed 250 Singaporean CIOs, CTOs and CISOs from companies of different organisation sizes and IT team sizes in industries including financial, healthcare, government, retail, manufacturing, food and beverage, oil and gas, professional services and media and entertainment. The analysis paints a picture of a cyber defence landscape in Singapore that is under siege by increasingly sophisticated cyber attacks that are increasing in volume. Among the key survey research findings: • 96% of surveyed Singaporean organisations reported having been breached in the last 12 months • the average number of reported breaches per surveyed organisation is 3.98 • 92% of surveyed organisations said they have seen an increase in attack volumes • 95% of surveyed organisations said attacks have become more sophisticated • 97% of surveyed organisations plan to increase spending on cyber defence Ransomware is the most prolific attack type in Singapore according to the survey, with 28% of organisations surveyed naming it as the most frequently encountered. Malware and Google Drive (cloud data breach) were in second and third place at 25% and 11% respectively. The human factor played a big part in the attacks that led to breaches, the survey found. Phishing attacks were at the root of 14% of successful breaches, the survey noted.

Process weakness was the identified cause in 12% of breaches, according to the survey, indicating that basic security hygiene should be a priority for organisations.

Financial Institutions Face Increasingly Sophisticated Attacks The survey found that financial institutions witnessed the greatest growth in attack sophistication with 63% reporting that attacks had grown increasingly sophisticated. Nearly two-thirds of businesses in the manufacturing and engineering industry have been breached three to five times in the last 12 months, the survey found. Third-party applications and ransomware pose the greatest threats to this sector (both 23%), as these tactics were the primary causes of successful breaches, the survey found.

Threat Hunting Delivers On Its Promise Fortunately, 79% of surveyed Singaporean organisations said they are actively threat hunting, with over a third (34%) having threat hunted for more than one year, the survey found. Nearly half (46%) said they started in the past year. A very encouraging 94% of those organisations reported that threat hunting has strengthened their defences and 41% said that it has significantly strengthened their defences. “Our first Singaporean threat reported indicates that organisations in Singapore are under intense pressure from escalating cyber attacks,” said Rick McElroy, Head of Security Strategy for Carbon Black. “The research indicates increases across the board in attack volume and sophistication, causing frequent breaches. In response, an encouraging number of Singaporean organisations are adopting threat hunting and seeing positive results. As threat hunting strategies start to mature, we hope to see fewer attacks making it to full breach status.” sst

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