Organisations in Singapore continue to face massive challenges in detecting and remediating cybersecurity incidents.
On average, they take around 119 hours to detect a cybersecurity incident. Thereafter, they will spend 15 hours to triage, investigate and understand the incident before taking another 30 hours to contain and remediate it.
Top reasons for struggling to manage cybersecurity incidents in a timely manner include lack of resources (51%), disparate solutions (49%), and legacy infrastructure (46%).
These are some of the findings from the CrowdStrike 2021 Global Security Attitudes Survey.
The inability to detect and respond to cyber threats quickly is a cause for concern, especially as ransomware attacks become more pervasive.
Survey data shows that 64% of Singapore businesses suffered at least one ransomware attack in the past 12 months. They paid an average of US$1.46 million per ransomware attack, and were often forced to pay additional extortion fees, costing businesses on average US$619,231 per attack.
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According to CrowdStrike, while attackers are not getting quite the amounts they are seeking, they are still earning massive payouts. This can be attributed to companies understanding both the threat and their exposure, and their ability to negotiate with attackers.
The study also reveals that 73% of Singapore firms fear software supply chain attacks becoming one of the biggest cybersecurity threats in the next three years.
More than a third (36%) of them have experienced at least one supply chain attack in the past 12 months.
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Sixty-three percent of them also admitted that they are losing trust in legacy vendors due to increasing attacks on software supply chains, such as the cyberattacks on Sunburst and Kaseya.
CrowdStrike therefore advises organisations to look at newer technologies to increase their cyber resiliency.
Photo: Freepik
