Here are three distinct reasons why enterprises must enhance their cybersecurity to strengthen their digital resilience.
- Cyber breaches can result in downtime
While cyber breachers had always been disruptive, the impact has grown substantially with digitisation. Last year, fitness-tracker company Garmin saw its systems go down after a cyberattack that saw data from some of its systems encrypted by ransomware1. The cloud-centric nature of its services culminated in a multi-day, global outage that affected millions of users, including customer support functions such as company communications and website functions.
- The possibility of significant financial losses
Aside from a loss of brand reputation, the direct financial impact of a successful cyberattack can be significant. This ranges from the cost of remediation, emergency access to cyber experts to identify the source and extent of the breach, as well as regulatory fines should customer data be inadvertently leaked. In Singapore, companies have been fined tens of thousands of dollars by the Personal Data Protection Commission (PDPC) for data protection lapses2.
- Being prepared is a vital part of digital resilience
Organisations know that it is not a matter of whether cyberattacks will happen, but when they will take place. Digital resilience calls for businesses to be prepared, which in the case of cybersecurity calls for the drawing up of incident-response plans that are regularly put to the test as part of simulated cyberattacks.