Cost-effective digitalisation for SMBs

1 July 2020 | SMB, Digitalisation, Cybersecurity, Software-as-a-Service | 5 min read

While digitalisation has become the norm for an increasing number of businesses everywhere — especially during the COVID-19 pandemic — many SMBs in Singapore remain reluctant to incorporate more digital solutions.

QBE Insurance’s fifth annual survey on Singapore SMBs found that despite better growth prospects and greater business opportunities, such companies hesitate to digitalise largely due to cost-related concerns.

• 41% of the survey respondents said investment costs were too high,
• 39% said their main obstacle to digitalisation was inadequate financing
• more than half the respondents (57%) said government support was vital to digitalisation efforts
• only 31% who were aware of such government programmes actually registered to use them.

At the same time, despite 34% expressing concern over the risk of their systems being hacked, only 17% had bought insurance to counter this particular risk.

Similarly, while 37% expressed concern over possible Internet theft of data and information, only 19% had invested in protection against such activity.

All of this comes back to cost-related concerns, which prevent SMBEs from investing in the insurance protections, software and products needed for digital transformation, which is now particularly relevant as more businesses move away from the traditional brick-and-mortar model and focus on online operations.

In view of this, there has been financial and technological support from both the public and private sectors in Singapore; in May, it was announced that SMBs would receive over S$500 million in government funding to boost digital transformation, beginning with F&B and retail businesses.

In line with this, Singtel is offering solutions under the SMEs Start Digital Programme, a joint initiative by the Infocomm Media Development Authority (IMDA) and Enterprise Singapore.

These solutions aim to help SMBs with a full range of business functions, including accounting, digital marketing and transactions, HR management, and cyber security. SMBs that sign up for any two of these solutions will also get at least six months of free subscription.

Along with cost, cybersecurity is the top priority for SMBs in Singapore — companies need to ensure all their bases are covered, be it with cloud solutions, data protection or anti-phishing software.

To ensure a well-rounded cyber security system, SMBs can take advantage of Singtel’s suite of cybersecurity services, which are available under the Start Digital pack.

Broadband Protect, for instance, is a cloud solution that prevents cyber threats from reaching networks, and protects against viruses and malware from malicious sources.

The Data Compliance and Protection Suite with Zero-Day Protection allows SMBs to secure both company assets and customer data, depending on which version you use — the Lite version helps to protect and control company assets, while the Full version reinforce customer’s data, access and mail protection against attacks.

In addition, Business Protect Basic and Mobile Threat Prevention offer protection for devices: the former protects PCs and laptops against ransomware, while the latter prevents phishing, advanced malware, OS exploits and network attacks on mobile devices.

For further protection for mobile devices, there is ZoneAlarm, an app that defends smartphones against cyber threats from unprotected WiFi access points and vulnerable apps that threaten privacy.

These services are available to first-time applicants that are registered and incorporated in Singapore, and have at least 30% local shareholding by Singapore citizens or PRs, as well as an annual sales turnover not exceeding S$100 million or 200 or fewer employees.

With resources available through both government programmes and private sector support, SMBs in Singapore will hopefully be able to embrace digitalisation and take their businesses to the next level.