Cybersecurity essentials to start protecting your business

14 May 2019 | SMB, Digitalisation, Cybersecurity | 5 min read

Studies show that by prioritising technologies that improve cybersecurity protection, most organisations can reduce the damaging impacts of cyber crime, and even build new economic opportunities as the business creates higher levels of trust with customers. After all, an attack on your company that leaves your customers exposed will hurt your reputation and cost you your clients.

The cyber threats facing Singapore businesses is on the rise. Between 2016 and 2017 the Singapore Police Force reported a 15% growth in cybercrime. Small businesses are popular targets as they often lack knowledge or tech skills to protect themselves. Of all the cybercrime cases reported in 2017, 40% involved SMBs.

For the average small-business operator who does not have the luxury of retaining a full-time IT expert on staff, trying to keep up with the many terms in the cybersecurity space can be almost mind-boggling. Here’s a quick list of the common threats:

• Malware - Software designed to damage your computer, server or network, also known as a virus, worm, bots, bugs, Trojan horse, spyware and adware. Malware is usually introduced via an infected USB flash drives, files or emails and can potentially steal sensitive information stored in your computer.
• Ransomware - A type of malware that restricts access to the affected website or network and demands payment of a ransom before the restriction is lifted. Singapore has seen a marked increase in ransomware attacks resulting in 61% of businesses attacked experiencing more than nine hours downtime.
• DDoS - Distributed Denial of Service occurs when hackers make use of multiple compromised systems attack your network, making your website unreachable. When you hear about a website being “brought down by hackers” it can mean that it’s become a victim of a DDoS attack.
• Phishing - This is where hackers try to fool you by using fake emails to pretend to be legitimately making contact with you to seek information.
• Virus - A computer virus is designed to spread from one computer to another. It looks like a legitimate file or document coming from a trusted user. Viruses can steal passwords, corrupt files and spam your contacts.
• Identity theft - This occurs when a hacker illegally obtains your personal information and uses it to steal or commit fraud.

While many studies look at the huge financial impacts of cybercrime on larger enterprises, the reality is that any attack on a small business is likely to have a disproportionately large impact. That’s because many small businesses simply may not have the insurance, security and business recovery resources at their disposal to survive such an attack.

The key to cybersecurity for small business is to invest wisely and effectively.

A good starting point is to talk to your ICT service provider who can help you understand the threats to your particular business, and the most effective security measures you can take in terms of protection and value for money.

All your connected devices are vulnerable to a cyber attack. To ensure comprehensive protection, you need to consider not only connected mobile devices, laptop or desktops but your office broadband network and digital assets such as websites as well. Protecting yourself against these potential threats may appear daunting but simple, robust and affordable solutions are available. 

Consider these solutions to protect your organisation:

• Singtel Broadband Security acts as your first line of defence. This product is designed to block threats before they reach your business with a fully managed, cloud-based unified threat management service integrated with SingNet connectivity such as eVolve Business Fibre Broadband.
• Business Protect Suite provides real time threat and data protection across all desktop and mobile platforms. It provides end to end protection against advanced malware, malicious websites, email threats and ransomware.
• Mobile Threat Prevention (MTP) and Singtel Shield Mobile Security offer security for businesses with a mobile workforce. MTP monitors the apps in your employee’s mobile devices to detect suspicious behaviour. Once an issue is detected it recommends protection actions. Singtel Shield Mobile Security helps employees on the road find safe hotspots and scans installed apps for malware.
• Microsoft 365 Security and Compliance solutions help your business protect valuable company assets while also complying with local and international data protection regulations. You receive real-time protection against malicious attacks, user access management and protection against targeted cyber-attacks and zero-day scenarios.

The SMEs Start Digital programme supported by IMDA helps small business adopt the cybersecurity solutions that are the best fit for their needs. The subsidies offered to help offset the first 6 months worth of subscription charges make it very affordable to start.