How to protect your business from rising cyber-attacks

As technology becomes more sophisticated so do cyber-attacks. In Singapore, cybercrime accounts for almost half of total crimes reported, and the number of ransomware attacks rose by 154%.

FacebookTwitterLinkedIn
How to protect your business from rising cyber-attacks

Key takeaways

  • Cyber-attacks can result in huge financial and reputational costs for SMBs.
  • Security-as-a-Service (SeCaaS) is an affordable security solution that doesn’t require expert cybersecurity knowledge to deploy.
  • The solution covers all aspects of cyber-protection including, unified threat management, endpoint security, email security and managed security

How to protect your business from rising cyber-attacks

27 October 2021 | SMB, Digitalisation, Cybersecurity | 5 min read

The main cyberthreats facing Singaporean SMBs come from phishing, malware and ransomware. According to a Cisco cybersecurity report, two in five Singaporean SMBs suffered some form of cyber-attack in the last year. Malware made up 79% of these attacks while phishing accounted for 70%

According to McAfee, the average cost of a cyber-attack for a Singaporean business is SGD1.7 million per breach. The rapid shift to remote working during the pandemic was a significant contributing factor to this large figure.

And in a new IDG Research Services survey commissioned by Insight Enterprises, almost 80% of senior IT and security staff believe their businesses lack sufficient protection against cyber-attacks. This was despite increased IT security investments made in 2020, to deal with work-from-home challenges

The statistics show that having a high-grade level of security is no longer negotiable, even for SMBs. We round up the cybersecurity solution that will go a long way in protecting your company’s data and IT infrastructure.

Security-as-a-Service (SeCaaS)

SeCaaS allows you to manage your endpoint security, email security and perimeter security all on one platform at an affordable monthly subscription. A managed solution it automates cybersecurity for your business. You can concentrate on day-to-day operations while SeCaaS handles the following:

Unified Threat Management

Multiple security features or services are combined into a single device within your network. Using UTM, network users are protected with several different features, including antivirus, content filtering, email and web filtering, and anti-spam.

Endpoint Security

An endpoint protection solution discovers risks, then monitors and assesses the level of danger. Once the system identifies a threat, it can automatically contain and eliminate it. This is done using automated processes specifically designed with your business’ system in mind. Endpoint protection may also involve reducing your network’s exposure by eliminating or bypassing endpoints that elevate the level of risk.

Email Security

The delivery of advanced multi-layered protection against the full spectrum of email-borne threats, including phishing, malware and other business email compromises.

Managed Security

Not all SMBs have the resources for a dedicated cybersecurity expert, but it’s possible to outsource cybersecurity monitoring to Managed Security service providers. With the necessary solutions in place, the service provider will have a view of your cyber health, including the performance of your firewall as well as endpoint and email security applications. They can detect any threats and take action before any damage is done.

Suggested solutions

Other articles you may like

How the Productivity Solutions Grant helps SMBs stay competitiveShare
Nov 2024 | Business Connect
SMB, digitalisation
How the PSG helps SMBs stay competitive
Innovation and technology need not be out-of-reach and expensive. For SMBs willing to take the jump, the Productivity Solutions Grant (PSG) helps to support companies keen on adopting IT solutions.
5 basic SMB cybersecurity tips that still work todayShare
Nov 2024 | Business Connect
SMB, cyber security, cloud, digitalisation
5 basic SMB cybersecurity tips that still work today
Owing to their smaller sizes and lack of resources compared to larger enterprises, SMBs can become easier targets for cyber criminals. By following these tried-and-tested cybersecurity best practices, they can reduce the odds of cyber incidents today.
5 things to consider when choosing your business broadbandShare
Nov 2024 | Business Connect
SMB, digitalisation, connectivity
5 things to consider when choosing your business broadband
Whether you are a new business setting up broadband for your office, or you're looking to switch to another plan, keep in mind these five questions before you make the decision.

Ready to get more out of digitalising your business?