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Singapore increases security budgets

Anuradha Shukla | Jan. 5, 2016
Forty-six percent increase in security budgets from 2014 to 2015.

Singapore respondents noted a 46 percent increase in security budgets from 2014 to 2015, according to a newly released Global State of Information Security Survey.

While the average security budget was US$4 million in 2014, it rose to US$5.9 million in 2015.

Singapore is moving towards being a Smart Nation and trusted financial hub, hence it is imperative that companies place greater importance in cyber security.

Common security incidents involving mobile device increased from 27.5 percent in 2014 to 50.0 percent in 2015.

Percentage of third-party partner or vendor exploited also increased from 13.7 percent in 2014 to 38.2 percent in 2015.

Theft of "hard" intellectual documents

The theft of "hard" intellectual documents such as strategic business plans and deal documents saw an increase in 2015.

Strategic business documents are important and hackitivists could potentially hold the data ransom which could lead to large financial losses for organisations.

The top five likely sources of security incidents in Singapore are current employees, business partners, current service providers, unknown hacker and activists.

Boards are now recognising cybersecurity as an enterprise Board issue and are becoming more actively involved in multiple areas of cybersecurity.

The report notes that the tone must come from the top when it comes to cybersecurity.

 

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