Singapore-listed companies have among the lowest exposure to cyber risks, according to the first Cyber Exposure Index (CEI) of cyber intelligence company Kinkayo.
On a scale of 0 (no exposure) to 5 (highest exposure), 31.7 percent of the 723 Singapore-listed companies evaluated scored 0, while another 30.4 percent recorded 1 (little exposure). This is higher than the global average of 40 percent. Also, on average, Singapore companies scored 1.2.
The CEI is a global scoring system that evaluates companies' cyber risk exposure based on data collected from publicly available sources, such as dark and deep web, or whether they suffered from a data breach. Kinkayo collects those data to identify signs of sensitive disclosure, exposed credentials and hacker group activity against the company. Companies with greater amount of uncovered data will receive a higher CEI score as it means they face higher risks .
"More than six in 10 listed companies [in Singapore] have done their due diligence to boost defences and ensure no loopholes in their organisations. By understanding where critical information is stored, from where is it leaking and how it is exposed, companies greatly mitigate the impact of a cyber-attack. This is commendable and a right step towards building a transparent business environment," said Mikko S. Niemelä, president and CEO of Kinkayo.
The CEI also noted the industries most exposed to cyber risks. In Singapore, the top five sectors are Industrials (35.7 percent), Consumer Discretionary (14.5 percent), Information Technology (13 percent), Real Estate (9.1 percent), and Consumer Staples (6.5 percent).
Globally, Kinkayo also found that the manufacturing/industrial sector had the biggest cyber risk exposure.
"As there are more companies overall in this sector, it is expected that a large portion of exposure is in these industries. In addition, many companies in manufacturing may not have adequate security IT investment as compared to financial services or healthcare industries," said Niemelä.
Besides Singapore, the CEI also covered companies from Australia, Finland, France, Germany, Hong Kong, Indonesia, Malaysia, South Africa, Sweden and the United Kingdom.
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