Small Medium Enterprises (SMEs) in Singapore believe that they are less vulnerable to cyber risks than their larger competitors. According to Chubb's SME Cyber Preparedness Report “Too Small to Fail?”, 63% of the 300 respondents agreed with that statement. They also think that they can overcome cyber breaches quickly and easily, with more than half (55%) believing that they can contain a breach within 12 hours.
However, nothing could be further from the truth.
While SMEs may be at risk of external cyber attacks, our research shows that the majority of the cyber incidents are actually caused by internal factors. The top three incidents are business interruption or data loss through human error, system malfunction or technical fault.
Following a cyber incident:
These statistics lead us to believe that there is a significant gap between the hard reality of cyber risk and how well small companies are prepared to deal with it. SMEs face a far bigger risk exposure as they face many of the same threats as larger companies do, yet most do not have the means to make as much investment required to implement comprehensive protection, or to recover from an attack.
Are SMEs over confident about their ability to manage cyber risk?
These findings are based on a research conducted by Chubb, in collaboration with YouGov. Interested to find out more? Download the full report – Too Small to Fail? Singapore SME Cyber Preparedness Report.
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