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The second annual Chubb SME Cyber Preparedness Report - ‘Ignorance is Risk’, revealed that Small and Medium enterprises (SMEs) in Singapore remain unprepared to deal with potential consequences of cyber risks, despite the rising threats. Nearly two-thirds (65%) of SMEs reported experiencing a cyber incident in the past 12 months. Worryingly, more than half (54%) of the incidents were caused by a risk SME leaders had already identified, thus showing a clear gap between perceived and actual preparedness.
The report also examined the common types of cyber breaches, concerns among SMEs post-breach, as well as the incident response plans.
Key findings
- 53% of the cyber incidents suffered in the past 12 months were caused by employees.
- The most commonly breached data files were email traffic of the senior team.
- Key concerns after a cyber incident:
- relationship with customers (55%)
- revenue and sales (51%)
- public reputation (49%)
- cost of the incident (from 46%).
- 60% of SME leaders believe insurance has a role to play in protecting against cyber risk, but only 34% of SMEs are currently insured.
Insights and expertise
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Disclaimer - The content of the above article is not intended to constitute professional advice. Although all content is believed to be accurate, Chubb Insurance Singapore Limited (Chubb) makes no warranty or guarantee about the accuracy, completeness, or adequacy of the content of this article. Users relying on any content do so at their own risk.