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Singapore SME cyber preparedness report 2018 — Too small to fail?

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As the risk of cyber incidents for companies and organisations increases, how prepared are Small and Medium Enterprises (SMEs) to navigate and manage these?

Chubb and YouGov conducted a survey of 300 SME senior business and IT leaders in August and September 2018. In this report ‘Too Small to Fail?’, we look at the types of cyber incidents SMEs in Singapore are facing, what their attitudes are towards these risks, and how they are managing the out-fall from incidents.

Key findings

  • 56% of SMEs have experienced a cyber attack / error in the past 12 months.
  • SMEs also seem confident in managing a cyber incident – 55% believe that they can contain a breach within 12 hours – but responses seem to contradict that belief

    • 32% not knowing which data files are affected after a breach
    • 58% not confident that their employees who have access to sensitive data are fully aware of their data privacy responsibilities.
  • The top three cyber incidents caused by internal factors were data loss or business interruption from system malfunction, technical fault and human error.
  • SMEs largely feel that the Head of IT and/or the CEO should be responsible for cyber security.

Besides these findings, the report also details tips on what SMEs can do to protect themselves from cyber risks.



Singapore SME cyber preparedness report 2018 - Too Small to Fail?

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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.

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