[Singapore, 30 November 2023] Frost & Sullivan is proud to announce the release of ‘ISACA Singapore and Frost & Sullivan Enterprise Cyber Security Survey 2023 findings report. In a collaborative effort with ISACA Singapore, a leading association known for its expertise in IT governance, risk management, and cybersecurity, we are proud to unveil the findings of our recent cybersecurity survey[1] that was conducted for the fifth consecutive year. This comprehensive survey has yielded unparalleled insights into the prevailing cybersecurity landscape in Singapore, with a particular focus on the profound impact of cloud adoption on businesses. The survey was conducted among a wide spectrum of organizations, revealing a striking and critical need for enhanced cybersecurity strategies.

Key findings from the survey include:

  1. 83% of Companies in Singapore Have Adopted Cloud: The survey highlights that an overwhelming 83% of companies in Singapore have adopted cloud technology in their operations. Cloud adoption has become an integral component of modern business strategies, offering increased flexibility and efficiency in data management and overall operations.
  2. 86% of Companies Are at Risk of Security Incidents: Alarmingly, 86% of the companies in Singapore are identified as being at risk of cybersecurity incidents. This finding underscores the pressing need for businesses to prioritize cybersecurity measures and protect their digital assets.
  3. Reputational Loss as the True Impact of Cybersecurity Incidents: More than half of the respondents agree that the impact of cybersecurity incidents can result in reputational loss. The negative consequences can affect financial returns, supplier and partner relationships, customer churn, operational disruptions, and more.

“As businesses in Singapore continue to embrace cloud technology, it is crucial that they also invest in robust cybersecurity measures to protect themselves from the increasing threat landscape, and reduce digital risk,” said Kenny Yeo, Director and Head of the Asia Pacific Cyber Security Practice, Frost & Sullivan.

“While increasing the adoption of cloud technology has helped businesses to operate more efficiently, it has also provided opportunities for threat actors to exploit vulnerabilities in these systems for various gains. It is important to have cloud best practices, playbooks and skilled resources in place to manage and mitigate cyber risks for enterprise,” said Ajay Kumar, Seminar Director and Chair of the Cyber Security Special Interest Group, ISACA Singapore Chapter.

“As digital transformation gathers pace in businesses and the wider society, cyber threats continue to pose real challenges to the way businesses operate and our society at large. One of the key weaknesses continue to be the human element. As a collective, we must do more to support, educate, and raise awareness of cyber threats so that collectively, the threats can be dealt with,” said Yap Lip Keong, Vice President, ISACA Singapore.

The results of this survey emphasize the urgency with which businesses must address their cybersecurity concerns, particularly in the context of cloud adoption. Frost & Sullivan and ISACA Singapore recognize the evolving nature of the digital landscape and its implications for business continuity. In response to these findings, the two organizations will continue to collaborate on developing resources and best practices for organizations in Singapore to better safeguard their digital assets.

For more information and complimentary access to the full report, please visit https://frost.ly/fsisaca.

About Frost & Sullivan
Frost & Sullivan, the growth pipeline company, enables clients to accelerate growth and achieve best-in-class positions in growth, innovation, and leadership. The company’s Growth Pipeline as a Service provides the CEO and the CEO’s Growth Team with transformational strategies and best-practice models to drive the generation, evaluation, and implementation of powerful growth initiatives. Frost & Sullivan leverages over 60 years of experience in partnering with Global 1000 companies, emerging businesses, and the investment community from more than 40 offices on six continents.

About ISACA Singapore
ISACA, an independent non-profit global association, provides thought leadership, credentialing, education and guidance for IT security, assurance, risk and governance professionals that also benefit the local business community, government and universities. The COBIT framework and the CISA, CISM, CGEIT, CRISC, CDPSE, CSX-P certifications are ISACA brands respected and used by many professionals for the benefit of their enterprises. It has been serving more than 170,000 members in 188 countries in the IT cybersecurity, audit, risk and governance professions and has 225 chapters.

The ISACA Singapore Chapter engages more than 3,000 members, runs two annual conferences (GTACS International and SheLeadsTech) and between 2 to 4 events monthly, benefitting both members and public locally as well as globally. It also believes in giving back to the community and distributed more than 10,000 masks during the pandemic. The Chapter was awarded the best regional non-profit organisation at the Cybersecurity Awards 2019.

ISACA Singapore Chapter aims to increase diversity and equity in ISACA’s core professions through our investment in monthly webinar sessions, member networking sessions, and alignment with ISACA’s Global One in Tech program (Young Leaders in Tech, SheLeadsTech and WeLeadTech).

More details may be found at https://www.isaca.org.sg/.

[1] 95 ISACA Singapore members responded to the survey with data collection conducted in September 2023.

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