Singapore SME cyber preparedness report 2019 — Ignorance is risk

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.