Ninety percent of cybersecurity professionals polled in Singapore say that their organisation has a siloed security model, which consequently leads two thirds (63%) of respondents say that they are allocating budget to advanced security solutions such as XDR (extended detection and response) to enable an integrated security approach.
“As Singapore seeks to cement its role as a global business hub, it’s critical that we get cybersecurity right. Siloed security systems are placing an unnecessary burden on overstretched SecOps teams, making organisations easy targets for malicious actors,” said Jonathan Tan, managing director, Asia, at cybersecurity firm Trellix.
Trellix has commissioned the study conducted Coleman Parkes. About 500 cybersecurity professionals from Singapore participated in the global survey which includes respondents from Australia, Brazil, Canada, Chile, Colombia, France, Germany, India, Indonesia, Mexico, South Africa, UAE, the UK, and the US.
The research revealed the cost of siloed security, weak spots in protection and lack of confidence amongst security operations teams in Singapore. It also looks to the future of security and the technology poised to revolutionise security operations.
Tan said: “It’s time we reject siloed security as the status quo and take concrete steps towards building a more flexible, intelligent security model, which will ultimately help to safeguard sensitive data.”
Other highlights of the study include:
- Protecting The Bottom Line. 80% estimate their organisation lost up to 10% of revenue from security breaches in the last twelve months. Medium size businesses (with US$50-100m revenue) lost an average of 9% in revenue, compared to 5% for large businesses (with a turnover of US$10bn - US$25bn), representing revenue losses of between US$500m and US$1.25bn.
- Opportunity to Build SecOps Confidence. In contrast to the global average of 36%, only 1 in 3 (25%) of cybersecurity professionals in Singapore feel “very confident” in their organization’s ability to quickly adapt to new threats, while 62% admit security threats evolve so rapidly, they're struggling to keep up.
On average, respondents’ organizations deal with 54 cybersecurity incidents each day, while over a third (39%) admit they cope with 50 to 200 incidents daily. Over half (51%) report being “inundated by a never-ending stream of cyberattacks” as one of their biggest work frustrations.
Disconnected solutions are holding businesses back. Nearly two thirds of (64%) cybersecurity professionals admit their current security tools do not enable their security operations team to work with maximum efficiency. One third (35%) recognize they have blind spots in their protection today.
- XDR: A Revolution in Cybersecurity. Only 18%of cybersecurity professionals have already implemented XDR in their organization, with a further 39% very likely to do so in the next 18 months. Additional technologies very likely to be implemented are Network Detection and Response (NDR) (38%), Security Orchestration, Automation and Response (SOAR) (36%), and Security Information and Event Management (SIEM) (35%).