Rapid digital transformation leading to vulnerability to cyber security incidents
In the context of Singapore, the adoption of digital solutions has been augmented with strong support from the government, which announced a fiscal stimulus of S$500 million to facilitate and accelerate the digital transformation of local businesses to hasten economic recovery. This is in addition to a range of measures that encourage the adoption of technology by business owners.
But while the pandemic has forced a change in mindsets and hastened technology adoption, it has also inadvertently left many businesses vulnerable to cyber incidents of different magnitude, which can leave their digital assets compromised.
With the pace of digitalization becoming rapid, companies will need to accelerate their digital capabilities to keep up and build resiliency. This includes capabilities to protect data, minimize disruption and maintain business continuity through managed security services.
Economic recovery trends and the need for data protection
There are several trends that are defining the economic recovery, one of which is a paradigm shift in consumer habits, which is resulting in increased digitalization across industries such as banking and finance, entertainment, retail and food, to name a few. The foundation on which these developments rest is data. It is imperative for companies to have systems in place that will ensure this data is protected, especially as they are now handling more data than ever before.
Cyber breaches can result in the loss or theft of data, but perhaps even more importantly, they can result in reputational damage for a company. In the backdrop of the pandemic and the accelerated use of data, companies’ security systems may not be able to keep pace. Many businesses are so consumed in dealing with the impacts of the pandemic that they don’t have the time or the resources to assess their cyber environments, leaving them vulnerable to breaches.
Remote working revealing security gaps in network security
As more and more data is generated and used, incidents of security breaches will increase in the near future. The latest Internet Security Report from WatchGuard Technologies has detected a two-year high in network attacks on companies in Q3 2020, for instance. It is clear that data security is increasingly going to be a key concern for businesses of all kinds going forward. A survey with business leaders in Singapore revealed that 70% of respondents cited data security as their top IT priority moving forward.
The fast transition to remote work has also led to several security gaps in IT infrastructure which can become prone to attacks from both external and internal threats. Once again, with millions working remotely, the pressures on IT security are immense, given that there are many more entry points for breaches.
In-house IT teams unable to handle threat intelligence and response
All of this is happening at a time when IT departments are already overwhelmed with simply keeping services running smoothly. The pandemic has forced a rethink in how we work, and that in turn, is resulting in a whole host of new challenges relating to cybersecurity that most businesses are not equipped to handle on their own. Even if they are, the financial and opportunity costs of doing so are very substantial.
Using a Managed Security Services Provider (MSSP) for faster incident response
One way to mitigate these challenges is through the adoption of a managed security approach, which can allow businesses to focus on their core activities, with security partners monitoring IT security across the organization. Fujitsu’s Managed Security Services, for example, has over 40 years of experience in creating highly secure environments for organizations globally.
Fujitsu’s comprehensive threat protection system ensures that potential risks are identified and removed before they can have any impact. Managed security also helps prevent future attacks and maintain business continuity.
A reliable Managed Security Services Provider (MSSP) enhances security allowing business owners to focus on core business matters, such as business scalability and day-to-day operations. Managed security provides 24/7 protection of IT systems and monitoring of the cyber security position. Outsourcing IT solutions is simply more efficient.