BAE Systems has introduced an online cyber risk assessment tool to help businesses test their cyber security readiness.
According to a global survey conducted by BAE, Singapore-based businesses believe they have the right security controls in place (89 per cent), but that alarmingly, over 50 per cent had suffered an attack in the last year.
To drive awareness among business leaders, BAE Systems has introduced the online cyber risk tool designed to enable businesses to assess their vulnerability to cyber threats. The tool measures the preparedness of a business across 10 key elements of ICT security, including incident response and information management.
“Businesses must ensure they are fully equipped to defend against cyber threats. When an attack succeeds, quick detection, investigation and response are essential, or the prevailing costs to the company and their customers can be disastrous,” said Gundeep Singh Sandhu, Vice President Cyber Defence Asia Pacific & Japan at BAE Systems Applied Intelligence.
“While 89 per cent of respondents believe they have the right security controls in place, over 50 per cent had suffered an attack in the last year, at an average cost of nearly S$700,000.”
The research also found more than one in five Singaporean businesses have not tested their incident response plans in at least six months. This is despite the fact a company’s ability to respond in the face of an attack is now almost as critical as preventing an attack, as the velocity of attacks grow and they become more targeted and sophisticated.
Another finding is that less than a quarter of businesses are completely confident they could return to business as usual within 48 hours (24 per cent). 17 per cent are not very confident or had no confidence at all that they could.
The study also revealed that five per cent don’t have a cyber incident response plan and more than one in ten (11 per cent) don’t know if they have the right security controls in place.
“As recent high profile cyber attacks have demonstrated, businesses of all sizes and in all industries must ensure they’re prepared.
“Regular testing, training of staff, and updating technology and processes is crucial to avoid or minimise monetary and reputational damage. We encourage all businesses to take this simple test to assess the strengths and weaknesses in their cyber security and understand their vulnerabilities,” Sandhu said.