Compared to the rest of the world, Singapore experiences fewer cyberattacks. To give you an idea, while other parts of the world reported up to 94 percent of cyberattacks in their businesses in 2020, Singapore only recorded 43 percent.

Good as this sounds, businesses in Singapore are still vulnerable to cyberattacks, which is why cybersecurity is essential, especially now. Reasons why cybersecurity is important in this day and age, are discussed below.

The Rate of Cybercrime Has Increased

Thanks to the covid-19 pandemic, the rate of cybercrime has gone up significantly. For instance, in 2020 alone, a whopping 43 percent of the crimes that happened in Singapore were cyber-related. This is a large figure compared to the numbers reported before the pandemic.

Although many factors contributed to this, the increased number of people working from home and using digital devices tops the list. Given that the pandemic is still a threat, many people are still working from home. This means that cyberattacks are still an imminent danger to anyone using a digital device, and so, tightening cybersecurity is necessary.

Hackers Change Tactics All The Time

As you strive to protect your devices and networks using the latest cybersecurity methods, hackers, on the other hand, are also determined to improve their tactics to stay relevant in the changing crime world. Therefore, being content with your cybersecurity can be dangerous to your business. Experts recommend reviewing your cybersecurity regularly to keep up with the evolving world.

Cyberattacks Can Result in Huge Financial Losses When a cyberattack occurs, a business risks losing a lot. These include the company’s confidential data, clients’ personal information, reputation, and money. Depending on the size of the attack, a business can even collapse.

Ransomware attacks are now rampant in Singapore, causing financial losses to a myriad of businesses. For instance, in 2020, cases of ransomware surged by a staggering 154 percent, as reported by The Cyber Security Agency of Singapore (CSA). One way of protecting your business from cyber-related financial losses is by getting the right cybersecurity system in place. Take note that a reputable provider such as can solve all your cybersecurity issues and guarantee safety to your networks.

Data Protection is Essential

Provided you store sensitive information such as clients’ personal information on confidential company records, you need to guard them with the magnitude required. This is because in case a data breach results in this information landing in the wrong hands, an expensive lawsuit, or even multiple lawsuits, can result. Lawsuits not only cause reputational damage to a business but also lead to huge expenses. Keeping this in mind, be sure to protect your data.

Need Help with Cybersecurity?

It is worth noting that cybersecurity is a crucial aspect of any business in the present world. With the right cybersecurity system in place, a business will be immune from cyberattacks that can cause problems such as financial losses, loss of data, and damaged reputation.

If you need top-notch cybersecurity services in Singapore, contact a reputable service provider today and brace your business for the future.

By Manali