According to a recent survey carried out by cybersecurity firm IB-Group, it was found that Singapore ranked number 6 globally for having the most databases exposed to the Web in 2021 that hackers could breach and exploit, despite Singapore being such a small nation compared to many others.
It was estimated that Singapore had 1239 exposed databases in Q1 2021, yet it grew steadily over the quarters to end the year with 5882 exposed databases, meaning that it more than quadrupled within a year. In Q1 2022, about another 2000 were added to the number.
These are worrying numbers as it mean potential compromise of client data and integrity. For one, it means that companies here lack the technical know-how and expertise to safeguard their digital assets; or are too complacent in this area until it may be too late. Also, while it is true that many companies were ‘forced’ to digitalize during the pandemic over the past 2 years, coupled with a push to do so by the government, many of them did not have or fail to set aside enough budget for maintaining the systems, with the high demand for tech personnel during this period.
Companies will do well to sit up and take notice of this trend and adopt best practices to prevent falling into a situation where unscrupulous hackers manage to breach and exploit their systems, exposing sensitive client data or holding them to ransom; on top of being subjected to fines and penalties from the Personal Data Protection Commission (PDPC). Companies will also do well in ensuring that they have adequate insurance in place to mitigate the damages arising from such unforeseen circumstances.Contact MAKinsure to assist your company in the setting up of cyber insurance coverage today!