Article by Jayden Soh, Head of Solutions, JOS
Companies operating on a hybrid work models, their doors to the looming threat of cyberattacks are wide open.
Just last year, 94% of organisations in ASEAN reported an increase in cyberattacks. In the same year, Singapore experienced its largest data breach — the personal data of nearly 5.9 million Singaporean and Southeast Asian customers of hotel booking site RedDoorz was reported to have been leaked.
In hopes of improving efficiency and saving costs, most employees and managers expect to continue with hybrid arrangements in the post-pandemic era. However, the reality remains that heavy financial losses from cybersecurity issues have overshadowed the idyllic promises of workforce improvements that hybrid work offers.
In fact, according to IBM’s Cost of a Data Breach Report 2021, each data breach costs a company an average of US$4.24 million in 2021, 10 per cent more than it did in 2020. The average cost was also significantly higher in breaches where remote work was a factor causing the breach.
Evidently, updating existing software and activating multi-factor authentication is no longer sufficient — there is a need to beef up…
