Cyber security is a fast-moving sector. Hackers and cybercriminals are continually devising means to outdo one another, to the detriment of individuals and businesses. In Singapore, just like the rest of the world, cyber-attacks target all types and sizes of businesses.
SMEs are more vulnerable to cyber-attacks because large enterprises tend to have the resources and motivation to invest in cyber security. Small business owners often assume their businesses are not of interest to cyber attackers.
However, what these businesses don’t realize is that they are the gateway to large enterprises. Some are vendors and subcontractors with systems interlinked with the main target. Additionally, cyber attacks test their skills and malware on soft targets before progressing to vast systems in larger enterprises.
Reported cases of computer misuse have been growing over the years. In 2017, there were only 858. In 2021, the number of cyber attacks had grown to 3,731.
Data Breaches
Data breach continues to be a concern for businesses in Singapore, and across the globe. This has been a concern from the moment hackers started attacking systems, and will always be a concern going into the future.
At the core of data breaches are ransomware. The cost of each data breach is so high that businesses cannot set up systems to prevent breaches. Cyber insurance also ensures that if attackers penetrate the systems, the company is protected from any costs associated with the data breach.
Multifactorial Authentication (MFA)
Cyber security trends have been veering towards the negative because cyber attackers seem to be working overtime to infiltrate systems. However, some positive trends have been emerging. One of those is multifactorial authentication.
Some MFA systems, such as signing into your email, have simple setups that require you to prove you are authorized to access the email. SMEs and large enterprises have more critical steps that authorized personnel have to go through before they access company data.
The system may request additional information that only they know. It could be something they know, something they have, or something they have. The detailed process, besides just typing the password, has led to a better user experience and improved security.
MFA has also reduced cases of data breaches, and subsequently expensive payouts attached to cyber insurance.
The Use of Artificial Intelligence
Artificial intelligence has been abuzz for the past few years. It has its challenges, but it has also helped perform security and root cause analysis. AI has made it possible for businesses to get ahead of cyber attacks, and predict weaknesses that can be used by attackers to access data.
Unfortunately, much as AI has been great for businesses, cyber attackers can also use it as a counterattack on existing helpful AI systems. AI can be used to create new ways to penetrate systems.
As businesses become more dependent on AI systems, they are also unknowingly becoming more vulnerable to them. AI systems make decisions based on situations and information they access.
Hackers can easily feed AI systems with false narratives, resulting in a wrong response. They’ll also identify weaknesses of the AI technology and use it to their benefit.
Unfortunately, AI is faster, so businesses can only fight back attacks with advanced AI systems. Businesses have to keep up with the trends and use new AI systems with improved protective capabilities.
As cyber security trends keep changing, cyber security insurance policies should also reflect this. Policies that were in place a decade ago may not be sufficient today. Businesses should be vigilant and follow data breach incidents and the root cause so that they can take steps to keep their data and systems safe.