SINGAPORE, November 4, 2024 – According to BlueVoyant’s report, over 70 percent of Singaporean enterprises reported that their supply chains struggled with cybersecurity attacks over the past year, indicating continued weaknesses in the face of measures taken to curtail the attack.
The report noted that on average, a company suffered more than four breaches that negatively influenced business processes and drew attention to security issues that plagued the cyberspace of Singapore.
In comparison, it appears that 81% of organizations from around the world that responded to a similar survey reported experiencing the same effects, making it seem that Singaporean companies are doing marginally better when it comes to risk management.
In the preceding year, domestic businesses increased their attempts to shield the digital supply chain. As reported, 90% of companies around the country delivered new budgets to the management of third-party risks, a figure that surpassed the global average of 86%.
Furthermore, it has become common practice to perform monthly risk assessments, which are now being done by 28% of firms.
“Though the statistics suggest that there is a focus on third-party monitoring by local agencies, supply chain breaches continue to be a cause for concern in the context of Singapore,”
Commented the Vice President for Asia Pacific and Japan at BlueVoyant, Sumit Bansal.
“Singapore is one of the most digitized countries in the region; thus, there are major risk factors associated with the heavy dependence on vendors,”
Although such efforts were made, 35% of the firms exhibit no self-sufficient insight into cyber risk presented by the third party and prefer to validate relies on data provided by the vendors themselves.
On the other hand, 59% of the surveyed firms from Singapore perform vendor assessments which is still higher than the global benchmark, but due to MOVEit and other recently witnessed violations, the scaring level is still high which means further extension of the budgets.
“Companies have moved from being concerned only about the existence of cybersecurity programs to the existence of systematic, effective, and continuous management of these programs,”
Said Joel Molinoff, BlueVoyant’s Global Head of Supply Chain Defence.
However, significant achievements have been evidenced, Molinoff stressed, that the effective management of risk in a networked world continues to be a major hurdle.
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