SMEs hit by 40% of cyberattacks in Singapore

SMEs hit by 40% of cyberattacks in Singapore | Insurance Business

SMEs hit by 40% of cyberattacks in Singapore

Almost 40% of cyberattacks in Singapore target small and medium enterprises (SMEs), according to the Cyber Security Agency of Singapore (CSA). Phishing attempts and ransomware were the most common methods used.

According to the CSA report, cyberattacks also target Singapore’s critical information infrastructure (CII) sectors.

“CII sectors such as banking & finance and government remain prime targets for cyberattacks, because of the sensitive information held by organisations in these sectors,” CSA was quoted as saying by the Singapore Business Review.

CSA also cited an incident in September last year, in which the website of a Singaporean insurer was hacked, which led to the leakage of personal information of 5,400 of the insurer’s policyholders. The information included email addresses, birth dates, and mobile numbers.

The agency said that cyber threats in Singapore continue to grow in both impact and frequency. The cyber landscape also mirrors the global trend, where attacks become less profit-motivated and instead aim to cause widespread disruption.

 

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