Asian businesses overhaul their approach to cyber security following attacks

Businesses in Singapore and Malaysia are changing the way they make security-related decisions due to growing concerns about the dangers of cyber attacks.

Organisations in both countries are starting to include senior management in decision-making when it comes to cyber security strategies and products, according to the 2022 ISG Provider Lens™ Cybersecurity — Solutions and Services report published yesterday. Businesses are spending more on cloud-based, end-to-end security products as cloud migration accelerates across the region.

Companies in the region are also developing more mature cyber security strategies due to the introduction of tighter regulations and legislation. The demand for cloud-based detection and response products and web-based management tools is expected to accelerate over the next few years.

“More C-level executives in Singapore and Malaysia want to understand cyber security because the risks are growing,” said Joyce Harkness, director of ISG Cybersecurity for ANZ and Asia Pacific. “Cyber attacks, data theft and disruption of operations have grave business implications.”

The report found that following the disruption caused by the pandemic, Singaporean and Malaysian enterprises ramped up their digital transformation efforts to make use of the cloud, enable remote working, and tightly control costs. This drove up demand for cyber security services. Enterprises are looking for less complex purchase options and want to pay for services and platforms as an operational expense, said the report.

“The cloud trend in Singapore and Malaysia is changing cybersecurity needs,” said Jan Erik Aase, partner and global leader, ISG Provider Lens Research. “Providers of all sizes are stepping up by expanding their service offerings and packaging them as platforms.”

It’s not only businesses in Singapore who have been more conscious about cyber security, with the government introducing a fourth arm to its military in March 2022, tasked with countering digital threats targeting the country. The arm, the Digital and Intelligence Service (DIS), is expected to launch in the last quarter of the year. It will focus on IT and communications technology and require a force with specialisations in data science, linguistics, and psychology too. This will help it understand which orchestrated state and non-state groups aim to damage the nation.