Recent high-profile cyberattacks have driven significant increases in cybersecurity awareness and spending, according to Accenture’s “Building Confidence: Facing the Cybersecurity Conundrum" survey.
The survey polled 2,000 enterprise security practitioners representing companies with annual revenues of $1 billion or more in 15 countries – including Singapore.
Yet, the sentiment among those surveyed suggests organizations will continue to pursue the same countermeasures instead of investing in new and different security controls to mitigate threats.
For example, given extra budget, 41 percent to 52 percent of Singapore respondents would “double down” on their current cybersecurity spending priorities – even though those investments have not significantly deterred regular and ongoing breaches.
These priorities include protecting the company’s reputation (52 percent), safeguarding company information (48 percent), and protecting customer data (41 percent).
Far fewer companies would invest the extra funds in efforts that would directly affect their bottom line, such as mitigating against financial losses (31 percent) or investing in cybersecurity training (8 percent).
The average total IT budget on cybersecurity among organizations in Singapore (8.3 percent) is comparable with the global average (8.2 percent). Companies in France spend the most (9.4 percent). Businesses in the US (8 percent) and Australia (7.6 percent) spend the least.
About a third (30 percent) of organizations in Singapore plan to increase their cybersecurity investment “significantly (2 times or more)” in the next three years, as compared to the global average of 16 percent.
Organizations in the UK (50 percent) and Singapore (44 percent) are the most confident in monitoring for breaches compared to the global average (38 percent).