Overall security awareness amongst employees (22%), budget allocation (16%), lack of security talent (15%), and misalignment between IT and security departments (15%) are cited as some of the biggest challenges faced by security professionals in Singapore when it comes to effectively implementing security measures and protocols.
As a result, only 17% of the respondents are confident that their organisations will be prepared to handle a targeted attack.
These findings are according to a Trend Micro-commissioned study, which polled over 400 Singapore-based security professionals from various industries at the recently-concluded CLOUDSEC, an internet security conference in Singapore.
The survey also revealed that trends like the proliferation of mobile devices in the workplace (31%) and collaborative, cloud-based work processes (24%) are contributing to security issues like data loss (22%) and targeted attacks (16%).
According to Trend Micro, the cost of a data breach is now valued at $3.8 million, which explains why risks associated with data security (48%) and data privacy (29%) are found to be the biggest red flags for security professionals. Compliance (21%) is also noted to be another cloud concern.
Given today's precarious security landscape, organisations need to address the issues cited above with urgency. The process of digital transformation - which many companies are seeking to embark on - is an opportunity to address security issues via a holistic approach, and subsequently integrate security as part of the organistional DNA, it added.
"The results clearly show that security needs to be a business imperative rather than a mere technological problem. For a security strategy to demonstrate value, all parts of the business need to be aligned, thus making security a boardroom-level issue, instead of a technical one delegated to the CTO or the CIO," said David Siah, Country Manager, Singapore, Trend Micro. "As technology is now a core element of most day-to-day operations of a given business entity, security needs to be understood and practiced across all lines of business."
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