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Year 2020 have been hard on businesses affected by the pandemic. The digitalisation journey, albeit challenging for most, have accelerated to a rate never seen or expected by analysts prior to this pandemic. With sudden change to remote work from home, IT departments are left with no choice but to accept cyber risks in order for the business operations to continue, as employees begin to download productivity applications and even leverage on public clouds or SaaS – before any risk assessment or update to information security policies.
The global media coverages on cyber incidents such as data breach and ransomware, are on the rise throughout 2020, and the trend will most likely move upwards throughout the year 2021 – a domino effect we foresee from the vulnerabilities at the macro-level created in the year 2020.
The following are our predictions for the year 2021:
• Cyber insurance take up rate to increase
o With the recent news of cyber incidents, even the big players are vulnerable to cyberattacks despite the vast amount of investment made to secure their network, let alone smaller businesses. With the increasing reliance on technology being accelerated by the COVID19 pandemic, businesses are recognizing the need to view technology as a critical enterprise risk. This is no longer considered solely the domain of IT departments and moving forward, cyber risk should now be a regular topic of discussion in the boardroom. With cyber landscape becoming more complex, and interconnected as recently shone to light by the recent breach by a monitoring company and affected large MNCs and others, cyber insurance may be the next hot trend as the awareness grows in the market that such risk can be mitigated, and transferred.
• Businesses to seek managed cybersecurity solutions due to reduced resources
o Many businesses felt the financial impact throughout 2020, and it is common to hear in the news about retrenchments and internal budget cuts in order for businesses to stay afloat. Business owners, or even IT department managers may even be looking for a single and holistic cyber security platform managed by a service provider, as resources are reduced and such outsourcing are often preferred for cyber risk mitigation and transfer.
• Remote workers will be the “weakest link+”
o We all know that employees are the weakest link in cyber security chain. However, with the accelerated digital transformation efforts and multiple unknown vulnerabilities yet to be discovered, remote workers will be the top targets for cyber criminals. Multiple applications downloaded for purpose of increasing productivity, forced by the sudden remote work arrangements, and the lack of time for technology department to evaluate is a sure formula for cyber disaster.
As a Managed Communications Service Provider, Netpluz Asia is proud to be the first Managed Service Provider in Singapore to offer end-to-end network management from cybersecurity to cyber liability insurance for businesses. eSentinel™ - 360° cloud-based managed cybersecurity platform, is our offering to businesses looking for a holistic cyber security solution that covers from attack prevention, threat detection to security assessment. This solution effectively creates an additional level of cyber defense at the Internet Service Provider (ISP) level.
As we know cyber security is never a 100% protection, with the employees being the weakest link, Netpluz Asia recommends businesses to consider advanced email security and cyber insurance to mitigate and risk transfer, as part of every Enterprise Risk Management (ERM) strategy.