Rubrik Zero Labs research reveals impact of cyberattacks on Singapore organizations

Rubrik Zero Labs research reveals impact of cyberattacks on Singapore organizations

Volume, variety and veracity of cyberattacks are taking a psychological toll. Rubrik’s new cybersecurity unit partnered with Wakefield Research to gather insight into the threat landscape. 

IT and security leaders in Singapore must address, on average, one cyberattack per week according to a new study released by Rubrik Zero Labs, titled The State of Data Security. Rubrik, a Zero Trust data security company, commissioned a study from Wakefield Research to gather insights from more than 1,600 global security and IT leaders including CISOs, CIOs, VPs and directors – including 125 respondents in Singapore. 

The findings exposed rising security risks for organizations, resulting in widespread damage to organizations and their IT and security teams. Key Singapore findings from The State of Data Security by Rubrik Zero Labs include:

Cyberattacks continue to surge in volume and impact:

  • Nearly every leader surveyed experienced a cyberattack over the past year and on average faced 55 attacks in that timeframe – or nearly one cyberattack per week
  • 53% reported a data breach and 59% reported facing a ransomware attack in the past year
  • Only 9% of organizations were able to return to Business Continuity or normal operations within one hour of discovering a cyberattack
  • 49% of IT and security leaders reported being concerned about data breaches (20%) or ransomware events (29%) as the top threat for the year ahead

Organizations are losing confidence in their ability to withstand attacks:

  • 95% of respondents are concerned they will be unable to maintain Business Continuity if they experience a cyberattack
  • 23% of respondents believe their board of directors has little to no confidence in their organization’s ability to recover critical data and business applications after a cyberattack
  • 69% of survey respondents reported their organization is likely to consider paying a ransom following a cyberattack
  • 8% of IT and security leaders said they had not adequately addressed vulnerabilities from previous cyber events

The weight of cybercrime is taking a toll:

  • 92% of respondents reported experiencing significant emotional or psychological consequences following a cyberattack, ranging from worries over job security (44%) to loss of trust among colleagues (31%)
  • Approximately 39% of respondents reported leadership changes as a result of a cyberattack
  • Approximately 24% of leaders surveyed said their IT and SecOps teams were either somewhat or not at all aligned when it came to defending their organizations

“It’s clear from this research that cyberattacks continue to produce large impacts against global organizations and the effects are compounding,” said Steven Stone, Head of Rubrik Zero Labs. “In addition to this rise in frequency and impacts of cyber events, the individuals on the front lines are taking a psychological hit on their well-being. Trust is down and anxiety is up. Without a proactive and reliable approach to defend against modern cyberthreats and strengthen confidence in an organization’s ability to resolve these cyberevents, these impacts – both human and organizational – will continue to worsen and feed each other. The good news is we’re also seeing pragmatic, proven strategies in this same space paying off and we can build off these approaches.”

Chris Krebs, Former Director of CISA and Founding Partner of the Krebs Stamos Group, added: “We often overlook the psychological dimension of cyberattacks and the chaos that tends to follow after discovering an incident. The bad guys sure have figured it out, though, with criminals and state actors alike trying to generate emotional responses when they attack, as evidenced by the increase in criminal extortion efforts and hack and leak campaigns.

“In the end, IT and security leaders alike tend to take the blame for these cyberattacks. One of the most effective techniques I’ve seen to prepare for these types of attacks is to accept you’re going to have a bad day at some point and your job is to ensure that it doesn’t become a ‘worse day.’ This is why we need defenders across the spectrum to come together – sharing best practices, learnings after attacks, simulations and frameworks – so that we’re collectively strengthening our defenses and minimizing the psychological impact brought on by an attack.”

The State of Data Security comes from Rubrik Zero Labs, the company’s new cybersecurity research unit formed to analyze the global threat landscape, report on emerging data security issues and give organizations research-backed insights and best practices to secure their data against increasing cyberevents. 

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