Phisherman Alert!

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The average number of breaches experienced by companies is increasing

Research has shown that the average number of cyber breaches a company faces per year has increased by 67% across the last five years1

16% of CISOs

said their employees are held accountable for cyber security2

Negligent Employee / Contractor

is the root cause of most data breaches3

The average annual cost of a phishing or social engineering attack has jumped to USD$1.4 million4

85%

of organisations face phishing and social engineering attacks5

53% of SMEs

experienced phishing and social engineering attacks last year6

Falling victim to cyber attacks such as phishing or social engineering can land you in trouble with regulatory agencies around the world

Depending on where your customers are, getting hit with a cyber attack can lead to consequences with the EU, State of California or Singapore. In the last few years, regulatory measures have been implemented to protect personal data, such as the GDPR (General Data Protection Regulation), CCPA (California Consumer Privacy Act) and the PDPA (Personal Data Protection Act) in Singapore. If you are caught having leaked consumer data, you can be held liable even if you did not do it intentionally.

 

Knowing the details of the GDPR, CCPA and PDPA as well as training your staff to spot phishing or social engineering attacks can save you from paying harsh penalties.

 

In Singapore, organisations that breach PDPA may be ordered to stop collecting/using/disclosing the compromised personal data, destroying collected data, and possibly paying up to $1 million in fines7

Companies should prioritise protecting against people-based attacks

According to Ponemon’s Ninth Annual Cost of Cybercrime Study, the first step to unlocking cyber security value is to invest in employee education, as people are the weakest link in cyber security. All employee should be trained because all it takes for a company to suffer from a cyber attack is one credential leak.

 

In a world where just about everything is now online and accessible, teaching employees how to have good cyber hygiene is critical to business continuity and stable operation against cyber threats.

1, 2, 4, 5 Ponemon’s Ninth Annual Cost of Cybercrime Study, 2019

3&6 Ponemon Institute’s 2019 Global State of Cybersecurity in Small and Medium-Sized Businesses, October 2019
7 PDPA – Enforcement of the Act — https://www.pdpc.gov.sg/Overview-of-PDPA/The-Legislation/Enforcement-of-the-Act

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