Not only are data breaches disruptive, but they are also highly costly. According to IBM’s Cost of a Data Breach 2021 Report, the average cost of a data breach has risen by 10% worldwide from 2020 to 2021. In the ASEAN region, a data breach incident in 2021 costs an average of US$2.71 million. As for Singapore, cybercrimes accounted for 43% of overall crime in 2020, a clear sign of the significant threat posed by data breaches and other cybersecurity challenges.