- POSTED: 12 Dec 2013 21:13
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Singapore businesses are not keeping pace with current cyber security threats and they should be doing more to protect sensitive data and information.
SINGAPORE: Singapore businesses are not keeping pace with current cyber security threats and they should be doing more to protect sensitive data and information.
Experts have said Singapore has a robust infrastructure and framework for its outsourcing regulations, but firms should set clear policies when setting service level agreements going forward.
Cyber security has been in the limelight following the recent security breach at Standard Chartered Bank, where information of nearly 650 private banking clients was compromised.
In particular, several concerns over outsourcing services have also been raised.
In a study conducted by market analysis company Frost & Sullivan, many companies think that service providers should be held accountable for any security breach, despite largely wanting to take ownership in defining the terms of their service level agreements.
Going forward, security experts said firms should play a more active role when defining service level agreements with service providers.
Cathy Huang, industry manager for Asia Pacific Information and Communication Technologies at Frost & Sullivan, said: “You need to have a clear understanding or definition classification about where's your data and what's the level of security for different types of data.
“Secondly you need to have a clear defined policy or rules whether the content needs to be stored locally, or if it is fine to be stored overseas or managed remotely by an overseas data centre or security operation centre."
Meanwhile, protecting customer data has become more challenging, with more data becoming available on multiple devices.
Based on a survey conducted by PricewaterhouseCoopers (PwC), some 34 per cent of Asia Pacific firms that have experienced security incidents said customer records were compromised.
Some experts said that companies should look beyond the traditional protection of system infrastructure, and focus on securing end-user access to information.
Based on a survey conducted by PwC, some 60 per cent of companies in the Asia Pacific region are expected to increase their security spending going into 2014.