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A recent Chubb SME cyber preparedness study found that Singapore's SMEs are not prepared for cyberattacks, including most SMEs in the Asia Pacific region.
A study by Chubb Small and Medium Enterprises (SMEs) in Singapore revealed a significant difference in perceptions between cyber risk and how willing they are to deal with it.
Nearly two-thirds (63 percent) of those surveyed believe they are less exposed to cyber incidents than multinationals.
56 percent of SMEs have suffered cyberattacks in the last year.
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Magda Chel (PhD) Founder and serial entrepreneur at WoSEC Singapore believes that cybersecurity is also a social responsibility.
"Everyone needs to understand the basics of cybersecurity. With digitalization, our crown jewelry – personal and professional – is on the Internet. We are changing our daily lives and we cannot live without technology being involved in almost all of our activities, ”said Chelly.
She insists that cyber sustainability of the region can only be achieved when the common ecosystem tackles cybersecurity and improves its maturity and preparedness.
66 per cent of SMEs are unaware of all the cybercrime they are exposed to, while 32 per cent of SMEs are unaware of the impact of cyberattack.
Singapore-based Responsible Cyber, a consulting and training company in the Asia-Pacific region, has announced that it is launching a new platform for SMEs, providing them with guided services to ensure their cyber resilience and preparedness.
Chelly works with many international and local companies, from start-ups to SMEs and multinationals.
She finds it very challenging for the business owner to figure out where to start implementing any kind of cyber security control.
The current landscape of thousands of products and reviews does not offer the right opportunity for companies to figure out where to start and how to continue their journey.
Responsible Cyber is building an automated platform to increase product offering and enhance cyber maturity of the ecosystem, given the limited budgets of start-ups and SMEs in the region and the lack of cyber awareness.
It is planned to incorporate artificial intelligence by analyzing cyber-related data and ecosystems, anticipating cyber issues and learning to adapt to different cyber risks for businesses by automatically deploying the necessary controls around people, process and technology.
The aim is to "disrupt the cyber readiness and resilience of SMEs in the Asia-Pacific region".
The startup is serving a new generation of security as a service product that allows for a managed and automated deployment of all the basics of cybersecurity.
The flagship product of the Security as a Startup product, targeted at small and medium-sized businesses in the region, can be launched online with just a few clicks.
It starts with free order and comes with a score for cyber maturity, digital imprint, cyber awareness and more.
The platform enables businesses to ensure that, with their growth, cybersecurity enables them to expand their businesses and be prepared with reliable cash flow management and no unexpected costs.
The goal of responsible Cyber is to provide business owners with fast and easy access to the best cybersecurity strategy, roadmap and products as they grow, with a one-stop-shop approach.
"We are extremely excited about the problem we are solving for this fast-growing industry in the Asia-Pacific region, especially Singapore, where more than 90 percent of businesses are small and medium-sized enterprises.
Business owners no longer need to look for the best cybersecurity products or hire expensive consulting services if they need to start a cyber journey. "Said Magda Chelly, founder and managing director.
"Business owners will have an affordable and effective all-in-one cybersecurity platform from cyber risk assessment to incident management and website security.
We have been seeing incredible growth since we founded the company in June 2016 with our continuous training offerings. With a large founding team including Mikko Laaxonen and Daniel Lim, we expect to open more than 50,000 business accounts by 2021. "
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