: Cybersecurity in the digital age: A standards guide for Singapore businesses
Digital transformation is pivotal to business success. However, Singapore companies are navigating a complex landscape, in which technological innovation is intertwined with escalating cybersecurity risks. For businesses, this presents a dual challenge: leveraging technology for growth while safeguarding against cyber threats.
Companies are vulnerable when handling sensitive and confidential information, such as customer data and financial records. Cybersecurity incidents can lead to significant financial implications and erode customer trust. There has been a 145% year-on-year surge in cyberattacks in Singapore, with the average cost of a cybersecurity breach soaring to approximately S$1.7 million, the highest in the Asia-Pacific region.
Introduction to key Infocomm and Technology (ICT) standards
Effective cybersecurity measures are crucial for companies to protect themselves from these threats, to maintain their competitive advantage. Adopting standards such as SS ISO/IEC 27001 provides companies with a holistic approach to information security from vetting people to policies and technology, and ISO/IEC 27701, a privacy add-on to SS ISO/IEC 27001, can serve as a powerful starting point.
Tembusu Events and Communications Pte Ltd, a seasoned player in corporate event planning, and CHUPA Pte Ltd, a global experiential design agency, have embraced ICT standards to strengthen their cybersecurity posture. At the core of their cybersecurity strategy, both companies have adopted SS ISO/IEC 27001.
SS ISO/IEC 27001 guides companies to create a Privacy Information Management System that safeguards personal data, ensuring compliance with international data privacy regulations. This is key for businesses to demonstrate their robust data protection measures to customers.
1) Cost savings and efficiency
The risk management approach provided by SS ISO/IEC 27001 has enabled CHUPA to strengthen their cybersecurity infrastructure. The rigorous controls and continuous improvement mandated by SS ISO/IEC 27001 substantially reduced the likelihood of cybersecurity incidents, avoiding exorbitant costs associated with them.
“By implementing SS ISO/IEC 27001, we’ve strengthened our security measures, making data breaches and cyber-attacks less likely. This not only saves us money on incident handling but also helps us run more efficiently over time. We have also identified areas for improvement to implement more efficient workflows”, CHUPA said.
2) Manpower optimisation
Tembusu’s adoption of SS ISO/IEC 27001 and ISO/IEC 27701 certifications has allowed them to optimize their manpower in Information Security Management System, so that their team can focus on strategic cybersecurity management, enhancing overall productivity and job satisfaction.
“These certifications helped us to manage personal information and data in a more structured manner. This reduces time needed to conduct manual checks and scans for abnormalities, which are now taken care of by our enhanced and certified security features and processes.” Tembusu shared.
3) Enhanced competitiveness and trust to go global
CHUPA's commitment to protecting customer information through SS ISO/IEC 27001 certification has built trust among customers, especially those handling sensitive and business-critical data, giving them an edge in the global marketplace. The certification acts as a testament to their dedication to information security, drawing in clients who prioritise data safety.
“Our SS ISO/IEC 27001 certification provides assurance that we adhere to globally recognised standards for information security management systems and fosters clients’ trust and confidence in our capabilities. Many international clients and partners prioritise working with organisations that have obtained the SS ISO/IEC 27001 certification, making it a valuable differentiator in competitive markets”, CHUPA added.
By building trust with customers, companies can demonstrate their compliance with stringent IT security requirements, and gain a competitive edge to expand overseas.
“Our commitment to safeguard personal data and information elevates our competitiveness as our clients believe that customer data is in secure hands with us,” added Tembusu.
Charting your path forward
By keeping pace with these standards, you can better safeguard your digital assets and position your business to thrive in an increasingly interconnected and digitally reliant world.
Businesses can begin with a comprehensive cybersecurity assessment and embracing relevant ICT standards to guide them in this journey.
Want to learn how you can strengthen your cybersecurity edge through standards? Download our Cybersecurity and Data Privacy Standards guide now.
