Nearly Three Quarters of Singapore Organisations Struggle to Protect Critical Assets from Cyberattacks: Accenture Security Index
With the frequency and scope of serious cyberattacks on the rise, 73 percent of organisations in Singapore cannot identify and fully protect their corporate high-value assets and processes, finds a new analysis from Accenture (NYSE: ACN).
Global Index shows Singapore has high performance in 12 of 33 critical cybersecurity capabilities across 15 countries and 12 industries
SINGAPORE; 27 July, 2017 – With the frequency and scope of serious cyberattacks on the rise, nearly three quarters of organisations (73 percent) in Singapore cannot identify and fully protect their corporate high-value assets and processes, finds a new analysis from Accenture (NYSE: ACN). According to the newly released Accenture Security Index, only one in three organisations (34 percent) in Singapore have the ability needed to monitor for threats to critical parts of their business.
Overall, the three areas that Singapore companies were competent in in were Cybersecurity accountability (48 percent), Cybersecurity Architecture Approach (47 percent) and IT Risk support (45 percent). When compared with other countries, Singapore scored highest in resilience readiness, with higher than the global average level of capabilities.
“A turning point has been reached for cybersecurity. While organisations in Singapore, and around the world, have improved their security over the last few years, progress has not kept pace with the sophistication of highly motivated attackers," said Joshua Kennedy-White, managing director of Accenture Security and lead in Asia Pacific. “A new approach is clearly needed. One that protects the organisation from the inside out and across the entire industry value chain—from the wellhead to the oil pump. And the start of this must be a new, more comprehensive definition of what constitutes cybersecurity success based on impact to the business.”
To gauge the effectiveness of current enterprise security efforts and the adequacy of their existing investments, Accenture surveyed 2,000 top enterprise security practitioners globally representing companies with annual revenues of $1 billion or more, with 124 of these companies located in Singapore. The results of this survey were analysed in collaboration with Oxford Economics to develop the Accenture Security Index, which aggregates scores across 15 countries and 12 industries, providing the ability to compare the relative strength of all organisations to protect themselves from cyberattacks. The index is based on a comprehensive model measuring 33 specific cybersecurity capabilities. It provides a new benchmark to determine what high performance security looks like and what it takes for organisations to establish cybersecurity success.
Country-level performance weak across important capabilities
Globally, the average organisation has high performance in 11 of the 33 cybersecurity capabilities analysed. At the top end of the scale, only 9 percent of organisations managed to achieve high performance in more than 25 of the 33 cybersecurity capabilities.
Singapore sits sixth out of the fifteen nations surveyed, with companies reporting high performance in 37 percent of the 33 cybersecurity capabilities.
The United Kingdom tops the country roster along with France for cybersecurity performance, the average organisation achieved high performance in 44 percent—or 15 out of 33—capabilities.
In comparison, Spain ranks at the bottom of the performance list with companies claiming high performance in only 22 percent—or seven of 33 cybersecurity capabilities.
A surprising Degree of variation in industry-level performance globally
Communication companies have the highest performance globally in 11 capabilities including the protection and recovery of key assets (49 percent) and monitoring for business-relevant threats (47 percent).
Banking organisations have highest performance in eight capabilities globally including “what-if” threat analysis (47 percent) and third-party cybersecurity in their extended business ecosystem (44 percent)
High technology companies rank highest in seven capabilities globally including the ability to create a security-minded culture (54 percent) and recovering from cyber incidents (48 percent).
Life Sciences organisations are bringing up the rear with an overall global ranking of only 19 percent, meaning organisations exhibited high performance in only six capabilities on average.
Life Sciences also rank lowest in all but one of the 33 cybersecurity capabilities globally, including the ability to ensure stakeholder involvement (12 percent) and design for the protection of key assets (13 percent).
To learn more about what good security looks like and how to achieve it, visit: www.accenture.com/securityindex.
Accenture is a leading global professional services company, providing a broad range of services and solutions in strategy, consulting, digital, technology and operations. Combining unmatched experience and specialized skills across more than 40 industries and all business functions—underpinned by the world’s largest delivery network—Accenture works at the intersection of business and technology to help clients improve their performance and create sustainable value for their stakeholders. With approximately 411,000 people serving clients in more than 120 countries, Accenture drives innovation to improve the way the world works and lives. Visit us at www.accenture.com.
Accenture Security helps organizations build resilience from the inside out, so they can confidently focus on innovation and growth. Leveraging its global network of cybersecurity labs, deep industry understanding across client value chains and services that span the security lifecycle, Accenture protects organization’s valuable assets, end-to-end. With services that include strategy and risk management, cyber defense, digital identity, application security and managed security, Accenture enables businesses around the world to defend against known sophisticated threats, and the unknown. Follow us @AccentureSecure on Twitter or visit us at www.accenture.com/security.
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Hui Luen Lien
+65 6410 8790
Burson-Marsteller for Accenture
+65 6671 3231