Rackspace takes a deep dive into Singapore cybersecurity strategies

Rackspace Technology, the end-to-end multicloud solutions provider, has shared that over seven in 10 (72%) Singapore IT leaders say cybersecurity is a top-three business concern for C-suites, ahead of issues such as price inflation (54%), compliance (42%) and supply chain/logistics management (38%). This is significantly higher than the global average, where 59% of global IT leaders name cybersecurity as a key concern.

In research* polling 150 Singapore IT leaders, a little over half (51%) said that they are able to manage cybersecurity risks. This leaves 49% of respondents unable to cope, despite sizable increases in cybersecurity investment, greater board visibility and increased collaboration between the security team and the C-suite across all respondents. A similar proportion report being either “fully-prepared” or “somewhat prepared” to respond to major threats, such as recovering from cyberattacks (51%) or identifying and mitigating threats and areas of concern (50%).

When asked to name the top three cybersecurity challenges their organisation is facing in Singapore, migrating and operating apps to the cloud led the way (42%), followed by users falling for phishing attempts (42%). A shortage of workers with cybersecurity skills (40%) was in 3rd place.

“As more and more organisations migrate their IT infrastructure away from data centres and advance their cloud transformation initiatives, they are focusing increasing attention on how these changes can impact their security posture,” said Karen O’Reilly-Smith, Chief Security Officer, Rackspace Technology.

“As the survey results demonstrate, cybersecurity continues to be far and away the leading business concern and a major focus of IT investment, but with talent at a premium more organisations are looking outside their four walls for guidance in this new cloud-first world.”

Despite the economic challenges brought about by the pandemic, organisations show no sign of decreasing their investment in cybersecurity, with 89% of survey respondents reporting that their cybersecurity budgets have increased over the past three years. The leading recipients of this new investment are cloud-native security (69%), data security (55%), infrastructure detection and response (51%) and consultative security services (44%). According to the survey, cloud-native security is also the area where organisations are most likely to rely on an outside partner for expertise.

“Cyberthreats are continuously evolving in today’s environment, including in Singapore, where visibility into security incidents across multicloud and hybrid environments is pertinent. Almost 90% of the Singapore IT leaders claimed that they need more cybersecurity budget to defend against cyberattackers as they adopt more digital technologies. In addition, 40% of organisations are facing a shortage of workers with cybersecurity skills.

"To overcome the lack of resources and talent, it requires a collaborative effort across enterprises, schools and the government to train and upskill employees, said Sandeep Bhargava, MD, Asia Pacific and Japan (APJ), Rackspace Technology.

The survey also looked closely at the relationship between security teams, boards and C-suite executives. More than three quarters (76%) of respondents say there has been an increase in board visibility for cybersecurity over the past five years. The same percentage (76%) cite better collaboration between the security team and members of the C-suite. Only 7% of respondents said there were significant communications gaps between the security team and C-suite, while 67% of IT executives view their counterparts in the C-suite as advocates for their concerns.

*The survey was conducted by Coleman Parkes Research in July 2022. Findings are based on the responses of 1,420 IT decision-makers across manufacturing, retail, hospitality/travel, healthcare/pharma/biomedical, government and financial services sectors in the Americas, Europe, Asia and the Middle East, including 150 Singaporean IT decision-makers.

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