13 October 2022, Singapore – Majority of business leaders globally (65 percent) and in Singapore (76 percent) are planning and implementing their information security based on compliance requirements rather than considering long-term business ambitions. These findings were unveiled in KPMG’s 2022 Cyber Trust Insights report which surveyed 1,881 executives (largely C-Suite and Board members) from over 30 countries.
This comes despite the fact that organisations are placing advanced data and sophisticated analytics at the heart of their operations and reshaping customer experiences with innovative digital services (see Table 1), all of which are likely to introduce new cybersecurity challenges. For instance, majority of business leaders (Global: 78 percent; Singapore: 86 percent) surveyed in KPMG’s 2022 Cyber Trust Insights indicate that artificial learning (AI) and machine learning (ML), that synergises with technologies such as IoT and 5G, raise unique cybersecurity challenges that require special attention.
Wong Loke Yeow, Partner of Cyber Advisory at KPMG in Singapore said, “Majority of businesses are expected to embrace disruptive new platforms (including Web3 and the Metaverse) within two years and, over the next three years, increasingly ramp up their investment in areas such as internet of things (IoT), edge computing and 5G. Against this backdrop, building and protecting trust will be integral to how businesses operate and interact with stakeholders. Weaving cybersecurity into the fabric of the organisation, positioning the role of the Chief Information Security Officer (CISO) as a key executive, securing the support of leadership, and collaborating with other partners in the corporate ecosystem will be key to providing the assurance consumers desire and securing corporate reputation.”
