According to Rackspace Technology’s poll on 150 Singapore IT leaders, 72% of Singapore IT leaders cite cybersecurity as one of their C-suite’s top-three business concerns, with the other 2 issues being price inflation (54%) and meeting compliance requirements (42%).
Despite the economic challenges brought about by the pandemic, organizations continue investing in cybersecurity, with 89% of survey respondents reporting an increase in their cybersecurity budgets over the past three years.
The investments mainly go to 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 organizations are most likely to rely on an outside partner for expertise.
These investments align with perceived threats by these organizations, which consist of network security (61%), web application attacks (53%) and cloud architecture attacks (53%). In addition, 40% of organizations are facing a shortage of workers with cybersecurity skills. The lack of resources and talent requires a collaborative effort across enterprises, schools and the government to train and upskill employees.
(Source: Intelligent CIO)