Protecting computers and programs from malicious attacks shouldn’t only be a concern for corporations and internet platforms. Individuals like yourself have more to lose when faced with a cyberattack; your personal data and banking information are easy targets for hackers and cybercriminals looking for an easy payoff.
In Singapore, 1 in 2 organisations have either experienced a cyberattack or are unsure if they have encountered a security incident. At the same time, 2 out of 5 small businesses in the country have suffered a cyber incident in the past year where 56% of customers’ data were stolen — data that could have been yours.
And while the platforms and organisations you’re signed up to have their own network security, it’s important to also protect yourself within your own home and network.
What happens when you don’t have proper cyber security measures?
Loss in family or individual financial savings
In a study commissioned by Microsoft, it revealed that Asia Pacific could lose a staggering US$1.745 trillion due to cybersecurity incidents. That number includes large corporations, small businesses, as well as individuals.
In December 2021, for example, about S$2 million was lost by OCBC Bank customers in a phishing scam. According to reports, the victims received text messages notifying them of issues with their banking accounts, asking them to visit a website to provide their banking details.
Loss in private and sensitive information
In June 2021, several companies were fined a total of S$75,000 for breaches that comprised more than 600,000 people’s private information which included their names, contact numbers, and for some, their financial information.
These include data from 98,000 servicemen from the Ministry of Defence staff and Singapore Armed Forces, and 520,000 people who were customers of an online shopping website that a Singapore web design company created.
Cyber Attacks can happen due to common human errors
More often than not, cyber criminals and hackers don’t need sophisticated software to target internet users. In fact, 95% of these breaches in cybersecurity are due to human error.
These are the people who use the same password across all their accounts online, who happily share their private information on their social media accounts, and who conduct financial transactions on public WiFi connections.
Cyber security threats are constantly evolving
Since 2020, Asia Pacific has seen a 168% increase in cyberattacks. And Singapore has become among the top 5 countries in the region that have seen the largest increase in cyberattacks in May 2021 compared to previous months in the same year.
In fact, according to the Singapore Police Force, they have “observed” at least 900 cases of phishing scams in the country since January 2022. In February 2022, several DBS Bank users also reported having their bank accounts hacked with unauthorised deductions and transfers from their accounts.
To better understand the threats that all users face, take some time to acquaint yourself with the cyber security threats you need to know here. And take the necessary steps to protect yourself and your information by understanding these cybersecurity tips.
Protect yourself by getting a home broadband connection that immediately detects threats, and stops them. SecureNet from ViewQwest, powered by Palo Alto Networks, has threat prevention that defends your network from all threats and blocks access to malicious websites that could deliver malware or steal credentials.