While personal data breaches are troubling enough, data breaches that affect businesses can have far more harmful effects. These can include the publication of sensitive personal data, financial losses and, of course, a hit to a company’s reputation. According to the Straits Times, online scams and data breaches in Singapore have been on the rise. For example, 182 data incidents were reported between January and March 2023; this rise has been steady since 2019. Here’s how companies today can keep their data safe by following guidelines and signing up for business insurance policies that cover cybersecurity breaches in Singapore.
#1 Invest in tried-and-tested cybersecurity systems
The easiest thing companies can do to minimise the chances of a data breach is to invest in a modern cybersecurity system. At its most basic level, this includes firewalls and intrusion detection systems. Regular data security audits and vulnerability assessments can also identify and rectify potential points of weakness.
While secure systems are certainly essential, humans are often considered the weakest link. For this reason, it’s essential to train all employees on cybersecurity best practices to prevent them from falling for scams or accidentally downloading malicious software. By fostering a culture of security awareness, employees themselves become the first line of defence against cyber threats.
#2 Implement data encryption and access control
Data encryption is another basic practice companies can employ to protect sensitive information. When information on files is encrypted, it’s rendered indecipherable to intruders – even if they gain access to the files. Encryption should be used for both stored information as well as sent and received information like emails and their attachments.
Companies should also compartmentalise data and ensure that only authorised personnel can access specific files. Essentially, this means that employees should be granted the minimum level of file access to perform their duties.
#3 Have an Incident Response Plan
With the number of cybersecurity breaches and online scams steadily increasing in Singapore, companies should expect to respond to a data breach eventually. As such, companies should have a well-defined and actionable Incident Response Plan (IRP) for a potential data breach. This plan should be crafted by cybersecurity experts and serve to minimise and mitigate the impact of a breach. There should also be a designated response team, clear channels for communication and clearly laid-out steps to recover from the breach. In order to preserve the consumers’ trust, it’s also important that there are prompt notifications to all affected parties as well as the authorities.
Insurance policies can help mitigate the effects of cybersecurity breaches in Singapore
While the above steps can help minimise the chances of a data breach, the risk can never be entirely eliminated. Because of this, it’s important to protect your business by signing up for a comprehensive business insurance plan. Pacific Prime CXA is an experienced insurance broker that offers a variety of insurance plans for all types of businesses. Contact Pacific Prime CXA today for a free quote and more details on how they can minimise risks.
You can also download their State of Health Insurance report for 2023 to learn more about health insurance in Singapore.
Written in collaboration with Pacific Prime CXA
