2 in 5 small-medium businesses

FIRST 2 in 5 small-medium businesses experience cyber attacks

The recent acceleration of digitisation and auomation made most industries dependent on technological innovation and solutions.

However, this proved to have increased the risks that businesses face with larger data being held and has also highlighted problems and flaws, particularly in smallmedium businesses’ (SMBs) cyber security and operations.

A study recently released by Cisco shows that 40% of in Singapore have encountered cyber attacks in the past year.

The survey covered over 3,700 business and IT leaders across 14 markets in the Asia Pacific. 153 of these respondents were based in Singapore.

Singapore SMBs also showed a more apprehensive side when approaching cybersecurity. 67% say that they are more worried about this compared to a year ago, with 77% of respondents saying that they feel exposed.

Reasons for the attack were also asked by the study. More than 52% pointed towards having inadequate cybersecurity solutions, whilst 31% did not have any solution in place.

More than 51% of SMBs said that these attacks resulted in a financial impact of $677,060 (US$500,000) or more, with 11% even going so far as to say that $1.35m (US$1m) was impacted.

Effects of these cyber incidents as reported by the respondents include loss of employee data (51%), financial information (51%), internal emails (49%), sensitive business information (49%), and money through financial fraud (49%). 52% would also say that this brought a negative impact to their reputation.

Managing Director Andy Lee of Cisco, Singapore and Brunei, said that this is a result of the digital adoption and transformation done by businesses.

“SMBs in Singapore have digitalised rapidly over the last 18 months, driven by the need to leverage technology to survive and thrive in this challenging environment. This has in turn fueled a critical need for SMBs to ensure they have the solutions and capabilities to safeguard themselves on the cybersecurity front,” he said.

“This is because the more digital they become, the more attractive a target they are for malicious actors. While the growing cybersecurity concerns among SMBs may be seen as negative by some, it is actually an encouraging sign as it demonstrates increased levels of awareness and understanding of cyber risks, which is the first step in improving the security posture,” he added.

THE CHARTIST: SINGAPORE LEADS IN VACCINATION RATE IN ASIA

This chart from Moody’s Analytics showed that there is a wide variation of vaccination rates in Asia, with Singapore leading in the region with 81% of its adult population fully vaccinated and 7% partially vaccinated.

Moody’s said the current pace of vaccinations across the region “does not bode well for much of Southeast Asia” as all countries have low vaccination rates except for Singapore, Cambodia, and Malaysia. Vietnam, with 2% fully vaccinated and 16% partially vaccinated, and Myanmar with 4% fully vaccinated adults and 1% partially vaccinated, are lagging in vaccination.

It noted that vaccination rates do not provide a complete picture of the remaining risks from COVID-19 as “vaccination rate does not always correlate well to the incidence of the virus or the death rate.”

Moody’s said that there could be many reasons for this, such as the efficacy of the vaccine, geographic distribution, or the age cohorts of the population that have or not have been vaccinated.

“Similarly, death rates may vary across the countries of the APAC region, due in part to quality and availability of care. Of course, one must also recognise that the quality of the data may vary from one country to another,” it said.

Wide Variation of Vaccination Rates in Asia % of adult population fully and partially vaccinated, 19 Aug 2021

Source: Our World in Data, World Bank, Moody’s Analytics

Millennials in Singapore are one of today’s fastest-growing segment of home buyers

1 in 2 Singaporeans plan to buy a new home in the next 2 years

Despite finding property prices high, 74% of Singaporeans are looking into buying a new home, according to PropertyGuru.

More than half of Singaporeans, at 53%, plan to purchase a new home within the next two years.

More people even found themselves in a position to purchase a home given their current financial status with 65% answering in the affirmative for H2 2021. This is a slight uptick from the 60% for H1 2021. The survey attributed this trend to the availability of financing options, particularly those with low interest rates. 46% of Singaporeans see these options as satisfactory for them, and even 51% believe that now is the best time to get the most with what they’re spending.

Millennials are changing the residential property market, PropertyGuru added, with 71% prioritising saving up for a home over other purchases, up 2% from the last half.

This ambitious generation also aspire to move up the property millennials, with 69% of HDB homewoners intending to upgrade to private property after selling their flat, 68% of which are eyeing a better condo property.

One in 3, or 32% of millennials, seek to purchase luxury property in the long run, 66% of which cite the purchase as a long-term investment. Other considerations for luxury homes include convenience, privacy, social status and facilities.

“There is no doubt that Millennials in Singapore are one of today’s fastest-growing segment of home buyers, with savings accumulated from pandemic sheltering. The delay in homebuying can also be due to Millennials’ increasing preference for a larger, luxury property that command higher prices than typical starter homes. While investing in property for capital growth is appealing, Millennials should exercise prudence and take the time to properly right-size their home ownership expectations based on their housing needs and financial situation,” said PropertyGuru country manager for Singapore, Tan Tee Khoon.