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Cybersecurity
- 1. CYBERSECURITY Presenter: Tiffany Lim Zuldanial Zulkarnain Date: 2020
- 3. Cybersecurity & Cyber threats1 Growth of Cybersecurity2 Cybersecurity Process3 COVID-19 Impact4 Global & Regional Scene5 Local Scene6 Links to Other Technologies7 Masterlist & Poll Analyses8
- 4. Cybersecurity The Practice Of Defending Computers, Servers, Mobile Devices, Electronic Systems, Networks, And Data From Malicious Attacks Network security Protecting computer networks from threats such as malware or attackers1 Application security Protecting software and devices from intrusion. Compromised software and devices may allow access to sensitive data and malicious control of devices 2 Information Security Protecting the integrity and privacy of data, both in storage and in transit3 Operational Security Processes for handling and protecting data assets and permissions users have when accessing a network 4 Disaster recovery and business continuity Disaster recovery: Restoration of operations and information to return to normal operating capacity. Business continuity: Plans organisations fall back on while trying to operate without certain resources. 5 End-user education Education of cybersecurity best practices to the most vulnerable point in the cybersecurity chain 6
- 5. Malware Malware, or malicious software, is software created by attackers to damage user’s devices or disrupt computer systems and networks. Usually distributed through unsolicited emails or online downloads. Types of Malware: • Virus: A self-replicating program that attaches itself to clean files and spreads throughout a computer system, infecting files with malicious code. • Trojans: Disguises itself as legitimate software, tricking users into uploading Trojans onto their computer where they cause damage or collect data. • Spyware: Secretly records user activity, such as passwords and credit card information • Ransomware: Locks down a user’s files and data, denying access and threatening erasure unless ransom is paid • Adware: Advertising software which can be used to spread malware. • Botnets: Multiple infected computers gathered into a network for use by cybercriminals SQL Injection Exploits vulnerabilities in databases to insert malicious SQL queries to obtain sensitive data Phishing Uses legitimate-looking emails to ask users for sensitive information such as passwords and credit card information 3 Man-In-The- Middle Attack Intercepts communications between endpoints and servers, usually on unsecured networks, to obtain sensitive data Denial-Of- Service Attack Prevents computer systems from fulfilling legitimate requests by overwhelming networks and servers with traffic 4 1 2 5 Cyber Threats
- 6. Growth of Cybersecurity Cybersecurity Through The Years First discovery of a computer virus – Creeper virus First U.S. patent for cybersecurity - a cryptosystem Birth of SSL that allows for purchase of items online to be done securely Personal attacks on credit cards and identity, major companies began to arm themselves with more sophisticated security systems Raising the bar for compliance with more stringent regulations. Constantly innovating and using advanced machine learning and AI-driven approaches 1970s 1980s 1990s 2000s Present
- 7. Growth of Cybersecurity 137.63 151.67 167.14 184.19 202.97 223.68 248.26 2017 2018 2019 2020 2021 2022 2023 Market size in billion U.S. dollars
- 8. Cybersecurity Process Protect • Recover and restore systems to operational capacity • Implement improvements to cybersecurity framework • Communicate with stakeholders on lessons learned • Detect anomalies and events • Implement monitoring capabilities • Maintain continuous monitoring processes • Identity management and Access Control • End-user training and education • Implement cybersecurity policies • Employ cybersecurity software • Implement response planning policies • Analyse anomalies and events • Mitigate impact • Review and improve cybersecurity framework Detect Respond Recover • Identify physical and software assets • Identify business environment • Identify cybersecurity policies • Identify asset vulnerabilities • Identify risk management policies Identify
- 9. Increased security risk from remote working/learning There is a possibility that an organization’s unpreparedness will lead to security misconfiguration in VPNs, thereby exposing sensitive information on the internet Exposed physical security Some employees may work from public spaces to utilize power and free internet facilities, inadvertently exposing confidential information May not effectively detect cyber attacks Security teams may be short-staffed or repurposed to support other activities, leaving security alerts uninvestigated COVID-19 Impact
- 10. • Over 300,000 suspicious COVID-19 websites have been created in March, which can potentially infect endpoint devices with malware • Could be detrimental for businesses when such devices connect to enterprise networks, especially with employees working remotely from their homes Network security to secure major wallet share of the cybersecurity market • Endpoint security solutions secure remote devices used in organizations from viruses and persistent threats • Enable continuous detection and response to advanced cybersecurity threats and considerably improve threat detection Endpoint security segment to show the highest growth rate in the cybersecurity market COVID-19 Impact
- 11. 70% of organizations will increase investments in cybersecurity solutions Large-scale remote work will continue to be the norm, maintaining best practices for securing a remote workforce is vital Leverage cloud technology to secure corporate, personal, and mobile devices that contain corporate data COVID-19 Impact
- 12. Links to Other Technologies Artificial Intelligence • Feed data into AI for retrospective investigation • Flag suspicious anomalies and events • Flag suspicious user behaviour • Sift through programme code to identify malicious code • Automate handling of low- level threats • Automate deployment of cyber protection processes Detect Respond Recover Benefits of AI: • 99.7% Effectiveness • 0.001% False Positives • Reduces Helpdesk Call by 98% • Extends Hardware Lifespan • Reduces Network Bandwidth 2+ Trillion Activities Per Week 23 Million Hunting Leads 10,000 Suspicious 200 Alerts Follow- ups 7 AI Humans
- 13. Outdated hardware and software IoT devices don’t get enough updates, which can become vulnerable to attacks when hackers find bugs or security issues Use of weak and default credentials Many IoT companies are selling devices and providing consumers default credentials with them Potential for physical harm Unlike traditional IT devices, IoT devices are integrated with the physical world and IoT cyber attacks could potentially cause physical harm Links to Other Technologies IoT Security - Challenges
- 14. Global & Regional Scene Global Cybersecurity Market 151.67B 248.26B 2018 2023 CAGR 10.2% Cloud is projected to be the most lucrative segment and is expected to grow at CAGR of 13.9% during 2018-2025. Growth is mainly attributed to low maintenance cost, which is highly preferred by SMEs
- 15. Global & Regional Scene Notable Cyber Attacks In The Millennium • Personal identity information of ~ 110 million customers had been compromised • Cost of the breach was estimated at $162 million Target • 3 billion user accounts had been compromised • Attack knocked off an estimated $350 million from its valuationYahoo • 145 million user details were compromised • Received criticism for lack of communication to users and sloppy password renewal process thereafter Ebay • Records for 40 million employees had been stolen • Sent shockwaves across the industry since RSA was considered as one of the biggest security vendors RSA Security
- 16. Global Cybersecurity Scene Cybersecurity Market Growth China Increasing high requirements for network security due to development of AI, industrial internet and 5G Japan Growth is attributed to the managed security segment, where enterprises are showing inclination towards Security-as- a-Service model Europe Market growth driven by increasing cyber projects, rising demand from manufacturing and retail industries Canada Is the world’s 4th largest Cybersecurity innovator as measured by VC deals India increasing number of malware attacks is a significant factor driving the adoption of cybersecurity solutions South Korea Use of cybersecurity driven by increasing number of connected devices, advanced use of mobile devices, and significant intellectual property
- 17. Cybersecurity Trends Cloud Security • As organisations become increasingly dependent on the cloud, services which are essential to operations are also deployed on the cloud. Threat actors may target these cloud services to maximise their profit 5G • 5G telecommunication network can be subjected to cyber-attacks in traditional IT networks. Greater focus on security of mobile and IoT devices are keys to enhancing the cybersecurity posture of the 5G ecosystem Rising importance of AI and machine learning • AI and machine learning in cybersecurity will also determine if an account is currently compromised or under threat of compromise. Near-Term Medium- Term Long-Term
- 18. Global Cyber Threats POS Attacks • Refer to the compromise of touchpoints such as online shopping websites. • Separation of front- and back-end servers opens more vulnerabilities for exploitation. Supply Chain Attacks • Grew by almost 80% in 2018 • Third-party service providers with access to organization’s data are often the weak links targeted by threat actors Data Breaches • Exponential increase in data breaches in 2019, compared to 2018 • Large amounts of personal and financial information serve as attractive targets for threat actors Mobile Attacks • Number of attacks using banking malware against mobile devices increased by 50% in 2019 • Due to increased usage of mobile banking applications, providing lucrative avenues for threat actors to gain access to such information
- 19. Local Case Study Case Study On Supply Chain Attacks What happened? • In 2019, data stolen from an ICT firm was put up for sale on the Dark Web. Investigations revealed threat actor accessed the company’s corporate network through a vendor, then compromised two systems related to customer care. Follow-up Action • Recovery measures included cleaning up affected network and systems, disconnecting non-essential links of the network to the vendor. Also re-evaluated its cybersecurity practices Prevention of such attacks • Organizations should ensure their systems are regularly patched to address known vulnerabilities in their networks and systems
- 20. R&D funding for rapid innovation Attract world-class cyber security companies Support for local cybersecurity companies Estimated to be US$889m in 2022 Local Cybersecurity Scene Market Size
- 21. Most exposed • Singapore faces the highest cybersecurity risk in Asia-Pacific due to its high internet adoption rate Most Developed • Co-Innovation and Development Proof of Concept program to provide seed funding and support developments in the sector. • MAS also introduced a $30 million grant to encourage financial services companies to enhance their security measures. Local Cybersecurity Scene
- 22. • Collaborated with VCs to secure financing and scale startups focusing on cybersecurity technologies • Committed S$190 million to support the National- Cybersecurity R&D Program • Selected companies will work with the Cybersecurity Agency to develop and deliver cybersecurity services • Government intends to work with the firms to create jobs, protect important sectors and enhance the city’s cyber- security expertise Attracting leading cyber security firms Partnering with local security firms Offering support to start-ups Financing R&D Local Cybersecurity Scene Strategies to enhance cybersecurity sector
- 23. 6% are Cybersecurity related companies 94% are non- Cybersecurity related companies 58%3… 6% MNC Non MNC Insufficient info n = 19886 n = 1131 SafeChats • A platform solution which ensures a military-grade security for business and private communications PhishnOw • Phishing Simulation Company, to ensure running phishing exercises is simple and affordable, with a comprehensive package to conclude an effective phishing drill Cybersecurity companies in SG Masterlist Analysis
- 24. Masterlist Analysis Industry Segments & Tech Areas 95% 79% 28% 13% 2% IT Services Software Hardware Telecom Digital Content % of Cybersecurity related companies in specific industry segments 1% 2% 4% 6% 18% 25% Immersive Media MedTech Blockchain Deep Tech A.I. IoT Frontier A.I. % of Cybersecurity related companies in specific tech areas n = 1131
- 25. Masterlist Analysis HQ Location n = 1058 IN 5% CN 3% SG 18% UK 3% US 16% of Cybersecurity companies have their headquarters in Singapore 56%
- 26. Insights From Polled Companies Distribution Of Local Manpower In Companies Doing Cybersecurity Related Businesses Singaporeans/ PRs Foreigners n=212 75% Small Medium LargeMicro 70% 60% 80% n=125 n=72 n=6 n=9
- 27. n = 189 ≤5 6-10 11-100 101-200 >200 ≤$1mil 34% 12% 6% 0% 0% $1mil-<$5mil 5% 6% 15% 0% 1% $5mil-<$10mil 4% 1% 5% 1% 0% $10mil-<$50mil 0% 1% 7% 1% 0% $50mil-<$100mil 0% 0% 1% 2% 0% >100mil 0% 1%% 2% 1% 1% generated a revenue of less than $1 million in their last financial year. IndSights 52 percent Following the general trend, majority of the cybersecurity companies fall into the profile of ≤$1mil and ≤5 employees. Revenue and firm size profile of cybersecurity companies polled Insights From Polled Companies
- 28. PRESENTED BY:
- 29. CONTACT US: enquiry@indsights.sg Email us @indsightsresearch Follow for more articles & presentations https://indsights.sg Read about our research summaries https://indsights.sg/subscribe Subscribe to weekly technology news articles from Singapore & around the world