As businesses digitalise in response to the COVID-19 pandemic, they have to contend with another problem: cybersecurity.
According to a survey by technology conglomerate, Cisco Systems (NASDAQ: CSCO), businesses in Singapore have seen a significant increase in cybersecurity challenges with three out five respondents reporting that they experienced at least a 25% increase in cyber threats since the pandemic began.
Part of the reason why this is happening is that the shift to remote working makes companies more susceptible to attacks when employees connect to their corporate networks outside of traditional offices.
Businesses that experience a surge in the usage of their services have also become more vulnerable.
One recent example is the data breach suffered by e-commerce firm, Lazada, which is owned by Alibaba (HKG: 9988).
The breach led to the compromise of more than one million customer accounts on its online grocery delivery service, RedMart, and exposed personal details that were linked to the accounts....