Business in Singapore: 6 Cyber Threats SMEs Need to Know
Despite a lack of resources, SMEs can no longer ignore the threat of cyber attacks.
The rise of cloud computing and other digital tools for business, as well as the emergence of B2B platforms, is pushing businesses to put more of their operations online, making them more vulnerable to cyber attacks in the process.
A survey by the Singapore Business Federation (SBF) conducted last year found that 30 per cent of local enterprises had been a victim of a cyber attack, most of which took about one to three days to recover.
Any company that uses technology – including networks, storage devices, software and emails – will be susceptible to such threats and not just those that conduct their business online. Making matters worse, companies in Asia are targeted 35 to 40 per cent more than the global average, according to cybersecurity expert FireEye Inc.
With that in mind, it is of utmost importance that SMEs get acquainted with some of the notorious cyber threats currently out there. Here, we highlight six.
- Botnets: A collection of compromised computers running malicious programmes under a command and control infrastructure
- DoS Attacks: Attacks on a computer network designed to disrupt normal traffic by flooding the server with false requests.
- Hacking: An unauthorised user attempting to gain access to an information system or network.
- Keystroke Logging: A method used to intercept each keystroke a user types on a keyboard to steal passwords or data.
- Phishing: A form of Internet fraud that aims to steal information such as credit card details, user IDs and passwords by tricking the user into revealing confidential information.
- Malware: A generic term covering a range of software programmes designed to attack, degrade or prevent the intended use of computer systems.