3 Tips for Singaporean Manufacturers to Protect their Business from Cybercrime

Cyberattacks are on the rise and manufacturers in Singapore are proving to be prime targets. In a Singapore Cyber Landscape report published by the Cyber Security Agency (CSA) of Singapore, SMEs in Manufacturing and Retail were the number 1 targets for ransomware in 2022.

Attackers consider SMEs as low-hanging fruit and are commonly targeted by hackers as they may hold valuable data and Intellectual Property (IP) and often lack dedicated resources to counter cyber threats.

In light of this, here are a few essential tips for manufacturers in Singapore to protect their business from cybercrime and other internal risks.

1. Understand Potential Vulnerabilities

One of the first steps in defending against cybercrime is to fully understand the potential vulnerabilities. While you may have heard about various forms of cyberattacks, it is crucial to dig deeper and comprehend their impact on your specific business. This understanding will allow you to identify potential gaps and vulnerabilities in the technologies you are currently using or developing.

For example, industrial systems used for day-to-day operations will require dedicated cybersecurity control mechanisms to prevent both intentional sabotage and unintentional mistakes by employees or trusted third-party providers.

2. Address Human Capital Risks

Human capital is a valuable asset for any company, but it can also be its weakest link. In fact, over 80% of incidents are caused by human error. Some common examples are:

• Employees falling victim to phishing emails which can lead to unauthorized access or the installation of malware. Comprehensive cybersecurity training programs can help mitigate this.
• Weak password practices such as using easily guessable passwords or reusing them across multiple accounts. Be sure to implement strict password policies, enforce regular password updates, and encourage the use of password managers.
• Misconfiguration of security settings can result in unauthorized access. Regular audits of security configurations and the implementation of data loss prevention tools can help prevent unintentional data leaks and enhance overall cybersecurity posture.
• Remote working arrangements can introduce new cybersecurity risks. Implementing strong security practices and having clear work-from-home policies are crucial to limiting the risk of security breaches.

3. Adopt Risk-Based Decision-Making

When developing new products and services, it is crucial to adopt a risk-based decision-making approach. While revenue generation is a priority, incorporating risk considerations into the decision-making process is equally important. Conducting rigorous risk assessments during the design stage can help identify and address potential product design flaws early on, saving significant costs and resources in the long run.

SMEs in manufacturing are particularly vulnerable to cyberattacks. Implementing these strategies will go a long way in mitigating risk and defending against cybercrime.

To learn more about protecting your business contact us here.