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Each year, businesses invest millions of dollars towards upgrading their cybersecurity defences to fend off cyberthreats. According to a recent Cybersecurity Drive report, cyber investments are projected to increase by 14% annually in 2024, with cybersecurity services accounting for the lion’s share at 42%. Despite the latest advancements and upgrades in cybersecurity technology, human vulnerabilities remain the foremost cybersecurity concern globally. Research and marketing firm Cyber Edge Group found that 82% of cyberattacks in 2023 exploited human weaknesses such as email phishing, in which cybercriminals can achieve entry points to access secure networks and hold businesses hostage with ransomware attacks.

Whether you’re a small-medium business struggling to gain a foothold in your industry or a burgeoning organisation geared for rapid expansion, the universal problem of profitability plagues every company regardless of size or industry. Two primary challenges – overhead costs and total cost of ownership for new assets, compel today’s key decision-makers to make tough choices between efficiency and profitability. In response, third-party solutions have emerged as the optimal approach for businesses seeking to reduce overhead while establishing a cost-effective IT workforce.

The advent of artificial intelligence (AI) has sparked a rapid evolution in the landscape of cyber security and cyber defence. According to a recent report by the National Cyber Security Centre, AI has lowered the barrier for novice cyber criminals to carry out effective access and information gathering operations, which is likely to result in a global increase in ransomware attacks in the next two years.

Adapt or be left behind, Darwin’s blanket approach to biological evolution draws similar parallels to businesses in the 21st century. As technology evolves, companies must learn to adopt and leverage these technological evolutions to come out on top and stay relevant. Businesses that fail to integrate new technologies might find themselves falling behind in the competitive landscape.

In response to the pressures of a tight labour market, businesses need to be competitive and progressive to attract and retain top talent. This imperative drove the launch of Singapore’s latest Tripartite Guidelines on Flexible Work Arrangement Requests, according to members of the tripartite workgroup. Scheduled to take effect on 1st December 2024, the guidelines mandate that all employers in Singapore must fairly consider formal flexible work arrangement (FWA) requests and reply to them within two months. This precedent-setting development signals a push towards prioritising work-life balance, with stakeholders from all sides coming together to advocate for more FWAs within the workplace collectively.

Experiencing a data breach can have severe and long-lasting financial consequences. The costs associated with such incidents often go beyond immediate financial losses. Companies may face expenses related to investigation and remediation, legal actions and settlements, regulatory fines, and the implementation of enhanced security measures.