Verity Systems, a leading provider of data security solutions has seen a large rise in organizations being impacted by cybersecurity risks in Singapore.
Providing degaussers and hard drive destroyers to some of Singapore's leading businesses and agencies, the company revealed this week that business owners were stepping up their investments in data protection and erasure due to ongoing concerns over cloud and network vulnerabilities.
With the Singapore government planning to update data privacy laws to match that of the European Union, amendments to the existing Personal Data Protection Act are set to increase data privacy standards. The aim is to help Singapore align its data practices with an increasingly interconnected digital economy, which will provide a safer environment for connected internet users.
After heavily investing in digital infrastructure, Singapore has been leading the way in Asia to enhance its digitally competitive economy, however, risks are on the rise for businesses that face aggressive cyber hacking attempts. With a 142% increase in cyberattacks on media businesses in Singapore, data piracy has become increasingly prevalent, with mounting costs for businesses that fail to take adequate measures to protect user data.
"Data security and erasure is paramount for businesses that want to protect personal information and comply with stricter data laws. Hard drive degaussing and destruction can ensure that businesses can fully erase sensitive information on mechanical hard disks as well as SSDs," said David Tucker, President of Verity Systems.
In a separate study conducted by IBM, the costs of data breaches globally have risen sharply in the last 12 months due to several factors including a lack of data security practices, businesses using outdated technology, and vulnerabilities with staff changeovers due to systems being left unattended or not being properly managed.
Recently, several high profile data hacking events have led global businesses from hotel group Marriott to EasyJet facing steep fines for failing to protect user information. With the value of data going up, and businesses holding bank information, credit card details, and patient records - there's never been a more pressing need for stronger data security practices.