As the threat of cyber attacks increases, Singaporean businesses are focusing on tech

• Almost half Singapore Small businesses believe cyberattacks are more likely this year.

• Small businesses can take advantage of growth opportunities through digital tools, e-commerce and new payment technologies.

• Innovation will remain an essential ingredient for business growth in 2023.

Singapore, March 27, 2023 /PRNewswire/ – Fears of cyber attacks have increased dramatically. Singapore As small businesses increase their use of technology. This is one of the many important findings of a study conducted by International Professional Accountancy CPA Australia.

The annual Asia-Pacific Small Business Survey Almost half (45.2 percent) of the small businesses found in Singapore They believe that a cyber attack is likely to hit their business this year. This figure compares to 29 percent last year.

More than 50 percent of small businesses have reviewed their cyber security in the past six months in response to threats. This figure has risen to more than a third by 2021. It is also the third highest out of 11 Asia-Pacific markets surveyed by CPA Australia.

Chair of CPA Australia’s digital committee and leader of PwC Singapore’s digital business and risk services Greg Unsworth If small businesses focus on technology, there are significant opportunities for long-term growth, he said.

“Small businesses must adopt new technology to succeed in today’s digital economy. But this investment in digital tools increases cybersecurity risk.”

Cyber ​​crime Singapore It hit an all-time high in 2022 with 33,669 reported cases. This represents a 25.2 percent jump from last year. Singapore It shows police force information.

“Small businesses need to be alert to cyber attacks, but that shouldn’t stop them from embracing digital opportunities.

“Investing in relevant digital tools, adopting new payment technologies and expanding their online presence will help them streamline operations, tap into new markets, improve customer experience and build brand loyalty. These strategies will open up ways to grow their business that were previously unimaginable,” said Unsworth. .

The story continues

Financial support and incentives to grow Singapore Cyber ​​defenses may encourage small businesses to improve their cyber security by 2022.

According to the study, in small businesses Singapore 2022 used more technology than the previous year.

There was a leap in e-commerce activity. Last year, 68 percent of small businesses did at least 10 percent of their sales online, up from 42 percent in 2021.

More than 70 percent of small businesses generate at least 10 percent of their sales through digital payment technologies, including PayPal, Apple Pay and GrabPay. This is an increase of more than 13 percent from 2021.

Singapore Small businesses are embracing social media. Last year, 13 percent said they don’t use social media, which is a big improvement from 27 percent a year ago.

The survey results show a strong relationship between innovation and small business growth. 21 percent of local businesses said they plan to introduce a new product, process or service by 2023.

CPA Australia Singapore Chapter President Cheung Pui Yuen And Deloitte Singapore’s CEO says innovation is essential for small businesses to stay ahead of the curve.

“Innovation is critical to all businesses, and it’s especially important for small businesses. By creating new ways to overcome gaps and meet customer needs, small businesses will be better equipped to thrive in today’s competitive marketplace,” Cheng said.

CPA Australia Asia-Pacific Small Business Survey

About CPA Australia

CPA Australia With more than 170,000 members in more than 100 countries and regions, it is one of the largest accounting bodies in the world, with more than 8,600 members. Singapore. CPA Australia has been working in Singapore Since 1954 and opened ours Singapore In office 1989. Our main services include education, training, technical support and advocacy. CPA Australia It provides thought leadership on local, national and international issues of interest to the accounting profession and the public. We engage with governments, regulators and industry to support policies that promote sustainable economic growth and deliver positive business and public outcomes. Find out more at cpaaustralia.com.au

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Source CPA Australia