The BlueVoyant report, The State of Supply Chain Defense: Annual Global Insights Report 2024, claims that over 70% of organisations in Singapore experienced negative impacts from cyber security breaches within their supply chains over the past year. Although this figure is slightly better than the global average of 81%, the findings underscore the ongoing challenges that local enterprises face in managing cyber risks.
The survey, part of BlueVoyant's fifth annual global study on supply chain cyber risk management, indicates that Singaporean organisations reported an average of 3.97 breaches in 2024, down from 4.42 in 2023. This reduction suggests progress in enhancing cybersecurity measures, which include increased board oversight, higher budgets, and more frequent monitoring of third-party vendors.
Key findings include:
- Improved Monitoring: While organisations are focusing on fewer suppliers—43% evaluating 101-500 vendors—they are more diligent, with 33% monitoring all third parties compared to 30% globally.
- Continuous Monitoring: 30% of organisations in Singapore adopt continuous monitoring as their primary solution for managing third-party cybersecurity risks.
- Increased Budgets: 90% of respondents reported an increase in budgets for third-party risk management, surpassing the global average of 86%.
- Proactive Strategies: Nearly half of the organisations (47%) indicated that recent high-profile breaches would likely lead to budget increases for additional cybersecurity resources.
BlueVoyant vice president for Asia Pacific and Japan, Sumit Bansal, said that while local organisations are prioritising monitoring of third parties, supply chain breaches will continue to remain a significant concern in Singapore.” He emphasised the importance of securing digital infrastructure and fostering collaboration with supply chain partners.
