• 76 percent of Singapore business leaders admit that information security at their organisation is still shaped by compliance requirements rather than long-term business ambitions

• Top factor affecting trust for Singapore business leaders is recent data breaches or other cyber incidents (42 percent), while global business leaders are more concerned over how data is protected (36 percent).

• 8 in 10 Singapore businesses cite increasing trust across the stakeholder spectrum as the leading consideration for their cyber-risk programme, as they believe increased trust will deliver improved profitability (46 percent), growth in market share (36 percent), and enhanced business reputation (34 percent).

SINGAPORE - Media OutReach - 13 October 2022 - Majority of business leaders globally (65 percent) and in Singapore (76 percent) are planning and implementing their information security based on compliance requirements rather than considering long-term business ambitions. These findings were unveiled in KPMG's 2022 Cyber Trust Insights report which surveyed 1,881 executives (largely C-Suite and Board members) from over 30 countries. This comes despite the fact that organisations are placing advanced data and sophisticated analytics at the heart of their operations and reshaping customer experiences with innovative digital services (see Table 1), all of which are likely to introduce new cybersecurity challenges. For instance, majority of business leaders (Global: 78 percent; Singapore: 86 percent) surveyed in KPMG's 2022 Cyber Trust Insights indicate that artificial learning (AI) and machine learning (ML), that synergises with technologies such as IoT and 5G, raise unique cybersecurity challenges that require special attention. Wong Loke Yeow, Partner of Cyber Advisory at KPMG in Singapore said, "Majority of businesses are expected to embrace disruptive new platforms (including Web3 and the Metaverse) within two years and, over the next three years, increasingly ramp up their investment in areas such as internet of things (IoT), edge computing and 5G. Against this backdrop, building and protecting trust will be integral to how businesses operate and interact with stakeholders. Weaving cybersecurity into the fabric of the organisation, positioning the role of the Chief Information Security Officer (CISO) as a key executive, securing the support of leadership, and collaborating with other partners in the corporate ecosystem will be key to providing the assurance consumers desire and securing corporate reputation." Table 1: Digital Experiences that Global and Singapore business leaders expect to invest in over the next three years

Digital Experiences	Global	Singapore
Multi-channel integration to improve customer experience/business partners	36%	50%
Use of experience data to customise digital interactions in real time with customers/business partners	37%	46%
Open APIs providing direct access to services for customers / business partners	28%	32%
Chatbots and other AI customer interaction technologies	28%	32%
IOT devices directly interacting with customers/business partners	29%	28%
Hyper-personalised/tailored services or products	26%	26%
Greater use of self-serve channels for customers/business partners	33%	26%
Digital twins modelling and simulating aspects of the business	24%	24%
New digital channels to market	30%	22%
Use of virtual or augmented reality as interaction mode	29%	14%

Source: KPMG's 2022 Cyber Trust Insights surveyTop factor undermining stakeholder trust is data breaches and cyber incidents Close to half of Singapore's business leaders (46 percent) and over one-third of business leaders globally (37 percent) also note that trust in their organisations affects profitability, can deliver growth in market share (Global: 29 percent; Singapore: 36 percent), and is critical for reputation (Global: 30 percent; Singapore: 34 percent). Data security continues to be a key determinant of stakeholder trust in Singapore. Local business leaders said the top factor affecting trust in their organisation's ability to protect and use data is recent data breaches or other cyber incidents (42 percent), while global business leaders cited concerns over how data is protected (36 percent). Table 2 details these factors. Hence, many companies have made it their priority to build stakeholder trust. 8 in 10 Singapore businesses cite increasing trust across the stakeholder spectrum as the leading consideration for...