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How SMEs can strengthen cybersecurity and protect the bottom line
As cyber threats grow, small and medium-sized enterprises can fortify their defences and ensure financial flexibility with comprehensive support from Singtel and GXS Bank
With the right training and financial tools, SMEs can strengthen their cyber defences and stay agile in managing cash flow.
It has never been easier for cybercriminals to launch attacks on your business.
Today, threat actors can easily access dark web marketplaces and purchase ready-made ransomware to cripple operations and drain finances.
In the first half of this year,
Nordstellar reported a 49 per cent increase in global ransomware cases exposed on the dark web. Among the hardest hit were small and medium-sized enterprises (SMEs).
Here in Singapore, the Cyber Security Agency of Singapore (CSA) shared that SMEs made up 84 per cent of cybersecurity victims in 2023. Yet,
their survey revealed that two in three companies had yet to implement basic cybersecurity measures. Nearly 60 per cent of surveyed companies said they lacked the knowledge and experience, while 39 per cent were held back by a lack of resources and manpower.
As 5G mobile connectivity fuels digital growth across Asia-Pacific – projected to add
nearly US$130 billion (over S$160 billion) to the region's economy by 2030 – businesses are unlocking new opportunities. At the same time, this expanded digital footprint widens the attack surface, leaving companies more vulnerable to cyber threats driven by artificial intelligence.
To help SMEs overcome these challenges, Singtel has made enterprise-grade cybersecurity accessible and hassle-free with its two-pronged approach – Singtel Cyber Elevate and Fortinet Unified Threat Management.
Elevate your cybersecurity know-how
When a cyberattack strikes, the difference between survival and catastrophe often comes down to how well your team is prepared to recognise, respond to and recover from it.
Singtel Cyber Elevate is a comprehensive training and cyber incident management programme that helps SMEs build this resilience through mentorship and practical guidance.
It is conducted by Mr Wilson Tan, Singtel Enterprise's senior director of Cyber Consulting, Education & Professional Service, who brings over 25 years of experience in telecommunications and leads Singtel's Cyber Security Institute – a top facility for cyber resiliency training in Asia.
With government subsidies of up to 90 per cent, the programme is highly accessible to eligible SMEs.
Singtel's Cyber Elevate programme helps SMEs in Singapore strengthen their cybersecurity defences through hands-on training, expert support and cyber incident management.
PHOTO: SINGTEL
Local facilities management company Advancer took part in the programme's two-day workshop and underwent a cybersecurity posture assessment, akin to a full-body scan to uncover gaps in the company's cyber defences.
'We were commended for having good general awareness around phishing attempts and safe browsing habits among our staff,' says Mr Gary Chin, Advancer's chief executive officer. 'However, the assessment identified gaps in formal documentation, escalation paths and consistent response protocols.'
Trainers worked directly with the Advancer team to streamline workflows, establish clearer protocols and tighten security across their entire operation. Through realistic cyberattack simulations, the team experienced first-hand the intense pressure of phishing and ransomware attacks without the devastating consequences.
It was a strong wake-up call. Mr Chin says: 'We realised that even small teams can be high-value targets due to the sensitive data that we handle. We also learned that having a response plan is crucial to reducing chaos during a real incident.'
The
Singtel Cyber Elevate programme also helps SMEs strengthen compliance with legal obligations, such as the Personal Data Protection Act, and equips employees with skills to manage stakeholders during a data breach. SMEs will also receive legal and forensics support for a year from law firm Drew & Napier, and cyber incident response company Blackpanda.
Mr Gary Chin, CEO of facilities management company Advancer, says the Singtel Cyber Elevate programme helped the team identify security gaps and embed cybersecurity into their daily operations.
PHOTO: ADVANCER
'The programme provided clear guidance and practical insights that were easy to understand and apply,' says Mr Chin. 'Cybersecurity is now included in our budgeting and has become a core part of our operations.'
Says Singtel Enterprise's Mr Tan: 'It is important to develop an assumed breach mindset to better respond and recover from cyber breaches. Singtel Cyber Elevate seeks to be that safety net that allows companies to build cyber resiliency against the impact of breaches affecting organisations.'
But training your team is just the first line of defence. Your network infrastructure needs fortress-level protection too.
All-in-one network protection
With employees using multiple devices, your network faces more potential entry points for cybercriminals to exploit. A single unprotected device can compromise your entire company.
To shut attackers out, the
Singtel-Fortinet Unified Threat Management system provides comprehensive protection for your business network. SMEs that adopt this solution will be eligible for up to 50 per cent funding on qualifying costs through the Government's
Productivity Solutions Grant .
Developed by Singtel and global cybersecurity leader Fortinet, this solution helps safeguard every device connected to your network, from office computers and laptops to wireless devices, IP phones and even employees' personal devices.
Acting as a central command hub, it blocks threats before they breach your systems, secures wireless access, and protects essential communications like emails and voice calls. It also fine-tunes your network based on your business priorities, so your most critical applications can run smoothly and securely.
Everything is managed through a single platform, making it easy and hassle-free for any business to stay protected.
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Securing financial health with GXS bank
For SMEs, digital security is only half the battle – a healthy cash flow is just as critical. For many business owners, having access to financial support can be a leg-up as they build and grow resilient companies.
Business owners such as sole proprietors and start-ups often face hurdles when opening business accounts or applying for loans. High fees, strict requirements and lack of collateral can limit access to funds, right when these businesses need them most.
GXS Bank built its GXS Biz Account to help address these challenges head-on. The
GXS Biz Account offers no minimum balance or monthly fees, and daily interest rates from 1.68 per cent a year. SMEs enjoy a clear separation of personal and business finances, and they can receive and make unlimited free payments through PayNow and Fast.
New customers who sign up for a GXS Biz Account with the promo code 'SG60' will receive $60 in cash.
Visit this link to find out more .
For businesses that need an extra boost, the
GXS FlexiLoan Biz offers up to $150,000 in unsecured financing with interest from 4.99 per cent a year (Effective Interest Rate at 9.32 per cent a year). There are no annual or early repayment fees, and SMEs have full flexibility to repay early without additional costs. You can also get loans starting from $1,000 in a matter of minutes.
GXS Bank also offers up to $1 million in access to working capital loans, invoice financing and purchase order financing through
GXS Capital , its wholly-owned subsidiary. This enables SMEs to unlock funds based on outstanding invoices – helping them smooth out cash flow and invest in growth without waiting for payment cycles to clear.
By easing day-to-day financial pressure, GXS Bank empowers SMEs to act quickly when opportunities arise.
Whether you are protecting your business from ransomware or scaling up with agility, Singtel and GXS Bank offer the end-to-end protection and flexibility that SMEs need in a high-risk, high-potential world.
Find out more about the Singtel Cyber Elevate programme here .
Disclaimer:
GXS Business Banking consists of products and services provided by GXS Bank and GXS Capital, which are licensed and regulated by the Monetary Authority of Singapore. GXS Bank and GXS Capital are separate entities and are not associated with the businesses of SPH, Grab, Singtel, or their entities. Approval of your application is subject to the receipt of all supporting documents, review, and processing time. Terms and Conditions apply.
Deposit Insurance Scheme: Singapore dollar deposits of non-bank depositors are insured by the Singapore Deposit Insurance Corporation, for up to S$100,000 in aggregate per depositor per Scheme member by law. Foreign currency deposits, dual currency investments, structured deposits and other investment products are not insured.
Effective Interest Rate (EIR) is calculated based on an average loan amount of S$10,000 with a 24-month repayment period, from 1 Jan 2025 to 1 Jan 2027.
