Many small businesses who do not have access to the vast resources that larger businesses do will face similar challenges to the one that “Phoon Huat,” faced (and is still facing), as the baking supply company out of Singapore was recently hacked by ransomware. Erick Chng, head of IT at Phoon Huat, claimed that there were no financial losses, but that the hack was devastating enough to significantly delay the launch of the company’s new eCommerce site. Citing outdated and unpatched IT security systems, Chng explained that the IT department only consists of himself and two other people, and with the high usage of web-enabled phones, small businesses are a greater risk for breaches.
After feeling the effects of the breach, Phoon Huat enlisted the services of Darktrace, a UK-based security vendor that integrates machine learning into its cybersecurity tool. Chng stressed the importance of the machine learning and how can assist small businesses, and how being proactive in the fight to bolster cybersecurity is key. “Many business owners don’t understand why IT exists until they feel the pain,” he explained, and that “it was up to the IT professionals in these companies to advise the owners.”