Small and mid-sized businesses (SMBs) recognise the need to adopt digital tools, but see the high cost of investment as a key barrier and want the government to offer up more financial support to help them overcome such hurdles. The majority of these businesses also do not have insurance to protect against unauthorised access, even though 34% express concerns about such system breaches. Some 41% of SMBs in Singapore pointed to high investment costs as a main barrier for adopting digital tools, while 39% highlighted the lack of financing and funds as their main obstacle. Singapore to spend $719m beefing up government’s cyber, data security systems Country’s 2020 budget will see SG$1 billion spent over three years to enhance the government’s cyber and data security capabilities, essential as it adopts new technologies such as AI, as well as more funding support for deep-tech startups and SMBs. Read More More than half of these businesses, at 57%, said financial support from the government would be key to helping them overcome barriers in their route to digitalisation, according to QBE Insurance’s annual survey of Singapore SMBs, which polled 400 respondents in the city-state in December 2019. The fifth iteration of the study revealed a… Read full this story
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