INSIGHT

One Key Element to Protecting Your Organization from Cyber Crime

Reporting cyber attacks and being open about them is one key element of preventing them in the future. Photo credit: ADB.
Reporting cyber attacks and being open about them is one key element of preventing them in the future. Photo credit: ADB.

Organizations can limit their vulnerability to cyber attacks by being more transparent in how they respond.

Introduction

Asia is an ideal environment for cybercriminals to thrive in due to high digital connectivity and the accelerating pace of digital transformation, contrasted with low cybersecurity awareness, growing cross-border data transfers and evolving but still weak regulations.

Compounding problems is a lack of transparency, which leads to the inaccurate general perception that the cyber threat level is lower in Asia than other regions.

According to the Global Risks Report 2017, concerns around the likelihood and impact of technological threats has sharpened among business executives in Asia, and cyberattacks are ranked among the top five risks of doing business in the region.

Rising cyber risk trends in Asia and key challenges in managing cybersecurity


Source: Asia-Pacific Risk Center, "Cyber Risk in Asia-Pacific: The Case for Greater Transparency"

The need to combat cyber threats has never been more urgent in Asia, and many major industries in the region—including construction and engineering, financial, high-tech and electronics—are especially susceptible, according to a new report from Marsh & McLennan Companies’ Asia Pacific Risk Center (APRC). A series of recent, high-profile cyberattacks have touched multiple countries and industries across the region, highlighting the issue.

The worrying factor is that although these breaches grab the headlines, there are deeper issues lurking. "The majority of cyberattacks in the region usually go unreported as companies are neither incentivized nor required to do so," said Cheah Wei Ying, an expert on non-financial risk at Oliver Wyman. “This lack of transparency underpins Asia’s susceptibility to cyberattacks."

According to the APRC report, raising the transparency level is the first step to cyber risk mitigation, as it leads to higher visibility and greater awareness, necessary to catalyze actions required to mitigate cyber risks. 

The role of transparency in mitigating cyber risk


Source: Asia-Pacific Risk Center, "Cyber Risk in Asia-Pacific: The Case for Greater Transparency"

This report was adapted from content featured in BRINK ASIA.


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Meet the experts

  • Wolfram Hedrich
    Executive Director, Asia Pacific Risk Center / Partner, Oliver Wyman's Finance and Risk practice

    Wolfram Hedrich is executive director of the Singapore-based Asia Pacific Risk Center. He is also a partner within Oliver Wyman’s Finance and Risk practice.

    Follow Wolfram Hedrich on

  • Jaclyn Yeo
    Senior Research Analyst, Asia Pacific Risk Center

    Jaclyn Yeo is a senior research analyst at the Singapore-based Asia-Pacific Risk Center and co-author of the Cyber Risk in Asia-Pacific publication. Prior to joining the APRC, she was a risk researcher at the Cambridge Centre for Risk Studies, based in Cambridge, the UK.

    Follow Jaclyn Yeo on

   Information and communication technology
   Last updated: May 2017

 




Disclaimer

The views expressed in these articles are those of the authors and do not necessarily reflect the views of the Asian Development Bank, its management, its Board of Directors, or its members.




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