64% of firms in Asia have been impacted by cyberattacks: Survey

64% of firms in Asia have been impacted by cyberattacks: Survey

In Asia, nearly 7 in 10 companies are confident about their cyber resilience despite rapid digital transformation, rising number of cyberattacks, and increasing modes of cyber threats. However, nearly half (48%) admit that there is still room for improvement when it comes to cyber hygiene measures essential to managing cyber risks. This is according to the Asia Insights of The State of Cyber Resilience, published Tuesday by Marsh, the world’s leading insurance broker and risk advisor, and Microsoft Corp., a leading platform and productivity company for the mobile-first, cloud-first world.

The report revealed that over 3 in 5 companies (64%) in Asia have been impacted by cyber-attacks. Among various forms of cyber threats, nearly 7 in 10 respondents (68%) called out privacy breach as their top concern, followed by ransomware (58%).

Marsh India recently launched a report – The State of Cyber Resilience – Marsh Microsoft cyber survey findings report. This report is based on survey conducted by Marsh and Microsoft, which had 660 respondents this year.

How did their perceptions differ from their global counterparts, especially when it comes to their blind spots? While 69% expressed confidence in their organisations’ cyber resilience, almost half (48%) admitted that their cyber hygiene practices can be improved.

Although most in Asia perceive privacy breaches and data loss as the top cyber threats (ransomware is the top global threat), 26% have not made improvements to the security of their computers, devices, and systems, while 31% have not improved their data protection capabilities.

35% evaluate new technology for cyber risks only when an attack or incident has occurred, double the global 17%.

Critical cyber controls are also lacking, with 34% not having endpoint detection and response, compared to 22% globally.

Notably, only 12% of Asian companies quantify their financial exposure to cyber risk, less than half the global 26%.

Beyond just sharing data highlights, our report goes further to examine the implications and suggest the solutions to overcome these challenges. You can read more in the Asia edition attached.

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Author: Shirley