Despite 69% of respondents in Asia expressing confidence in their organisations’ ability to assess cyber threats, nearly half (48%) admit that there is still room for improvement when it comes to cyber hygiene practices essential to managing cyber risks.
Cyber risk management: Could organisations in Asia be falling short?
The Asia report gives insights into how the cyber risk approach of organisations in Asia contrasts against their global peers, and uncovers key blind spots that expose these organisations to cyberattacks and catastrophic data loss.
The following examples of blind spots highlighted in the Asia report can impact the insurability of the organisation and may result in increased loss ratio and insurance premiums:
- More than 1 in 3 respondents in Asia (35%) evaluate new technology for cyber risks only when a cyberattack or incident has occurred, compared to 17% globally.
- 1 in 3 of organisations in Asia (34%) do not have endpoint detection and response, a requirement for insurance programs, compared to 22% globally.
- More than 1 in 4 companies in Asia have not made improvements to the security of their computers, devices, and systems (26%) and to their data protection capabilities (31%) in the past 12 months, compared to 9% and 21% globally, contradicting their perception of privacy breach and data loss as the top cyber concerns.
- Although 95% of cyber breaches are primarily caused by human error, 30% of respondents in Asia said their organisations do not currently have cybersecurity awareness and training — this is at least 11 percentage points higher than any other region surveyed.
- Only 12% of companies in Asia quantify financial exposure to cyber risk, compared to 26% globally.
- Companies in Asia (62%) place a stronger emphasis on conducting post-mortem incident review and resiliency study after a cyberattack in the past 12 months, compared to the global average (35%).
Highlights from the global report
In the global report, you will gain a cross-functional view of cyber risk management that takes into account the different roles and responsibilities across the organisation. The report answers these key questions:
- What are the eight key trends every leader should know?
- What are the blind spots?
- Which cyber risk strategies are leaders prioritising?
- Where are leaders investing in cyber?
- How do functional leaders view their role in cyber?
- What action should leaders take?
Gain actionable insights to refine your cyber risk management approach
Supporting companies of all sizes and resource capabilities with recommendations and solutions, the Asia and global State of Cyber Resilience report by Marsh and Microsoft are essential guides on your organisation’s cyber risk management journey.
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