A third of APAC businesses lack a cyber incident response plan

Kroll, the independent provider of global risk and financial advisory solutions, has announced research revealing that businesses in Asia Pacific are feeling the impact of cyberattacks, but many are yet to build appropriate response plans or have regular access to relevant cyber expertise.

Highlights of the State of Incident Response: Asia Pacific report include:

- In response to a cyber incident, 36% of organisations in Asia Pacific did not have an incident response playbook, a plan or policies in place; 38% did not have an appointed data protection officer or access to cybersecurity specialists on a retainer in Asia Pacific.

- The two most-cited impacts of a cyber incident were data loss (51%) and business interruption (49%).

- In order to address cybersecurity threats, the majority of organisations are planning to increase budgets (64%) and moving to the cloud (65%).

Regionally:

- Businesses in Australia were the least likely to have an incident response plan in place, and those in Hong Kong were the most likely.

- Companies in Malaysia and the Philippines suffered the most incidents, while those in Hong Kong suffered the least.

- Data loss was a concern across the board, but those businesses in Indonesia were also more worried than others about the reputational damage of an incident.

In Singapore:

- Almost half of businesses in Singapore (46%) have experienced cyber incidents.

- Training, purchasing hardware and software security tools, and cyber insurance are the top three measures implemented by Singapore respondents to address cybersecurity threats.

- Respondents in Singapore are the most concerned about data loss (55%) and business interruption (52%). - While 32% of local businesses are concerned about reputational damage, 41% of them actually suffered this as a result of cyber incidents.

Paul Jackson, Regional MD, Asia Pacific, Cyber Risk, Kroll said: “I am glad to see that businesses have focused on continuity and operational stability during the pandemic, but we continue to recommend that companies consider scaling up investment in cyber expertise to prepare for ‘when’ rather than ‘if’ an incident occurs.

"A combination of having mitigation measures brought about by considered investment in cybersecurity, together with a trusted cybersecurity advisor, will go a long way to reducing the impact of cyberattacks and enable businesses in Asia Pacific to recover more quickly. After all, the worst time to plan for an attack is during one.”

Explore

Read the State of Incident Response: Asia Pacific report.

*The report was commissioned by Kroll and conducted by Opinium. It surveyed 700 IT, risk, security and legal professionals evenly split across Hong Kong, Singapore, Malaysia, the Philippines, Australia, Indonesia and Japan.

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