A survey of 800 risk managers and insurance experts from more than 40 countries showed that many more businesses now consider cyber incidents to be the major new threat to their business.
The 5th annual survey on corporate risks published by Allianz Global Corporate & Specialist (AGCS) further showed that businesses are concerned that cyber attacks will increasingly cause business and supply chain interruption, which has been the top risk for the fourth straight year since 2012. Cyber incidents are also cited as the most crucial long-term risk for companies in the next 10 years.
Cyber Threats in Hong Kong
Reports of hacking rose to almost 5,000 incidents year on year, up 43% in the past year according to the Hong Kong Computer Emergency Response Team Coordination Centre.
The rise was fuelled by a four-fold rise in website attacks such as phishing to almost 2,000 cases, in most cases affecting businesses, and a doubling of reported attacks on individual smartphone users to 286 cases. Cyber attacks continue unabated in Hong Kong as a rise in mobile phone hacking added to increasing rates of reported security incidents.
Financial institutions and media outlets were some of the top industries under threat last year.
Information provided to the HKMA by banks operating in the Territory indicate there were 17 reported cases related to distributed denial of service (DDoS) in December 2015. Among those breached were the Hong Kong unit of Malaysia’s Public Bank in Hong Kong wealth manager Kowloon Global.
The Cost of Cyber Attacks to Big Business
In Asia, the average cost of a cyber attack on a company in 2015 is $7.7M, according to a report by TechTrade Asia.
The Ponemon Institute sponsored by HP Enterprise Security, conducted a study, 2015 Cost of Cyber Crime Study computed for the annual cost of cybercrime for companies across 7 countries: the US, UK, Japan, Germany, Australia, Brazil and the Russian Federation.
The study found the average yearly cost of cybercrime incurred by a benchmark sample of Australian and Japanese companies had increased by 13% and 14% respectively since last year. The results also revealed that it took at least 31 days to resolve an attack in Australia as compared to 26 days in Japan.
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