As the digital landscape continues to evolve at an unprecedented pace, businesses face heightened exposure to cyber threats, necessitating a proactive approach to cyber risk management.
In our recent directors and officers’ risk survey conducted across over 40 countries – including the Asia region – we gathered responses from directors and risk managers to shed light on what their approaches were towards cyber risk governance, incident response and preparedness, and cyber insurance.
Our survey findings underscored the below key themes:
The regional findings for Asia showed that Cyber attacks (including cyber extortion) was ranked second most important risk, a close second after Health and safety, and Data loss in at third most important risk.
In terms of who at the organization sponsors cyber risk management strategy: 38% of our Asia-based clients reported the board or CEO sponsored cyber risk management strategies, closely followed by 35% reporting it was a senior leadership group that sponsored this.
On the topic of cyber incident response and preparedness, 79% of our Asia-based respondents had completed a cyber table-top exercise in the last 12 months, with 54% noting that they felt the organization was well/very well prepared to manage cyber incident effectively.
Regarding cyber insurance, 45% of respondents had cyber insurance in place with 32% of respondents planning to purchase it in the next two years.
Key trends garnered from our survey findings include:
- Organizations are making strategic investments in cybersecurity (including Cyber Insurance): they are allocating sufficient resources and budget towards enhancing cybersecurity measures to effectively manage the growing financial risks associated with cyber-attacks.
- Organizations are strengthening incident response plans to increase board confidence that the organization is equipped and prepared in handling cyber incidents efficiently and effectively – cyber insurance is a valuable partner in facilitating such incident response protocols.
- Organizations are investing in Cyber Insurance. Recent global IT-related events and the constant stream of cyber news headlines have highlighted the dependency we have on technology yet also the unseen fragility of technology supply chains. Despite best efforts of countering risk, it is simply impossible to prevent against every event or cater for every vulnerability. Cyber insurance serves as critical part of enterprise risk management, ensuring financial protection for the cost of managing and recovering from cyber-related perils.
But how do you start? Where do you go to obtain a quote? What should you look for in coverage? How much insurance do you need? All these questions and more can be addressed in a 30-minute free consultation with one of our cyber broking specialists.
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