SE Asia businesses at risk of costly cybercrime, studies find

Tech April 09, 2018 13:45

By The Nation

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Cybercrime is relentless, undiminished, and unlikely to stop, thus presenting a cybersecurity threat and potential revenue losses for every businesses, according to a recent study.



 

Cyber crime cost the Asia Pacific region US$171 billion (Bt5.34 trillion) in damages, almost a third of the global total of $544.5 billion, found the study by the Centre for Strategic and International Studies (CSIS) and online security company McAfee.

Markets in Southeast Asia have already been used as launch pads for attacks, either as vulnerable hotbeds of unsecured infrastructure or as well-connected hubs to initiate attacks, the study found.

Perhaps more worryingly, a study by AT Kearney has revealed that the top 1,000 companies in SEA potentially stand to lose $750 billion in market capitalisation from cyberattacks. This reiterates the importance for businesses to stop ignoring the need for cybersecurity capabilities and include it as one of their top priorities.

In light of the recent findings around the financial implications of poor cybersecurity among businesses, McAfee recent released a new report, Winning the Game, which investigated the technology investment and skills required to win in the fight against cyberthreats. The report has also revealed companies are not doing enough to recruit and retain top talent, leading to an unsatisfied workforce and increased cybersecurity risk, the reported said.