Cyber Smart: Enabling APAC businesses

Digital businesses perform better; they generate more revenue, export more and innovate.

Yet, three in five businesses in the Asia Pacific region have put off digitisation out of fear of cyber attacks.

The COVID-19 pandemic is likely to increase the importance of cyber security. The likelihood and impact of cyber risks is increased with remote and mobile working.

The challenge for both businesses and governments is to make sure they are protected, and prepared.

This report analyses cyber exposure, preparedness and economic opportunity across 12 economies in APAC.

Improving preparedness could increase APAC GDP by $145bn in the long term.

Three in five businesses in APAC are putting off digitisation out of fear of cyber crime. Businesses who are more certain that cyber risks would be effectively managed are more willing to embrace technology. This improves productivity and decreases risk aversion.

It could spur the growth of what is already a $22bn industry.

Cyber crime is listed as one of the top five risks globally. In total, a large organisation in APAC could lose US$30 million in the event of a cyber breach. This is spurring a growing industry, with CAGRs of around 15%.

Are we ready to embrace the opportunity?

Looking at government frameworks and organisational capability across the region, we find that nations with higher exposure tend to be more prepared. But with an average index score of 56 out of a best practice of 100, APAC’s preparedness must improve.

Our more developed economies are the most exposed.

This report calculates the exposure of APAC countries to cyber risks. All countries have exposure. It’s higher in Singapore, Japan and Australia, and lower in Vietnam, Sri Lanka and Indonesia. This is driven by differing attack surfaces and the potential value of an attack.

Governments can support cyber smarts.

Government can improve cyber frameworks, harmonise regulation, review reporting, and lead from the front with their own processes and procurement. Addressing cyber skill shortages will also be important to minimise risk and harness economic opportunities.

But businesses should adopt best practice.

From two-factor authentication to micro-segmentation, businesses can act today to better prepare for cyber risks, and capture the benefits of digital in the future.