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Cost of Cybersecurity Breach in Malaysia
Media Prima Bhd. was hit by a ransomware attack in early November 2018. It is learnt that  the malicious attackers demanded the media group to pay 1,000 bitcoins to access its email system again.
It is estimated that an almost instant detection of a cybersecurity breach within a large enterprise costs the business US$433,000 (equivalent to RM1.8 million). The costs triple to an average US$1.204 million if detection is delayed by more than a week.

At least 84% of Malaysian respondents have suffered a breach in 2017 with 36% expected similar attacks to take place within 2019.
According to Cisco 2018 Asia Pacific Capabilities Benchmark Study, 51% of companies in Malaysia receive more than 5,000 alerts each day, buy they do not address more than 50% of the legitimate cyber threat alerts that they received.

Source: The Edge Malaysia - Cyber threat alerts not addressed

Businesses have become more reliant on technology to operate but it is still people and our desire to trade that creates the exposures. Yesterday's risks now manifest themselves very differently in today's digitally connected world.

Check out the tips on how you could minimise your cyber risk exposures here.

Disclaimer - This content is brought to you by Chubb Insurance Malaysia Berhad (“Chubb”) as a convenience to readers and is not intended to constitute advice or recommendations upon which a reader may rely. Chubb makes no warranty or guarantee about the accuracy, completeness, or adequacy of this content. It is the responsibility of the reader to evaluate the quality and accuracy of material herein.

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