The Chubb Asia Pacific SME Cyber Preparedness Report - ‘Ignorance is Risk’, revealed that Small and Medium Enterprises (SMEs) across Australia, Hong Kong SAR, Malaysia and Singapore remain unprepared to manage cyber risks, with a disconnect between perceived and actual risk. 81% of SMEs appeared confident that they are prepared to face cyber attacks; yet 55% of them are, in fact, unaware of all the cyber threats they face.
The regional report also showed that 48% of SMEs had spent time improving cyber risk management, with only 46% having a data breach response plan. The lack of preparedness is heightened by the high number of actual cyber incidents affecting SMEs in the past 12 months - more than two-thirds (68%) of SMEs across the four markets experienced a cyber incident.
|23% of SME leaders identified employees as the biggest weakness in their cyber defence.|
Human error is the cause of 36% of the cyber incidents.
|Less than half (48%) of SMEs notified affected parties following a data breach.|
|40% of SMEs have never had cyber insurance.|
We look at the types of cyber incidents SMEs in Australia, Hong Kong SAR, Malaysia & Singapore are facing, what their attitudes are towards these risks, and how they are managing the out-fall from incidents.