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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.
Key findings
- 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.
Learn more about the four markets situation from the reports below.
Australia SME cyber preparedness report 2019
Hong Kong SME cyber preparedness report 2019
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Disclaimer - The content of the above article is not intended to constitute professional advice. Although all content is believed to be accurate, Chubb Insurance Singapore Limited (Chubb) makes no warranty or guarantee about the accuracy, completeness, or adequacy of the content of this article. Users relying on any content do so at their own risk.