Article posted: May 23, 2018
By Joakim Thorén, CEO
A recent Frost & Sullivan study of Asia-Pacific organizations reported key security concerns from undetected security breaches to online brand impersonation. The industry analyst firm reported one in four organizations in Asia-Pacific have experienced a cybersecurity incident, and 27 percent of organizations admitted they could not determine if their data was breached because they don't conduct data breach assessments.
The report, commissioned by Microsoft, identified the pitfalls of ignoring basic cyber security practices. In Singapore alone, cybersecurity threats costs businesses US $17.7 billion in economic losses, with a large enterprise potentially losing on average $13.8 million, while a midsize business could suffer nearly $180,000 in a similar loss.
Despite these economic ramifications, Frost & Sullivan uncovered that organizations in the region considered security an afterthought. In fact, just 25 percent of respondents that had experienced a cyberattack state they would consider implementing cybersecurity solutions before starting a digital transformation project.
And while ransomware continues to be a concern, the report noted that companies were most concerned about data exfiltration, data corruption, fraudulent wire transfers, and online brand impersonation because it had the most impact and slowest recovery time.
When asked about their biggest security posture gaps, Frost & Sullivan said phishing remained a leading cause of breaches, indicating that the human factor still plays a big role. The report stressed the need for companies to focus on the fundamentals, including urging employees to practice strong security protocols such as using robust passwords and not clicking on phishing emails.
This is great advice. But to create an ever securer environment, organizations around the world should consider implementing two-factor authentication security, including smart cards, tokens, behavioral security methods or virtual smart cards. Two-factor authentication, such as smart cards, cost companies, on average, just $2-10 dollars per user.
By pairing smart cards or tokens with a card management system such as vSEC:CMS means organizations can control data access -- from provisioning to revoking privileges -- in real time.
It's time companies in Asia-Pacific take a more vested interest in upping their security practices. Versasec understands the importance of the market and recently opened up an office in Singapore to help more companies in the region better protect their data and corporate brands.