73% companies globally have experienced a cyber-attack: Report

NEW DELHI: Marsh and Microsoft Corporation published a report called ‘The State of Cyber Resilience’. 73% of companies from across the globe said that they had experienced a cyber-attack. According to the Asia Insights of Report, almost 7 in 10 companies in Asia are confident about their cyber resilience despite rapid digital transformation, rising number of cyberattacks, and increasing modes of cyber threats. 48% of the respondents admitted that there is still room for improvement in area of cyber hygiene measures essential to managing cyber risks.

The report revealed that over 3 out of 5 companies, amounting to 64% in Asia have been impacted by cyber-attacks. Around 7 out of 10 respondents (68%) cited privacy breach as their top concern, followed by ransomware (58%) from among the various forms of cyber threats.

The report is based on a survey conducted by March and Microsoft with 660 respondents. More than 80 respondents hailed from Asia. Although, most of the respondents in Asia perceive privacy breaches and data loss as the top cyber threats, 26% have not yet made any improvements to the security of their computers, devices, and systems, while 31% have not improved their data protection capabilities. Ransomware has been noted as the top global threat in cyber.

34% companies in Asia do not have endpoint detection and response, in comparison to that number being 22% globally, noted the Report. Moreover, only 12% of companies were found to quantify their financial exposure to cyber risk, which is less than half the global at 26%.

Globally, the Report established that only 41% of organisations engage legal, corporate planning, finance, operations, or supply chain management in making cyber risk plans. Just 3% of respondents rated their company’s cyber hygiene as excellent.