Asia-Pacific SMEs Are Over-Confident About Their Cyber Preparedness: Chubb

February 15th, 2019 – A significant perception gap exists between the cyber awareness and cyber preparedness at small and medium enterprises in some Asia-Pacific countries, according to a Chubb survey titled “Too Small to Fail?”.

The Chubb survey of 1,000 SMEs across Singapore, Hong Kong and Australia, reveals that:

• Most respondents believe they are in a better position than their larger competitors to manage a cyber incident (63 percent in Singapore, 60 percent in Australia and 52 percent in Hong Kong); yet
• The majority of SMEs have experienced a cyber incident in the last 12 months (71 percent in Hong Kong, 60 percent in Australia, and 56 percent in Singapore); and
• The majority of cyber incidents resulted from internal factors such as system breakdowns and human error.

While many SMEs feel better prepared than larger companies to manage cyber incidents, smaller companies have a relatively larger exposure, as they face the same risks as larger businesses but do not have the same means to implement comprehensive protection, leaving significant risk uncovered, warned Chubb.

More…https://www.insurancejournal.com/news/international/2019/02/15/518014.htm

Written by Insurance Journal