The intangibility of the risk is also a pressure point for Asian risk managers who are facing a threat to their firms which is difficult to pinpoint
Risk managers in Asia have been warned to up their cyber knowledge or face the consequences of a cyber attack.
Speaking exclusively with StrategicRISK, PARIMA chairman Franck Baron said cyber remains a key exposure in the Asian market due to a lack of understanding of the true nature of the risk.
“Cyber, data and other technology types of exposures are very important here in Asia because we are still suffering from a lack of awareness and a lack of consistency in dealing with it,” said Baron.
“Even if we saw the development of data privacy type of legislation in a few mature countries across Asia, we are still suffering from a lack of real focus on this. It should be seen as a key exposure to Asia because we are not yet properly equipped to face it. Even at executive and board levels, a lot of organisations within AsiaPac are not yet fully aware of the magnitude of this exposure.”
The intangibility of the risk is also a pressure point for Asian risk managers who are facing a threat to their firms which is difficult to pinpoint.
“We are entering a more intangible risk type of world as opposed to what was seen 10 or 15 years ago. Cyber risk as being the key risk exposure for organisation and talking about the tangible assets of an organisation is becoming more and more intangible. Intangible in the sense that now through the technology, internet and cyber, you can really damage a company without having to physically damage a laboratory, a warehouse, or factory,” Baron said.
“How to respond to this, how to assess the true exposure and the true magnitude of these exposures is becoming more and more challenging for us,” he adds.