Don't ignore human factor in cyber risk

Embedding a digital risk culture remains a major hurdle for Asian risk managers according to Singapore-based Willis Towers Watson (WTW) head of talent and reward, Darryl Parrant.

Speaking at last week’s PARIMA conference, Parrant told delegates while 75% of US firms have a cyber policy, this figure is significantly lower in Asia.

WTW figures also show with regard to cyber breaches, Asian firms take approximately 6 months from compromise to discovery. That figure is considerably higher than other developed world countries where the average lead time is around 90 days.

Parrant stressed to delegates risk managers need to work more closely with human resources functions to lower the incidence of breaches, as around 66% of current breaches are due to employee negligence or maleficence.

The figures show only 8% of firms have embedded cyber risk management within their company culture, with the figure expected to rise dramatically to 85% in the next 3 years.

Parrant said only 37% of employers believe risk management and human resources work closely on cyber risk management.