About 80% of organizations in Asia Pacific are confident that their corporate data has not been compromised, according to a survey commissioned by LogRhythm.
The survey was conducted at the end of 2016 by Frost & Sullivan among 400 IT decision makers based in Australia, Singapore, Malaysia, and Hong Kong. Half of the respondents believe their corporate data will not be compromised within the next 12 months.
However, the same survey also revealed that more than 55% of enterprises in the region do not conduct a risk assessment study or will only do so if there was a breach or suspected breach.
“These enterprises must ensure that their sense of confidence is not misplaced by proactively conducting cyber risk assessment within their organization,” said Bill Taylor-Mountford, VP for Asia Pacific and Japan at LogRhythm.
“Forward-thinking organizations are more proactive in the way they see cyber-attacks. While they know that a resilient enterprise is not one that won’t be breached, they are always ready, and able to quickly detect and respond to any potential breach,” he said. “It is because of this mindset that they will less likely suffer from any material business impact even if they were breached.”
Enterprises in Asia Pacific also indicated that the main barriers to implementing round-the-clock, 24/7 cyber threats system include budgetary constraints and the lack of prior history experiencing a major breach. Respondents of the survey also indicated that they are likely to outsource if such a system becomes necessary.
Enterprises in Hong Kong hace the highest rate of outsourcing 24/7 security service to a third party while enterprises in Singapore and Malaysia prefer to manage it in-house.
The cyber security market in Asia Pacific is estimated to be around $17 billion in 2015 but investment in security intelligence and analytics tools was only 2.8%, a fraction of what enterprises spent on perimeter defense.
The sophistication of cyber-attacks today has however, raised the need for integration and proficiency in threat mitigation, as deploying latest tools purchased off the shelf has become inadequate.