SINGAPORE, May 8, 2012 /PRNewswire-Asia/ -- Concerns about
rising cyber crime, new data protection regulation and the rapid
adoption of new technologies are causing companies across Asia to
re-examine their risk management strategies, according to a new
report published today by Marsh.
According to Marsh's Cyber Risk in Asia: Is Your
Data Safe? report, recent high profile
incidents in Asia, particularly in the online gaming and financial
services industries, have increased awareness of cyber risk in
company boardrooms. This, in turn, is driving demand for better
risk mitigation strategies and insurance solutions. The report
identifies companies in the financial services, healthcare,
education and communications sectors as most at risk, given the
large amount of personal data they collect and store.
"With almost every organisation now highly dependent on connected
online systems, the increased sophistication of damaging cyber
attacks by malicious individuals or groups poses new and complex
risk management challenges," said Stella Tse, Asia Leader of
Marsh's Financial and Professional Risks Practice. "In addition,
governments in Asia are reacting to this new reality by introducing
laws and regulations that hold companies legally and financially
liable for data breaches.
"Whether a data breach occurs from a sophisticated cyber attack or
a low-tech mistake of simply misplacing a USB stick, the legal and
financial liability is the same. Company directors need to examine,
identify and manage their risk exposures adequately," added Ms
Tse.
To help companies manage this risk, insurers are introducing
cyber-specific insurance policies that offer protection for the
high costs associated with responding to a cyber or data
breach. These costs can potentially include legal expenses,
data administrative fines and penalties, settlements, judgments,
regulatory investigations, forensic investigation expenses, loss of
business income, cyber-extortion and other related business
expenses. Some policies also cover public relations
professional costs to repair reputation.
About Marsh
Marsh, a global leader in
insurance broking and risk management, teams with its clients to
define, design, and deliver innovative industry-specific solutions
that help them protect their future and thrive. It has
approximately 25,000 colleagues who collaborate to provide advice
and transactional capabilities to clients in over 100 countries.
Marsh is a wholly owned subsidiary of Marsh
& McLennan Companies(NYSE: MMC), a global team of
professional services companies offering clients advice and
solutions in the areas of risk, strategy and human capital. With
52,000 employees worldwide and annual revenue exceeding $10
billion, Marsh & McLennan Companies is also the parent company
of Guy Carpenter, a global leader
in providing risk and reinsurance intermediary
services; Mercer, a global leader
in human resource consulting and related services;
and Oliver Wyman, a global leader in
management consulting. Follow Marsh on Twitter @Marsh_Inc.