Cyberattacks Cost Singapore Firms $17.7b
Cyberattacks Cost Singapore Firms $17.7b

Cyberattacks Cost Singapore Firms $17.7b

Cyberattacks Cost Singapore Firms $17.7b

The economic damage from cyberattacks on companies in Singapore last year amounted to $17.7 billion, with much of that loss caused by the impact on the wider ecosystem and leading to decreased consumer and enterprise spending, a Microsoft study released on Friday said.
The study, conducted by Frost and Sullivan, showed that only about 20% of that damage was caused by the direct impact of a cyberattack on a company’s financials, as a result of things such as fines and remediation costs, CNA reported.
The majority of the loss, or 64%, was because of an “induced loss”. This was defined by the research firm as the impact of a cyber breach on the broader ecosystem and economy.
By comparison, the economic loss from cyberattacks for Asia Pacific as a whole was $1.75 trillion last year, the findings showed.
The breakdown for the region was 10% for direct loss, 30% for indirect loss—referring to opportunity cost such as reputation loss leading to customer churn and job losses—and 60% for induced loss, according to Frost and Sullivan.
Edison Yu, vice president and Asia Pacific head of Enterprise for Frost and Sullivan, said during the presentation of the report that while direct losses from these breaches are most apparent, they are “but the tip of the iceberg”.
As such, its study came up with an economic loss model that looked to include other aspects such as job loss and customer churn due to damage to a company’s reputation.
For a large-sized organization of more than 500 employees in Singapore, Yu said, the economic damage from a cyber security incident was, on average, $13.8 million.

Short URL : https://goo.gl/CWzgjT
  1. https://goo.gl/APQFoQ
  • https://goo.gl/K7yEmV
  • https://goo.gl/9gVUmn
  • https://goo.gl/xub6Vn
  • https://goo.gl/EQLivv

You can also read ...

China Warned of Ballooning SOEs
Former chief of the World Bank Robert Zoellick cautioned China...
Business confidence fell to its lowest level since August 2013 and around 7% of companies expected a contraction.
According to data from the International Monetary Fund in...
Shrinking unemployment in the US, Japan and the eurozone finally forces companies  to lift wages to retain and attract staff.
Workers in the world's richest countries are getting their...
New Zealand Q2 GDP Growth Picking Up
New Zealand’s economic growth is expected to have accelerated...
Saudi Sovereign Fund Secures $11 Billion Loan
Saudi Arabia's sovereign wealth fund said Monday it had...
Lira Eases Against Dollar
Turkey’s lira weakened against the dollar on Monday as...
By 2025 more than half of all current workplace tasks  will be performed by machines.
Robots will handle 52% of current work tasks by 2025, almost...
Myanmar Businesses Want Lower Taxes
Myanmar businesses are urging the government to lower the...

Add new comment

Read our comment policy before posting your viewpoints