In recent years, data breaches has become the most serious business risk globally. In the Southeast Asia countries, an increasing number of companies are beginning to grow awareness of the cyber threats.
Cyber threats are becoming more damaging , increasingly targeting big organizations with sophisticated attacks and high extortion demands. These demands can be in the millions, according to Marek Stanislawski, deputy global head of cyber at Allianz Global Corporate and Specialty (AGCS).
While the global average organizational cost of a data breach is US $3.92 million, the average cost for Southeast Asia countries is US $2.62 million. Still a significant figures for concern among the CEOs and CIOs in the region.
Singapore and Malaysia encountered several incidents of data breach with 96 percent of Singaporean businesses reported suffering a data breach between September 2018 and September 2019. Below we have compiled a list of the most serious data breach incidents in both countries during the past years.
December 2019: Government vendors under attack
January 2019: Second health data breach in six months
July 2018: SingHealth - Largest data breach
2017: Reputation debacle for AXA Insurance and Uber
In December 2017, Uber disclosed that personal data belonging to 380,000 of its customers in Singapore had been subject to a leak the previous year. The company only released the news after disclosing that the details of 57 million worldwide Uber riders and drivers had been exposed. Uber paid US$100,000, which was approved by the former CEO Travis Kalanick to the hacker responsible to destroy the data in an effort to cover up the leak. It didn't work too well for the company and Joe Sullivan who was the CSO was sacked shortly after the incident made headlines.