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Asia: SMEs are prime targets for cyber crime

Source: Asia Insurance Review | Jul 2017

Asia Cyber

SMEs remain an easy target for cyber criminals to get to bigger companies in the supply chain, experts have warned. 
 
   “Small businesses offer a perfect cover for hackers,” reminded Dr Yaacob Ibrahim, Minister-in-charge of Cyber Security in Singapore said at a National Security Conference last year. 
 
   The fact that SMEs are often not very well-equipped in cyber security make them prime targets, said Mr Vincent Loy, PWC’s Asia-Pacific Financial Crime & Cyber and Data Analytics Leader. 
 
   “Cyber is often not even in their top-3 priorities because they have to grapple with things like labour crunch…and many SMEs in Singapore also have a perception the government will protect them with regards to cyber,” he said. 
 
   As a result, bigger corporations have begun to put some pressure on their vendors to safeguard against cyber risk in order to secure their supply chains. 
 
   Hence, it is important for SMEs to prioritise beefing up their security systems, even though such matters are usually accorded lower priority in the current uncertain economic conditions and sluggish growth. 
 
   Many experts have also pointed out that as part of a resilient cyber protection system, companies should not just focus on a defence system but also have a recovery process in place as security breaches become almost inevitable. 
 
Insurance for SMEs
Asia Insurance Review as the voice of the insurance industry of Asia, is organising its first-ever Summit on Insurance for SMEs to provide a platform for SMEs to understand the fundamental importance of cost effective risk management and the role insurance can play to help manage the unpredictable risks faced. 
 
   It will be held on 22-23 August in Singapore and is supported by the Singapore International Chamber of Commerce and International Insurance Society. 
 
   For more information, visit www3.asiainsurancereview.com/Conferences A 
 
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