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ASEAN cyber insurance demand will grow

Friday, February 27, 2015

Subject

The outlook for cyber crime, business and ASEAN integration.

Significance

On January 27, Singapore announced that its new Cyber Security Agency will become active in April. Designed to strengthen national cyber defence capacity, the agency will also work with businesses to improve their preparedness. South-east Asia is rated the world's riskiest region for internet users, but most regional businesses have inadequate cyber defences. Governments are responding with legislation, but in many cases their ability to enforce these laws is questionable. The scale of the threat will escalate as economies become more digitalised and ASEAN pursues closer financial and trade links.

Impacts

  • Targeted public information campaigns are needed to develop cyber security awareness.
  • Additional investment will be needed in network security to stem mounting losses for business.
  • Conflicting legal frameworks and lack of regional partnerships impede investigation of cross-border crimes.
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