Cyber risk governance must take centre stage at companies

THE digital revolution has heralded great benefits, but the scourge of cyber crime is growing apace. Cyber crime has been estimated to cost the global economy over US$450 billion a year. Last year, over two billion personal records were stolen. The Asia-Pacific, in particular, would seem to be acutely unprepared.

According to the Microsoft Malware Index 2016, of the top five countries most vulnerable to malware attacks, four are in the region - Pakistan, Indonesia, Bangladesh and Nepal. While Singapore may be some paces ahead - it is, after all, driving significant investments in cyber security - it is vulnerable as well. A 2016 survey of Singapore companies by PwC named cyber crime as the second most pervasive economic crime, after asset misappropriation. Cyber …