Cyber Risk

Cyber Risk

As information and communication technologies (ICT) continue to advance, business operations are becoming increasingly digital and interconnected.

 

 

As a result, companies face growing risks from unexpected incidents that occur in cyberspace during activities such as e-commerce and the use of digital technologies. These incidents can lead to a rise in both tangible and intangible costs that companies must bear, which is commonly referred to as cyber risk.

 

Tangible costs resulting from cyber risks include financial losses, damage to computer systems, malware infections, business interruptions caused by network shutdowns, loss of customer data and digital assets, and legal expenses or compensation related to data breaches and information leaks.

 

Intangible costs include customer churn, loss of corporate trust, damage to brand reputation, and the erosion of competitive advantage due to the leakage of core technologies.

 

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To address cyber risks, companies are encouraged to focus on three key strategies: preventive security measures (secure), continuous monitoring and awareness (vigilant), and the ability to recover quickly from incidents (resilient).

 

Meanwhile, as the volume of digital information continues to grow and more companies adopt cloud computing, exposure to cyber risks is expected to increase further in the future.