According to Allianz Risk Barometer, this year, for the first time in history, cyber incidents including data breaches and hostile technical surveillance, rank as the most serious risk to businesses internationally.
Today, data is the most valuable resource in the world, surpassing oil. It is the lifeblood that influences everything from new flavours of crisps to democratic elections. Generally speaking, most people have little idea of how much personal information they unknowingly provide when using digital platforms and online services. While the majority of data collection is harmless and primarily serves to create advertising profiles, the risk of data being used for criminal activity is rapidly increasing.
COVID-19 has seen an unprecedented number of companies switching to remote working. Many made this decision with little choice; go online or risk the business coming to a grinding halt. Unfortunately, very few companies had the time, resources or understanding to undergo the appropriate tests to ensure company, client and employee data was adequately protected.
According to a recent study from the cloud computing company Iomart, the number of data breaches increased by 273% in the first quarter of 2020, compared to the same time last year. These breaches result in financial losses for a company, including the payment of hefty ransoms and the theft of large sums of money. Corporate information theft has a knock-on effect for years. As soon as news breaks that company has become the victim of a data breach, customers, clients and shareholders lose trust in the security of a company; they may withdraw funds, sell stocks or cut ties to avoid becoming victims themselves.
The perpetrators of data hacks are often opportunists who find and take advantage of gaps in security measures. However, across Asia, companies are increasingly seeing data stolen by competitors or individuals who seek to benefit from stolen information. Companies must understand the risks associated with improper and ill-fitting information security procedures.
Technical Surveillance Countermeasures, also known as ‘bug sweeps’ or ‘electronic surveillance sweeps’, are specialist assessments using sophisticated detection hardware and software. This year alone, working closely with our expert technology associates, ASAP Group uncovered hostile surveillance within two separate corporations. We were able to remove the threat and advise the course of action to prevent the reoccurrence of infiltrations.
The benefits of Technical Surveillance Countermeasures not only include the mitigation of risk to financial assets but peace of mind for our clients that their IT infrastructure and physical systems are protected.
For more information on how we can help protect your business from data security threats, get in touch by email [email protected] or phone us at +852 2811 5899