Ransomware attacks are on the rise in the Asia-Pacific region,
amounting to one of the most significant operational risks faced by
businesses in the region. The Asia Insurance Review reports that
the worldwide costs of ransomware attacks are expected to exceed
US$20 billion in 2021, with Asia-Pacific region companies
accounting for seven percent of the total in 2020. Ransomware
attacks can have severe impacts on the victim. The loss of use of
systems and data can be significant on its own. Adding to this is
the risk of sensitive data being lost or misused, the costs of
remediation, defending claims from impacted data subjects and
commercial partners, as well as regulatory enforcement action and
reputational impacts. In this briefing, we highlight the actions
businesses should take so as to be best prepared for ransomware
attacks.
