Managing Cyber Risk in a Post-COVID-19 World – Lessons Learnt from Latest Breaches and Incidents
Gan Kok Tin
Partner, PwC Hong Kong
Executive Director, Digital Trust & Cybersecurity, PwC Malaysia
Over the last 12 months, we saw a spike in cybersecurity incidents with significant impact on organisations already dealing with the challenges posed by the pandemic. COVID-19 themed phishing and spear-phishing attacks were targeted at employees to steal user credentials and confidential data. Perpetrators were exploiting the popularity of COVID-19 related news and headlines to lure unsuspecting victims. Ransomware attacks compromising remote services (or work from home set-ups) which led to successful data exfiltration are also amongst the top threats affecting organisations both globally and in Malaysia.
Based on PwC Digital Trust Insights 2021 survey, 73% of Malaysia respondents indicated that a ransomware breach would be likely to occur in their industry in the next 12 months, with 60% expecting such incidents to have a significantly negative impact. Recent breaches involving high profile organisations further elevate such concerns. With COVID-19 as a possible event demonstrating how businesses can be halted overnight, market leaders are already rethinking their cyber strategy in ways they have never done before, and arming themselves with new tools to improve their resilience amidst increasing pressures to build trust among their customers and their wider stakeholders.
In this fireside chat, key trends and highlights from PwC Digital Trust Insights Survey 2021 - a Malaysian perspective will be covered; how the trends correlate to actual attacks observed on the global landscape; review the lessons learnt from latest high-profile attacks.