Hong Kong’s smaller companies are not ready to face cybersecurity threats, warns Chubb Insurance
- More than 75 per cent of Hong Kong small- and medium-sized firms fell victim to cyberattacks last year, according to the insurer
- A third of them reviewed their security protection but took no action to prevent another attack, says Chubb in a report
Hong Kong’s small- and medium-sized enterprises are not ready to face cybersecurity threats, and only a third of them are insured against an attack, according to Chubb Insurance.
About three quarters of local SMEs, or about 258,000, fell victim to cyberattacks in the 12 months to July, according to the cyber insurer’s latest report on the preparedness of companies with less than 250 employees.
However, more than 45 per cent of them said they have never been covered by insurance, the report shows.
“Despite the increased frequency of cyber incidents, about a third of SMEs reviewed their security protection but took no future action after a cyber incident,” said Chubb in the report. “Only 11 per cent made any attempt to recover breached data files.”
Stanley Wong, president of Chubb in Hong Kong, Taiwan and Macau, said smaller firms are just as much at risk as big conglomerates.