Excerpt from CShub Article – Published on Aug 15, 2023
In the constantly evolving landscape of digital interconnectedness, cyber security breaches have become an unfortunate reality. Across the Asia-Pacific (APAC) region, businesses have faced malicious cyber attacks, exposing vulnerabilities and testing their resilience.
Amid the chaos, a narrative of resilience emerges as APAC brands demonstrate the ability to bounce back from serious cyberattacks. While the term ‘success story’ is nuanced due to the devastating consequences of breaches, some cases highlight the right responses to crises, showing strength even in adversity.
Here, we spotlight strategies, swift actions, and forward-looking investments that have enabled APAC brands not just to weather cyber storms, but to emerge stronger and better equipped to handle future security challenges.
Cathay Pacific: Hong Kong’s Cathay Pacific faced a data breach in 2018, affecting sensitive passenger data. They responded by enhancing security measures, focusing on data governance, network security, access control, employee education, and incident response. Their cooperation with authorities and commitment to ongoing investment in IT security systems demonstrate their dedication to safeguarding data.
True Corp: Thailand’s True Corp experienced a data leak in 2018. Swiftly addressing the breach, they fixed the vulnerability and informed affected customers about data security measures. The incident reinforced the company’s commitment to data security, leading to ongoing enhancements in safeguards and protections.
Singtel: Singapore’s Singtel responded adeptly to a dual cyber attack on its Australian arm, Optus, in 2022. The company allocated significant funds to address the aftermath, launching an external review, providing credit monitoring services, and replacing compromised identification documents. Their comprehensive approach underscores their commitment to cyber resilience.
Medibank: Australian insurer Medibank faced a massive breach in 2022. They focused on safeguarding customers and data, refusing to comply with a ransom demand. They launched a support program for affected individuals, fortified authentication measures, and engaged Deloitte for an external review. Despite hackers releasing data to the dark web, Medibank’s comprehensive response renewed investor confidence.
NIC Asia Bank: In Nepal, NIC Asia Bank’s swift action following a 2017 cyber attack involving fraudulent money transfers via SWIFT led to the recovery of a significant portion of the financial loss. Engaging Nepal Rastra Bank and KPMG India for recovery and a forensic review demonstrated their commitment to mitigation and improvement.
These cases illustrate how APAC brands can overcome cyber challenges through robust responses, continuous investments, collaboration with authorities, and a commitment to improving cyber security practices.
To delve deeper into this topic, please read the full article on CShub.