"Asian companies are behind US peers in insurance coverage against cyber attacks, according to FM Global. Less than 20% of Asian companies have cyber insurance, compared with 66% of US businesses, the insurer says."
I found this article very interesting as the title is what initially caught my eye. Apparently finding solutions for cyber attacks is still in a growth phase in Asia. With this being said; profitability of the cyber security industry in Asian countries must still be in a growth phase. I see high return potential in the near future with investment in cyber security in the Asian markets. I am also curious as to why this lag has occurred in the first place; are cyber attacks not as common or are they not as vicious across the world in Asia?
http://www.scmp.com/business/companies/article/2142819/asian-companies-see-little-need-insurance-against-cyber-attack
3 comments:
I believe that one of the reasons for this is because of differences in culture. In many Asian countries, cyber attacks might not be as common as in the US because and this might be because of the values and ethics that Asians have in general. They don't think it is ok to do something like it, and the society would mark them if they do. In the US it is also seen as a bad thing, but it is not as extreme as in Asia, a hacker in the US might be seen even as a cool person that is taking back from the "big guy", which some people don't think they deserve in the first place. This is only an opinion as to how the different societies might judge a cyber attack and how people would see the individual that did it.
I find this interesting as well. With the growth of technology, and the possibility of global cyber wars, I would expect Asian countries to be fully insured against cyber attacks. One thing I thought of, is maybe Asian counties are so far ahead in technological security, that they aren't fearful of a cyber attack. It will be interesting to see, overtime, if this optimism about cyber attacks will come back to haunt some of these Asian companies.
I agree that this could have a lot to do with cultural differences and social norms. However, I also wonder if people in the U.S. who partake in cyber attacks will turn their attention to the Asian countries to try to steal not only online funds, but production information, and other valuable data that belongs to Asian firms. Only time will tell what the outcome is.
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