Zurich Insurance today (23 June 2016) launched a coordinated incident response service called DigitalResolve for businesses in the Asia Pacific region.
According to the Grant Thornton International Business Report, businesses in the region collectively lost US$81 billion to cybercrime last year. Cyberattacks were also seen as the greatest global risk to doing business by executives in eight countries - including Singapore, Japan and Malaysia -- who were polled for the World Economic Forum's Executive Opinion Survey 2015.
As such, DigitalResolve -which is offered through Zurich Insurance's partner Crawford & Company - aims to help organisations coordinate and manage resources so they can recover from damaging cyberattacks with minimum disruption.
The solution is specifically developed to immediately mitigate the risk of operational shutdown, supply chain disruption, customer and revenue losses, decline in productivity, regulatory fines, litigation claims, cyber-extortion payments and reputational damage.
It supports organisations that are attacked by assigning them a dedicated 24/7 incident manager with immediate response capabilities, who in turn appoints and coordinates a team of cyber experts to resolve the issue and minimise post-attack exposure. Depending on the attack, these will include PR consultants, forensic accountants, IT forensic experts, lawyers, credit monitors, and ransom negotiators.
"Despite being the fastest growing region for connectivity, the Asia Pacific region is still inadequately prepared for cyberattacks," said Oliver Vale, Head of Professional Indemnity, Zurich Global Corporate Asia.
"In light of the increasing volume and sophistication of security breaches, it is no longer sufficient to consider cyber risk a concern for the IT department or mitigate against the possibility of experiencing cyberattack in the first place. Today, organisations must also plan for co-ordinated recovery in the event of an attack, so that when breaches happen, they can get the business back to full strength, at full speed," he added.
DigitalResolve will be available to all Zurich Security and Privacy customers in Singapore first, followed by Hong Kong, Japan and China by the end of 2016, before being rolled out to other markets across the APAC region. DigitalResolve is currently fully operational in the UK.
Besides DigitalResolve, Zurich Insurance is also collaborating with governments, academics and other think tanks around the world to establish global standards, encourage information sharing, build resilience and create adequate global governance on cybersecurity.
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