Cyber security risks could lead to trillions of dollars in economic losses to businesses, said Tran Van Dung, Chairman of the State Securities Commission.
VIOD and ACCA held a seminar on cyber security in Ha Noi. — Photo vietnamplus.vn
In addition to direct costs to handle the crisis, repair systems and pay for lawyers, cyber attacks could also result in reduced confidence among customers, affecting enterprises’ business activities, Dung added.
The Viet Nam Institute of Directors (VIOD) and the Association of Chartered Certified Accountants (ACCA) held a seminar titled ‘Cyber resilience for the board of directors’ in Ha Noi on Thursday.
According to attendees at the seminar, cyber threats are intensifying in Asia. Hackers are 80 per cent more likely to attack organisations in Asia, while nearly 80 per cent of internet users in Asia have not received training on cyber security.
Total economic losses are estimated to reach US$1.75 trillion, accounting for 7 per cent of Asia Pacific’s gross domestic products (GDP).
Cyber attacks might lead to data privacy breaches and losses in confidential information, reputation, customer trust, revenue and jobs, said Sharath Martin,…
