Introduction
Timothy Coombs once defined crisis “as a significant threat of operations that can have negative consequences if not handled properly”. Indeed, a crisis can result in a direct financial loss of market share, purchase intentions, spawning lawsuits related to the crisis, or reputational loss which in most cases is irreparable.
Cyber Threats
Organisations face growing threats from cyber-attacks. They can come from inside the organisation (e.g. malicious leakage of confidential information by an employee) or from outside the organisation (e.g. phishing, hacking, etc) and they are happening more frequently than you think.
According to a Singapore Threat Report by Carbon Black released in March 2019, as many as 96% of companies surveyed indicated that they had suffered a cybersecurity breach in the past 12 months. The Cyber Security Agency of Singapore released its Annual Report in June 2019 citing a rise in cybercrime incidents from 5,351 in 2017 to 6,179 in 2018.
News of a cyber-attack on any company is compounded by the virality of our social media that operates on 24/7 basis. An organization has to respond to a report on a social media platform as soon as possible.
Mitigating the Effects on Your Organization
An organization needs to have a clear understanding of the different scenarios that may emerge in a crisis and have contingency plans in place in order to engage both internal and external stakeholders.
EHE Cyber Crisis Response Team works with your organization to:
- Draw up an effective plan with your key stakeholders covering the legal, cybersecurity and media relationship issues.
- Explore different scenarios and evaluating their potential impact.
- Develop the necessary contingency plans and recovery processes to manage the crisis; and
- Provide timely response to your customers, business partners, and regulators.
Our Expertise and Coverage
The EHE Cyber Crisis Response Team draws on our international resources but with a local understanding to respond to any cyber crisis in Singapore, Malaysia, Indonesia, Brunei, and the Philippines. We work with our specialist law practices and forensic investigators in each jurisdiction to assist our Clients.
This ability to draw on our international experience paired with local resources that understand the nuances of each jurisdiction is essential to organizations operating in a diverse region like South East Asia, with its diverse languages, cultures and regulatory regimes.
The EHE Cyber Crisis Response Team is also working with the Federal Bureau of Investigation (FBI) on the reporting protocol for regional cyber crisis management.
Your Response
Register here to join us for the breakfast meeting on 01 June 2020, from 830 am to 11 am to discuss how you can prepare and respond confidently as a General Counsel and Adviser to your Board.
Francis Goh
Lead Partner, Cyber Security, Privacy and Data Protection
francisgoh@eversheds-harryelias.com
+65 6361 9342
K. K. Lim
Head, Cybersecurity, Privacy & Data Protection
kklim@eversheds-harryelias.com
+65 6361 9307