Cyber incident impact sits at over $500,000 for half of small to medium APAC businesses

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51% of Asia Pacific small to medium-sized businesses that were hit with a cyber incident in the past year saw the cost of that incident exceed $500,000, according to a survey conducted by Cisco.

Sampling 3,750 businesses employing between 10 and 999 employees in 14 countries around the region, Cisco said 83% reported an incident in excess of $100,000, and 13% had an incident cost more than $1 million. The survey was conducted between April and July.

In Australia, where 306 qualifying businesses responded, the numbers were more stark, with 64% reporting an incident costing over $500,000, and 33% saying they were hit more than $1 million in cost.

For businesses that ran simulation exercises, Cisco said 85% of respondents found issues in their defences.

“Of those that identified weaknesses, 95% said the exercises revealed issues with not having the right technology solutions in place to detect a cyber attack or threat. The same number found they had too many technologies and struggled to integrate them together, while 96% discovered they did not have the right technology solutions to block an attack,” the company said.

The main vector that attacked the sampled businesses was malware, which was

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