On April 28 during the 32nd ASEAN Summit held in Singapore, Singapore’s Prime Minister Lee Hsien Loong noted the importance of cooperation and coordination in cybersecurity at the regional level. His remarks were supported by an ASEAN-issued statement at the end of the summit, which demonstrated a concurred view among ASEAN leaders that cybersecurity issues should and will be allotted greater priority in the coming years. With the rapid pace of technological evolution, the increasing digitization of the region, and its rising prominence in the digital economy, the elevation of cybersecurity to the regional economic agenda points to the increasing awareness that in this current reality, cyber risk isn’t just an IT risk. It is also an economic and business risk.
Currently, ASEAN member-states remain vulnerable to cyber threats due to inadequate infrastructure and awareness as well as the growing complexity of cyber risks. A report by AT Kearney stresses that the need for action is urgent. At the regional, national, and organizational levels, ASEAN cybersecurity is highly lacking. The risks of cyber attacks and data breaches will only continue to multiply as the region grows in economic strength and solidify its relevance in the wider international economy. Laying down foundations in policy and frameworks now could prevent up to a $750 billion loss in market capitalization (as a result of data breaches) in the future.
Fragmented Progress in Cybersecurity Strategy
The development of cybersecurity strategies vary across Southeast Asia, with Philippines, Thailand, Malaysia, and Singapore faring relatively better than Laos, Brunei, Cambodia, Myanmar, Vietnam, and Indonesia. Malaysia, Singapore, and the Philippines, for example, have set up national cybersecurity agencies. However, wide the interconnectedness of the region means that
The IERP® Monthly Newsletter July 2018 12
ASEAN CYBERSECURITY:
THE CURRENT LANDSCAPE
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