Some 62% of audit committees(ACs) members in Singapore and 55% worldwide feel that more agenda time should be devoted to cyber security in 2015, a KPMG survey shows.
The study covers about 1,500 AC members in 27 markets, including Singapore, each represented by at least 20 responses.
The ACs of other ASEAN nations surveyed – Thailand, Indonesia and the Philippines – are less concerned with spending more time on cyber security, including data privacy and protection of intellectual property in 2015.
Less than half (47%) of Thailand’s AC members, want to spend more time on cyber security, while 36% in Indonesia and 35% in the Philippines said the same.
Half of Singapore respondents also categorize the quality of information they receive about cyber security, data privacy risks and their potential impact on the company as needing improvement. This was above the global average of 41%.
Only about a third of respondents in Indonesia and the Philippines thought the information they receive about cyber issues were in need of improvements.
Thailand was the most satisfied of the ASEAN nations, with only 18% of AC members surveyed said they wanted better quality cyber information.
Of the ASEAN nations, Singapore had the highest percentage of respondents – 52% – who indicated that the AC’s communications with the CIO were insignificant or not applicable.
More than a third of respondents from Indonesia and Thailand also indicated the same, while only 18% of AC members surveyed in the Philippines said interactions were insignificant.
Globally, 28% of respondents said that the full board was responsible for the oversight of cyber security and data privacy risks.
The AC was next in line, with 22% of respondents indicating that the group was accountable for the majority of tasks to do with cyber security and data privacy.
For Singapore, 31% of respondents – above the global average – assigned cyber and data risk to the full board. Another 31% said the risk committee was responsible.
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