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Cyber attacks could cost ASEAN firms $750 billion

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A report by U.S.-based consultancy firm A.T. Kearney Inc. found that cyber attacks could cost the top 1,000 companies in the Association of Southeast Asian Nations about $750 billion in market capitalization, CNBC reported. Naveen Menon, president for Southeast Asia at U.S.-based information technology firm Cisco Systems Inc., said that companies could lose up to 35% of their market cap due to loss of trust resulting from a cyber attack. The report found that member countries in the regional spent only 0.06% of their gross domestic product on cybersecurity, compared with the global average of 0.13%.

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