A recent study by cybersecurity experts Kaspersky unveils a concerning trend in Asia Pacific, where insufficient budget allocation for cybersecurity is resulting in a surge of successful cyberattacks. The study surveyed 234 IT security professionals in the region, shedding light on the impact of budget decisions on cybersecurity within companies.
In the last 24 months, the retail industry emerged as the hardest-hit sector in Asia Pacific, experiencing the highest number of successful cyberattacks. Astonishingly, 37% of retail organizations cited budget constraints as the primary cause of cyber breaches, followed closely by telecommunication companies at 33%, and critical infrastructure, energy, oil, and gas sector at 23%.
The study revealed that 19% of companies in the region have fallen victim to cyber incidents due to inadequate cybersecurity investments over the past two years. Disturbingly, 16% of companies admitted to lacking the budget necessary for robust cybersecurity measures.
Adrian Hia, Managing Director for Asia Pacific at Kaspersky, highlighted the correlation between the rise in cyber incidents and the digitalization boom in the region. With the e-commerce sector projected to reach a staggering 2.05 trillion USD market by the end of 2023, cybercriminals are strategically targeting industries that handle significant financial data.
Notably, the manufacturing industry and transport & logistics sectors, while not immune, experienced a comparatively smaller number of cyber incidents at 11% and 9%, respectively, due to budget constraints.
Hia urged industries, especially those handling critical information, to reassess and enhance their cybersecurity budgets. Recognizing the targeted nature of cyber threats, he emphasized the importance of safeguarding businesses and customers’ sensitive data. As the region undergoes rapid digital transformation, allocating sufficient resources to cybersecurity becomes paramount for businesses seeking to navigate the evolving threat landscape and ensure the integrity of their operations.
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