The retail industry within the Asia Pacific region has seen the greatest number of successful cyberattacks in the past 2 years, which cybersecurity solutions provider Kaspersky attributes to improper allocation of funds to cybersecurity, based on a study.
Consisting of 234 IT Security professionals from within APAC, the research sought to gather information from decision-makers on cybersecurity, concerning budget allocation of their companies.
The latest survey also revealed that 19 percent had become targets of cybersecurity attacks because of a lack of investment in cybersecurity. Nearly a fifth of the participants (or 16 percent) admitted to saying that they lack the proper resources for an adequate cybersecurity measure.
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Kaspersky’s Managing Director for Asia Pacific Adrian Hia said that as e-commerce in APAC is headed to become $2.05 trillion by the end of 2023, cyber-attacks are expected as cybercriminals “follow the money trail.”
Hia attributes the increased risk to the region’s drive to “greater digitalization” where it became host to “treasure troves of data, especially financial ones.”
Per a recent Kaspersky study, it is said that threat actors know which companies to target, having the cognizance of what data they want and how to take them. As such, Hia is encouraging every industry in the region to bolster its cybersecurity defenses, particularly those that handle “critical information.”
Conversely, those in the financial services industry seem to be the most invested in cybersecurity as the survey finds every single one of them spending sufficiently on it, keeping them updated with existing threats and even ahead of new threats.