As they quickly adopt digitalization to combat the pandemic, APAC organizations have experienced a two-fold blow, caught between increased cyberthreats and reduced security budgets.
Last month, Singapore experienced the largest data breach that has occurred since the Personal Data Protection Act came into effect, ensuring financial penalties are being enforced. Australian Cyber Security Centre (ACSC) estimates that cybercrime has cost Australian businesses and individuals $33 billion over the past year. As the dust settles and we head into 2022, how are organizations planning to pivot away from crisis-mode and invest in their cyber-defenses?
A recent McAfee Enterprise and FireEye’s survey revealed that cloud security was the top security solution implemented by APAC organizations. However, businesses still can and must do more in the coming year, with nearly all IT professionals across Singapore (99%), Australia (94%) and India (99%) recognizing an urgent need to improve cyber readiness.
Nearly two in 5 organizations in Singapore (37%) and Australia (39%) plan to invest more than US$1 million in cybersecurity in 2022.Worryingly, only 1 in 5 (20%) India organizations intend to do the same – despite the country experiencing the most downtime globally.
More regional findings from the study are distilled in the infographic here.