When it comes to cybersecurity budget, retail CFOs in Asia Pacific might have to reconsider the amount of resources allocated to this area.
According to a recent study by Kaspersky, the retail industry experienced the greatest number of successful cyberattacks in the past 24 months in Asia Pacific.
The latest survey—with responses from 234 participants—also revealed 19% of companies in the region have experienced cyber incidents due to insufficient cybersecurity budget in the last two years, the firm said.
Insufficient cybersecurity budget
When it comes to companies’ finances, nearly one-in-five (16%) admit they do not have the budget for adequate cybersecurity measures, the firm noted.
Insufficient distribution of budget for cybersecurity led 19% of Asian companies to endure cyber incidents in the last two years, Kaspersky warned.
The situation is different for every industry, the firm pointed out.
For example, retail organisations suffered the greatest number of cyber breaches because of the lack of budget (37%), followed by telecommunication companies (33%) and critical infrastructure, energy, oil and gas sector (23%), the firm said.
“E-commerce is expected to be a 2.05 trillion USD market in Asia Pacific towards the end of 2023,” said Adrian Hia, Managing Director for Asia Pacific at Kaspersky. “Retail being the industry which suffered most cyber incidents here makes sense as cybercriminals follow the money trail. These companies are part of the greater digitalisation movement in the region and hold treasure troves of data, specifically financial ones.”
Survey highlights
- When asked about the budget for cybersecurity measures, a majority (83%) of respondents from APAC said they are equipped to keep up with or even stay ahead of new threats.
- However, 16% of companies are not doing so well – 15% report that they don’t have sufficient funds to protect the company’s infrastructure properly, the firm added.
- At the same time, there are still companies without cost allocations for cybersecurity at all – 2% claimed they don’t have a dedicated budget for cyber protection needs.
- The most successful industry in APAC in terms of proper monetary distribution for cybersecurity are financial services – 100% of respondents working in this sphere claim their organisations are set to keep up with and stay ahead of all new threats.
