this decade of digital The change has brought a new paradigm of productivity and innovation in Southeast Asia – digital tools and modern internet capabilities have become essential, helping to pave the way for long-term prosperity and growth.
However, the needs of these companies have created an emerging set of risks for cyber security professionals, as the accelerated adoption of digital tools has expanded the range of “attack surfaces” available for cybersecurity threats. Meanwhile, complex technology stacks pose challenges for legacy cybersecurity solutions. Research has shown that the Southeast Asia region remains a hotspot for cybersecurity threats.
However, cybernetic Professionals in Southeast Asia are firmly tackling these complex challenges. PwC‘s digital trust Insights 2023 is a survey of 122 business, technology and cybersecurity executives in three Southeast Asian countries (Indonesia, Malaysia and Singapore), conducted in July and August 2022.
The study drew on high-level executives on their cybersecurity progress since 2020, and found that cybersecurity spending in Southeast Asia has risen over the years as leaders zero in on its biggest vulnerabilities.
Here are the most interesting insights from the study.
Businesses are taking steps to be cyber-ready amid an intensifying threat landscape
Since the beginning of the decade, companies in Southeast Asia have seen the threat of online cyberattacks increase significantly in line with increased digitization of their operations (28 percent), reflecting a global trend.
When companies were asked what cyber threat exposures their organizations have experienced since 2020, these ranked highest.
In 2021, cybersecurity spending in Southeast Asia exceeded $3.2 billion, and is expected to rise 14 percent to reach $6.1 billion in 2026.
There is also a high degree of confidence among companies in Southeast Asia that their cybersecurity teams have made improvements to mitigate their cyber risks over the past year, especially those associated with enabling remote and hybrid work (86 percent) and the accelerated cloud adoption (82 percent). and increased data volumes (82 percent).
Cybersecurity teams also score highly when it comes to improving operational security (93 percent) and responding to breaches or cyberattacks (90 percent). In particular, executives from Southeast Asia report more progress than their global counterparts, reflecting the region’s strong efforts to close the gaps created by its relative fledgling on the cybersecurity front.
External adversaries are the main source of cybersecurity risks in Southeast Asia
Looking ahead, businesses in Southeast Asia will continue to face more cybersecurity risks as cloud and digital technology adoption grows in importance. According to the survey, cloud-based routes (47 percent) and web-based applications (46 percent) are expected to pose the highest cybersecurity risks for businesses in Southeast Asia, although human/user error ( 43 percent) will also play a significant role. .
Companies in the region do not report significant increases in pressure to externally disclose their cyber incidents and practices, probably due to underdeveloped regulatory frameworks. However, some countries in the region reflect growing cyber legislation. The boards of directors of companies in these countries are clearly focused on the impact of cyber risks on their businesses.
To meet these challenges, by 2023, 78 percent of companies in Southeast Asia expect their cybersecurity budgets to increase, with optimism especially strong among Singaporean companies (88 percent). Comparatively, only 65 percent of companies globally say the same.
Businesses need to strengthen security in the cloud to realize the promise of the remote work revolution
Throughout Southeast Asia, companies are planning to increase their spending on the cloud. A significant portion of this growth is occurring in public cloud environments. As cloud adoption is still maturing in the region, end-user cybersecurity protocols are still lacking, resulting in poor visibility and governance into their cloud-based systems.
Compared to global averages, more respondents in Southeast Asia expect attacks on their cloud management interfaces (35 percent) and cloud component services (30 percent) to increase by 2023. As mentioned above , cloud-based routes and web-based applications are anticipated. pose the biggest cybersecurity threats to businesses in Southeast Asia.
A focus on data security and privacy is necessary to build consumer trust.
Across various industries, companies in Southeast Asia have been severely affected by data breaches and ransomware attacks. These breaches have significantly affected consumer trust in companies.
According to the study, more than a third of companies in Southeast Asia (37 percent) estimate that data breaches could cost them more than $1 million, at least, while the global share of such companies is 26 percent. . Despite this, most are not confident that they have put in place the necessary controls to mitigate the risks of increased data volume: only 42 percent of Southeast Asians say they have.
About two in three Southeast Asian respondents view cybersecurity and governance issues as obstacles that restrict or inhibit their ability to use data for decision-making, compared to 50 percent globally.
In conclusion, now more than ever companies are awake to the challenges and opportunities that a security-focused strategy presents. As the cloud rapidly rewrites the rules of our digitized present, it’s clear that cybersecurity teams need growing budgets. And in this increasingly digitally connected world, Southeast Asia is preparing to leap into a cyber future, one in which digital trust is complete and intact.
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