A recent Kaspersky study highlights global cybersecurity challenges, revealing improper budget allocation as a major cause of cyber incidents, particularly affecting critical infrastructure globally and the retail sector in the Asia Pacific region. The findings stress the urgency for increased cybersecurity investment and strategic alignment of budgets with evolving threats.
11 December 2023 – A recent comprehensive study conducted by cybersecurity experts at Kaspersky sheds light on the global and regional cybersecurity landscape, with a particular focus on the Asia Pacific (APAC) region. The research reveals that improper budget allocation has left critical infrastructure, oil & gas, and energy organizations grappling with the highest number of cyber incidents globally, while the retail industry takes the lead in the APAC region. The study underscores the critical need for increased cybersecurity investment and awareness across industries, urging companies to strategically align their budgets with evolving cyber threats.
In the APAC region, the retail sector emerged as the most vulnerable to cyber threats, experiencing a surge in successful cyberattacks over the past 24 months. Shockingly, 19% of companies in the region reported cyber incidents directly attributed to insufficient investment in cybersecurity measures within the last two years. The study indicates that a concerning 16% of companies lack the budget necessary for robust cybersecurity infrastructure, leaving them exposed to potential data breaches.
The research also delves into industry-specific trends, revealing that retail organizations faced the highest number of cyber breaches (37%) due to budget constraints, followed closely by telecommunications companies (33%) and critical infrastructure sectors (23%). Notably, the financial services industry in APAC stands out as the most successful in maintaining cybersecurity readiness, with 100% of respondents from this sector asserting their organizations are well-prepared to tackle emerging threats.
Looking forward, the study suggests a positive shift in cybersecurity investment intentions. Many companies express eagerness to fortify their cybersecurity defenses within the next 1-1.5 years. Top areas of planned investment include threat detection software (46%) and comprehensive training programs for cybersecurity professionals (50%) and general staff (46%). Additionally, there is a growing interest in adopting endpoint protection software (42%), hiring additional IT professionals (37%), and embracing SaaS cloud solutions (45%).
Kaspersky, a prominent name in cybersecurity, recommends several strategic measures for companies to optimize their cybersecurity efforts. These include implementing Advanced Anomaly Control in cybersecurity products, utilizing easily-manageable solutions like Kaspersky Endpoint Security Cloud, investing in comprehensive training for employees, seeking expert assistance for security assessments, and referring to Kaspersky’s ‘Cybersecurity on a budget’ resource for practical tips on cost-effective cybersecurity.
