61% of SMEs suffered a data breach in the past three years

Small and medium businesses in Hong Kong are one of the most targeted in the region for cyber breaches, according to the ESET 2017 SMBs survey.

More than six in 10 (61%) Hong Kong SMBs suffered from a cyber breach within the past three years, the survey found.

The cause of these cyber breaches could be attributed to weak encryption methods, given that over half of their cyber breaches were due to the failure of encryption (57%) and two-factor authentication (55%).

Hong Kong SMBs may need to boost their encryption methods seeing as over two-thirds (67%) of companies use encryption for data in transit and a large majority (87%) of SMBs are most likely to use encryption for most devices.

"The cost of cyber breaches can be devastating to businesses, especially to small and medium businesses where the impact of just one cybersecurity incident can have the potential to put them out of business," said Parvinder Walia, Sales and Marketing Director for Asia Pacific and Japan, ESET.

"With Hong Kong being a hotbed for startups, cybersecurity needs to be prioritized to prevent SMBs from being an easy target for cybercrime."

The latest findings from ESET mirror the data on the overall perceptions and activities around cybersecurity for the region. Businesses in the region appear to be stepping up efforts in the fight against cybercrime given that a majority of businesses, regardless of size or market region, reported utilizing cybersecurity solutions such as antivirus software and firewalls.   

First published in Networks Asia