Investing in cybersecurity is cheaper than dealing with a breach

It is no longer the question of whether cybersecurity should be part of a holistIt is of no exaggeration to say that every business nowadays is striving to keep pace with the technology development, if not to lead the technology revolution.

There was a time when the biggest cybersecurity threats were happening at the network layer, and the top of mind among IT staff responsible was to have a complete network visibility.

However, with the wide adoption of cloud computing, the influx of cloud-based applications and the popularity of BYOD in the workplace, today’s cyberattacks are now happening across multiple layers beyond enterprise IT infrastructure..

In fact, according to the last year’s Application Security in the Changing Risk Landscape  report by Ponemon Institute, almost half of the respondents (50%) cited application layer attacks happen more frequent and 60% of those surveyed said attacks happening at theapplication layer are more severe than at the network layer. Cisco’s Annual Cybersecurity Report 2017 also echoed this trend, saying more than half of security professionals identified mobile devices (58%), data in public cloud (57%), and cloud infrastructure (57%) to be their biggest sources of concerns when it comes to cyberattacks.

All eyes on Asia-Pacific

According to London-based consultancy Grant Thornton, organizations in Asia Pacific lost an estimated US$81.3 billion in revenue due to cyberattacks compared with US$62.3 billion in Europe and US$61.3 billion in the U.S.

When zooming in each market in Asia, Hong Kong is unfortunately believed to have the second-highest risk of cybersecurity breaches in Asia. In April, The Securities and Futures Commission stated that 20 hacking attacks over the past 18 months led to investor losses of HK$110 million (US$14.2 million) in total.

In light of these devastating occurrences, you might think counter-cybercrime measures have already been put in place in all organizations, or at least among financial institutions, given they are the most coveted prey of cybercriminals in Hong Kong. However, according to PwC Hong Kong FinTech Survey 2017, despite the fact that 82% of surveyed traditional BFSIs aim to enter some form of partnership with a FinTech business in the next three to five years to beef up their offerings and financial data management, over 70% said  that IT security and Information privacy are the top concerns that hinders their adoption of new technologies to rejuvenate its IT infrastructure and customer services.