Protecting your business and community against cyber attacks is essential, especially in the Asia-Pacific (APAC) region, where recent data breaches have highlighted the need for stronger cybersecurity measures. With cybercriminals becoming more advanced and sophisticated, businesses in APAC must take cybersecurity seriously to avoid financial losses and repetitional damage.
Fortunately, more organizations in the region are recognizing the importance of cybersecurity and increasing their budgets for this purpose. In fact, 64% of organizations in the APAC region have reported a trend of increasing their cybersecurity budget and spending, according to Kroll’s latest APAC State of Incident Response report. In addition, there have been recent changes in legal frameworks, with businesses now facing financial penalties of up to AU $50 million or 30% of the infringing company turnover, whichever is greater.
Despite these efforts, many APAC organizations are still inadequately prepared for cybersecurity breaches, with a higher rate of data exfiltration, web application firewall (WAF), and web gateway-based breaches compared to their global counterparts. Therefore, it's essential for businesses to invest in continuous security validation to identify potential security gaps.
Cybersecurity breaches can have a significant impact on national security, as demonstrated by recent data breaches in the region. This has led to increased awareness and tighter regulations, with the Australian government considering outlawing the payment of ransom in response to recent attacks. The region's high median wealth per adult also makes it attractive to cybercriminals, highlighting the need for businesses and individuals to prioritize cybersecurity.
Assessing the value of cybersecurity investments is critical to determine where additional resources should be allocated. It's essential to validate the efficacy of security solutions and implement continuous security validation to quantify risk exposure and identify underperforming solutions. A platform that covers all potential security gaps, from exposed assets and initial foothold entry points to data exfiltration, is essential for organizations to grow in cybersecurity maturity.
In conclusion, cybersecurity is an issue that affects everyone, and businesses in APAC must take proactive measures to safeguard themselves and their communities. By increasing cybersecurity spending, implementing continuous security validation, and staying up-to-date on the latest threats and regulations, businesses in APAC can work towards a safer digital future.