Why Asia Is More Vulnerable for Cybercrime. Asia accounts for eight of the top 10 countries most vulnerable to Internet crime, according to the Security Threat Report published by cybersecurity company Sophos not long ago. Last year, hackers targeted financial institutions in Hong Kong. Among those breached were the city’s unit of Malaysia’s Public Bank and Hong Kong wealth manager Kowloon Global. Cybersecurity breaches take a heavy toll on Asia. Consultancy firm Grant Thornton reported last September that cyber attacks were estimated to have cost Asia-Pacific businesses $81 billion in the prior 12-month period. Globally, the total cost of attacks was estimated to be at least $315 billion during the same timeframe.
Asian Enterprises more Vulnerable to Cybercrime
Asian enterprises are among the most vulnerable in the world to digital attacks and cybercrime, due to an overall complacency about web and email security. Asia enterprises seem more complacent and accepting of spam and viruses, compared to their counterparts in other regions. Enterprises in the US and Europe simply do not tolerate cyber attacks. Cyber security insiders would expect that over the next few years, the markets in Asia will take on a higher level of security and not accept spam nor viruses coming in to their organization. Asian companies are targeted 35 to 40 percent more than the global average, according to network security company FireEye. In the past two years, more than 20,000 China-based websites were hacked, and more than 8 million servers hijacked by programs controlled from overseas. India is ranked among the top five countries to be affected by cyber crime and is considered the “ransomware capital of the Asia Pacific”. Ransomware is a type of malware, or intrusive software, that limits users from accessing their system.
Bloomberg Video about Cybercrime in Asia
Experian Southeast Asia (a global information services group with operations in 40 countries) Managing Director Jeff Price discusses the rise of cybercrime around the globe and why Asia is more vulnerable. He speaks to Bloomberg’s Rishaad Salamat on “Trending Business.” Click on the “enlarge button” – in the lower right corner – to watch the video in full screen. (and click again to return to this page).