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The ever-changing digital world has encouraged threat actors to devise new ways to breach organisations’ IT security.
“Business continuity is ever dependent on information security,” says Ivan Vassunov, VP, Corporate Products at Kaspersky.
“Nowadays, when infrastructure becomes more complex, and cyber-attacks become more sophisticated, businesses are becoming more cyber aware and better understand the need for protecting every asset inside the organisation,” he mentioned.
PwC, a cybersecurity, data protection, and privacy service company, conducted a study that says there are two things that fueled improvements in IT security. First is the increase of digital technologies, and the other one is the growing threat landscape.
Additionally, Kaspersky gathered respondents across the globe to determine how much businesses are allocating for the IT security field. The study also reveals their future plans for the said industry. Out of the 3230 respondents, 834 of them were from Asia Pacific.
According to the study, SMBs and businesses are expected to boost their cybersecurity IT budgets over the next three years to address various concerns.
Enterprises’ median cybersecurity budgets in 2022 were US$3.75 million, while SMBs devoted $150k from their median IT budgets of $375,000 to IT security.
SMBs and businesses in Asia Pacific (APAC) plan to spend 3% more online defence than the global average of 14%.
The APAC respondents noted that the reason for their increase in the cybersecurity budget is the complexity of the IT structure and the need for specialists and experts to improve. They also want to have protection and combat geopolitical and economic risks.
“The recent EY CEO Outlook Pulse revealed the combined pandemic-related disruptions, rising inflation, geopolitical tensions, and climate change haunted enterprises in the Asia Pacific region last year,” says Chris Connell, Managing Director for Asia Pacific at Kaspersky.
“Adding up to this are the cybersecurity incidents like data breaches and ransomware attacks, which crippled major businesses in the region in 2022,” he says.
“Increasing spending on cybersecurity is a right step towards building companies’ defences against cyberattacks and protecting their assets against black swans that 2023 may bring.”
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