Lack of cybersecurity budget leads to many incidents in Asia-Pacific retail industry

Kaspersky conducted a study to consult with IT security professionals working in small and medium-sized enterprises (SMEs) and enterprises around the world about the impact HR can have on organizations.

The information security industry always needs a budget for security.

According to a recent study by Kaspersky, 25% of information technology (IT) personnel believe that the reason critical infrastructure, oil and gas, and energy sectors face many cyber incidents is due to ineffective budget allocation.

The latest survey also found that 19% of businesses in the region have experienced cyber incidents due to not investing in cybersecurity in the past two years. When it comes to finances, nearly 16% of businesses admitted that they do not have enough budget to fully equip themselves with cybersecurity measures.

Depending on the nature of each industry, businesses face different cybersecurity issues. For example, retail organizations face many cyber incidents due to budget shortages (37%), followed by telecommunications companies (33%) and critical infrastructure, energy, oil and gas (23%).

Additionally, some industries are less exposed to cyberattacks. Due to budget constraints, manufacturing experienced 11% of cyber incidents, while transportation and logistics saw 9% of cyber incidents.

“The e-commerce market is expected to reach $2.05 trillion in APAC by the end of 2023, which explains why the retail sector has become a target for cyberattackers. Accordingly, businesses have undergone digital transformation and possess a treasure trove of data, especially financial data,” commented Adrian Hia, Managing Director of Asia-Pacific at Kaspersky.

Kaspersky recommends that businesses: Use cybersecurity products with Advanced Anomaly Control such as Kaspersky Endpoint Detection and Response Optimum; Invest in training courses for employees – from general employees to key decision makers in the business. The Kaspersky Automated Security Awareness Platform training course teaches employees how to use the Internet safely and includes exercises that simulate phishing attacks; Refer to Kaspersky's "Cybersecurity on a budget" document for small and medium-sized businesses to learn how to spend wisely on IT without compromising security….

KIM THANH

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