Firms spend more in cyber crime battle
Print Edition
COMPANIES on the Chinese mainland and in Hong Kong are stepping up their fight against cyber criminals, according to a survey published yesterday.
They have been reacting to the rise in cyber crime by investing more in security. PwC’s Global State of Information Security Survey found 16 percent more funds were being invested into information security budgets in 2015 than a year ago. Security spending in the mainland and Hong Kong averaged US$7.9 million, surpassing the global average of US$5.1 million.
The average number of detected security incidents on the mainland and in Hong Kong hit 1,245 over the past 12 months, compared with the average of 241 in the previous year, according to the survey.
The average financial loss caused by cyber crimes in both places rose 10 percent year on year to US$2.63 million, compared to a 5 percent decline globally.
“We are witnessing attacks from all angles, but the industries facing the most impact include consumer, retail and technology,” said Samuel Sinn, a partner in PwC’s China Cyber Security Service.
Specifically, hackers targeted customer data, internal records and intellectual property. Survey participants reported a 64 percent rise in security incidents that compromised customer records, compared to the global average increase of 35 percent.
Many threats were internal. Exactly half of all detected security incidents were caused by current or former employees, the survey showed.
The mainland and Hong Kong have seen a chain of high-profile cyber attacks this year. Most recently, Hong Kong-based toymaker VTech was hacked, compromising the personal information of more than 6 million children.
In September, many popular Chinese iOS apps were found infected with malware.
The survey was conducted online between May and June and more than 330 companies from the Chinese mainland and Hong Kong responded.
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