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A security breach is not uncommon for most businesses in the Asia-Pacific region, however, 44 percent of the decision-makers in the region feel theirs and others cybersecurity is not a high priority or up to par. An online survey by Fortinet showed that throughout the past two years nearly 86 percent of businesses around the region have suffered some form of a security breach while 48 percent had a ransomware or malware attack.
In light of the number of breaches, about half of those surveyed felt their companies board members aren’t getting the point and the levity of the situation just isn’t hitting home. However, 73 percent say their IT security budget increased from the year before and 64 percent said they spend 10 percent of their IT budgets on security measures.
The Fortinet study questioned 601 people from Singapore, Australia, India, Indonesia, and other countries throughout the region, and it was found that nearly 80 percent of the workers answered that greater scrutiny is needed for cybersecurity.
The main driving point for the respondent’s answers is the switch to cloud-based systems as the reason for a stronger need for better IT security within their companies. This is especially poignant since 55 percent of respondents said their organization will be changing over to a cloud-based security system in the next year.
“As organizations now embrace digital transformation and turn to technologies like the cloud, cybersecurity is no longer just an IT investment but a strategic business decision. In today's digital economy, I expect the trend we've seen at the board level to accelerate with security being treated as a top priority within an organizations' broader risk management strategy," said Fortinet’s Senior Executive Vice President of Worldwide Sales and Support, Patrice Perche.
Something to take from the recent Equifax breach and the wannacry virus attacks is that their companies' board members will more than likely take their IT security more seriously, according to 58 percent of those polled. Meanwhile, 37 percent feel that legislation like the General Data Protection Regulation (GDPR) will force the hand of company board members to take a longer look at cybersecurity.