Cybersecurity used to be regarded solely as an IT issue; a concern discussed only by experts in the field. Today, terms such as ‘hacking’, ‘ransomware’ and ‘data breach’ commonly grab headlines in mainstream media, a testament to the scale of the problem these have become. According to Juniper Research, the cost of data breaches globally is expected to skyrocket to US$2 trillion by 20191, quadrupling in only four years.
Fortunately, businesses have begun stepping up their efforts in battling this growing threat. A recent report by IDC estimated that businesses worldwide spent US$73.7 billion on security technology in 20162, with this spending likely to exceed US$100 billion by 2020. Against a backdrop of rapid digitalisation – particularly among emerging economies – the Asia Pacific region is expected to be the fastest growing region with an annual growth rate of 13.8% over the 2016-2020 forecast period. Read more here.
