Cybersecurity budgets are increasing but are these investments bearing sufficient fruit for companies
The Malaysia report of the 2022 Global Digital Trust Insights unveils crucial findings from a survey conducted among 3,602 executives from global businesses, technology, and security sectors, including respondents from Malaysia and the Asia Pacific region. The report provides valuable insights into the extent of cyber planning, adoption, and streamlining necessary, along with the prevailing challenges and supply chain risks encountered by organizations in Malaysia.
Globally, over a quarter (26%) anticipate a double-digit increase in their cyber budgets for 2022. The year 2021 has been uncertain for cybersecurity, with increasingly sophisticated attackers exploiting vulnerabilities in our systems and networks. However, organizations are responding by investing more in cybersecurity, with 69% of organizations globally predicting an increase in cyber spending in 2022, and more than a quarter of organizations predicting a spending increase of 10% or more. Additionally, over 50% of organizations globally expect a surge in reportable incidents in 2022 compared to 2021, with ransomware and malware being the top threats. In the Asia Pacific region, one-fifth of respondents expect a growth of more than 10% in their 2022 cyber budgets, and over 50% expect an increase in reportable incidents in 2022. Vulnerabilities such as an unprotected server with 50 million records or a flaw in the code controlling access to crypto wallets could be targeted by attackers.
Globally, organizations are seeing 11-16% benefits from implementing cyber investments, but many have yet to realize benefits due to a late start or unclear focus on where to invest efforts. In Malaysia, nearly half of the respondents are planning and prioritizing cyber investments, with 6% realizing benefits from cloud security and similar proportions realizing benefits from security awareness training, cross-training security operations, and endpoint security. However, only 3% are realizing benefits from business continuity planning, despite 61% planning to implement it in the future.
Digital connections are becoming more complex as new technologies emerge. Health trackers, smartphones, and the Internet of Things have simplified our lives, but the processes required to maintain them, including cybersecurity, are also becoming more complicated. According to the 2022 Global Digital Trust Insights Survey, 75% of global respondents are concerned about cyber and privacy risks caused by avoidable organizational complexity. Therefore, it is important for enterprises to consciously and deliberately streamline and simplify their operations and processes, even if some complexity is necessary.
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