BEIJING – 19 July 2017 – In a new Asia-Pacific survey on cybersecurity, 86 per cent of Chinese respondents said cyberattacks have become more sophisticated, yet the biggest barrier they face in combatting cybercrime is keeping up with available security solutions. These and other findings were revealed in ‘The State of Cybersecurity Report in Asia-Pacific’ by Palo Alto Networks, the next-generation security company.

The survey also covered the sensitive subject of monetary loss due to cyberattacks in the period covering fiscal year 2016-17. Disturbingly, 74 per cent of Chinese respondents said they had been financially impacted, with two companies stating they had each suffered a loss between RMB3.4 million (US$500,000) and RMB6.8 million (US$1 million). Apart from money, Chinese businesses said they feared loss of client information (33 per cent) with 24 per cent fearing damage to reputation with clients and customers.

Other key findings in China revealed:

• Many have a ‘pick and mix’ approach to security: Rather than a comprehensive approach to security, Chinese businesses have taken an erratic approach when it comes to protective measures. Antivirus and firewalls are the most popular security measures taken, but just 13 per cent of those surveyed had any anti-ransomware measures, and 32 per cent had endpoint protection.
• Most have a positive attitude towards cybersecurity, but threats lurk within: 97 per cent said they had a dedicated IT department or team and, encouragingly, 78 per cent had increased spending to build better cyber defences. However, the biggest cybersecurity challenge was not from the outside but from within, with 48 per cent citing employees’ lack of awareness about cybersecurity. This was closely followed by risks from third-party service providers and suppliers (46 per cent).
• There is broad support for reporting: When it came to the reporting of breaches to the regulator, 86 per cent said it should be mandatory and 90 per cent said it will help prevent cybercrime. Encouragingly, 64 percent said they shared attack information with other companies in their industry. This was the highest in the region, which averaged 44 per cent.

QUOTE

• ‘China businesses are experiencing an onslaught of sophisticated cyberattacks and have, unfortunately, suffered financial loss. Every company is a target, irrespective of industry sector, because the vast majority of cyberattacks are designed to gain a financial reward. Organisations will be better placed to mitigate internal and external threats by adopting a prevention-minded approach to cybersecurity.’
  
  - Sean Duca, vice president and regional chief security officer for Asia-Pacific, Palo Alto Networks

Learn More

• ‘The State of Cybersecurity in Asia-Pacific’ report features analysis, practical strategies and tips that can be implemented to help companies in Asia-Pacific keep up with rapidly evolving cybersecurity technologies.

Note to Editors

• The survey was conducted amongst more than 500 business professionals in APAC, covering Australia, China, Hong Kong, India and Singapore markets.

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About Palo Alto Networks

Palo Alto Networks is the next-generation security company, leading a new era in cybersecurity by safely enabling applications and preventing cyber breaches for tens of thousands of organizations worldwide. Built with an innovative approach and highly differentiated cyberthreat prevention capabilities, our game-changing security platform delivers security far superior to legacy or point products, safely enables daily business operations, and protects an organization’s most valuable assets. Find out more at www.paloaltonetworks.com.

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Media contacts:
Martina Schulze-Warnecke
Senior Manager, Corporate Communications, Asia Pacific & Japan, Palo Alto Networks
+65 9295 9707
mswarnecke@paloaltonetworks.com

Jack Zhang
Newell PR
Jack@newell.com