Approximately 55% of financial institutions in Asia-Pacific still feel that a rather reactive, detect and respond approach towards cyber security is more important than prevention, according to a survey.

Palo Alto Networks’ recently launched survey entitled The State of Cybersecurity in Asia-Pacific was conducted amongst more than 500 business professionals in APAC, covering Australia, China, Hong Kong, India and Singapore markets.

It revealed that in the current financial year alone, 3 out of 10 financial institutions in Asia-Pacific surveyed have lost over $100,000.

Additionally, 72% of respondents claim to have received additional cybersecurity budgets over the past year and 52% of financial institutions have also adopted big data analytics to detect security breaches and fraud, according to the survey.

Sean Duca, vice president and regional chief security officer for Asia-Pacific at Palo Alto Networks said: “Over the past few years, we have seen the finance industry taking greater action to ensure that their organisations are able to effectively mitigate cyberthreats. However, before even talking about cybersecurity budgets, a financial institution must first ensure that they adopt an approach that minimise risks the most. A reactive approach towards cybersecurity simply isn’t enough to counter today’s most sophisticated cyberthreats, and we must not overlook the importance of prevention.”

 

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By GlobalData