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In Bangkok, experts have revealed that the Asia-Pacific financial industry’s vulnerability to cyberattacks is twice the global average. This disparity arises from the fact that investments in cybersecurity have not kept pace with the region’s economic and digital growth.
As organizations adapt to new technologies, change domains, and increase their use of artificial intelligence, they will become more susceptible to cyberattacks, which are expected to rise in frequency.
The Reserve Bank of India’s introduction of a dedicated “bank.in” domain for Indian banks aims to enhance online security, minimize phishing attacks, and strengthen confidence in digital banking and payment systems. However, experts warn that banks are more vulnerable to risks during the migration process.
“The migration process is a highly vulnerable time for any organization, with a higher risk of phishing attempts. It’s essential for people to be aware of the new domain and not fall prey to attacks from malicious domains, such as ‘bonk.in’,” said Ofir Israel, Vice President of Threat Prevention at Check Point Software.
Organizations in the APAC region faced an average of 2,915 attacks per week, compared to the global average of 1,843 attacks per week. Executives in charge of cybersecurity have noticed a significant increase in data breaches caused by unauthorized access, as well as a rise in phishing attacks.
“There are auctions on the dark web where access details of employees are sold, and passwords are often stolen from saved credentials on the user’s browser. Approximately 70% of passwords are stolen from an individual’s personal computer, but this data is processed to find any corporate access,” said Lotem Finkelstein, Director of Threat Intelligence at Check Point Software.
As cyberattacks increase, organizations will require more cybersecurity insurance. However, insurance may not fully cover the impact of an attack, as hackers continue to find new ways to carry out attacks. “Having insurance will never cover the magnitude of the problem when an organization is hacked. The best approach is to prevent attacks,” said Itai Greenberg, Chief Revenue Officer at Check Point Software.
“The knowledge about best practices is available, but the biggest gap for organizations is the existing talent shortage, which hinders the implementation of best practices,” Israel added.
The company plans to expand its R&D in Bengaluru, initially accommodating over 100 engineers. The company will be hiring local talent for this R&D center.
(The correspondent was in Bangkok at the invitation of Check Point Software Technologies.)
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