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Bangkok: The vulnerability to cyberattacks in the Asia-Pacific financial industry is twice the global average. This is because investments in cybersecurity have not kept pace with the region’s economic and digital growth, according to experts.
These cyberattacks are expected to increase as organizations adopt new technologies, change domains, and increase their use of artificial intelligence, leaving their systems vulnerable in the process, the experts added.
The Reserve Bank of India (RBI) has introduced a dedicated “bank.in” domain for Indian banks to enhance online security, minimize phishing attacks, and strengthen confidence in digital banking and payment systems. However, banks are at a higher risk during the migration process, according to experts.
“The migration process is a highly vulnerable time for any organization, with a higher risk of phishing attempts. People should be aware of the new domain and not fall for attacks from impersonating domains like ‘bonk.in’,” said Ofir Israel, Vice President of Threat Prevention at Check Point Software.
Organizations in the APAC region faced 2,915 attacks per week, compared to the global average of 1,843 attacks per week. Executives in charge of cybersecurity have also noticed a significant increase in phishing attacks and a growing trend of data breaches caused by unauthorized access.
“There are auctions on the dark web where access details of employees are sold, and passwords are usually stolen from saved credentials on the user’s browser. 70% of passwords are stolen from an individual’s personal computer, but that data is processed to find any corporate access,” said Lotem Finkelstein, Director of Threat Intelligence at Check Point Software.
As cyberattacks increase, organizations will need more cybersecurity insurance. However, insurance may not fully cover the impact of an attack as hackers continue to find new ways to carry them out. “Having insurance will never cover the magnitude of the problem when an organization is hacked. The best approach is to prevent the attacks,” said Itai Greenberg, Chief Revenue Officer at Check Point Software.
“Knowledge about best practices is available, but the biggest gap for organizations is the existing talent shortage, which puts them in a position where best practices cannot be implemented,” Israel added.
The company plans to expand its R&D in Bengaluru, accommodating over 100 engineers initially, and 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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