- Premium Content It takes our newsroom weeks - if not months - to investigate and produce stories for our premium content. You can’t find them anywhere else.
Xavier Kong · · 4 min readSEA demands cybersecurity despite tech winter
Even as the tech industry in Southeast Asia confronts the prospect of an economic downturn by tightening their belts and laying off workers, the cybersecurity sector in the region is picking up steam.
Photo credit: hxzbdxy / 123RF
However, the growth of cybersecurity players in the region remains challenged due to local mindsets, despite the friendlier regulatory environment.
Remote work driving need for cybersecurity
The sector’s resilience comes from a matter of need instead of want, according to Peerapong Jongvibool, regional director for Southeast Asia and Hong Kong of US-based cybersecurity solutions provider Fortinet. He explains that the rise of ecommerce and remote working have increased the need for businesses to invest in cybersecurity, since “more connections need more security.”
“Sales have increased, and there is a 30% growth in the Southeast Asian and Hong Kong market year on year,” Jongvibool tells Tech In Asia.
A survey conducted by the Nasdaq-listed firm revealed that 72% of organizations polled in Southeast Asia and Hong Kong have experienced at least one cybersecurity-related incident, with 41% saying that these have cost them over US$1 million.
The survey also showed that 79% of executives intend to invest in specialized cybersecurity personnel for their companies to better protect their systems.
Photo credit: Palo Alto Networks
Palo Alto Networks’ State of Cybersecurity Report ASEAN 2022 shows a similar trend, with over two-thirds of the organizations polled planning to increase their cybersecurity budget in 2022.
The report also identified remote working as a factor in new cybersecurity challenges, including the increase in digital transactions between staff and third parties as well as unmonitored and unsecured IoT devices connected to corporate networks.
SEA as an unsecure market
The SEA market is “unsecure”, according to Jongvibool. This has drawn the attention of cybersecurity firms worldwide such as Cisco and IBM.
The number of cyberattacks in the region has risen in tandem with the growth of its digital economy. In Indonesia, 1.6 billion attacks were detected in 2021, an over 5x increase from 2019, which saw about 290 million attacks.
Regulators and institutions are already picking up on this trend and reacting to the growing threat of cyberattacks.
Challenges faced in entering the market
Stay ahead in Asia’s tech landscape
This is premium content. Subscribe to read the full story.
The cybersecurity sector has been thriving in Southeast Asia, with macro trends supporting the industry despite the economic slump.
We know this is not ideal. ⌛ Sign up in 20 seconds. Cancel anytime.
Our subscriber community includes professionals from these companies:
Stay updated on the go with our mobile app.
Get latest insights with smoother, more personalized experience through TIA mobile app.
