The APAC region to invest more in security market over the next 5 years

Friday 20 September 2019 07:27 CET | News

Asia Pacific (APAC) is expected to invest more in security spending owing to the increasing number of identity and access breaches, according to a Yahoo Finance report.

The region consists of the worlds fastest-growing economies such as China, India, and Japan. Moreover, technology penetration in the region is high. Though the region is adopting high security technologies, it is targeted by several cyberattacks. In 2018, APAC witnessed rising threats; for instance, the computer systems of two banks in Thailand were compromised, which affected the personal and corporate data of more than 120,000 customers, according Yahoo Finance.

According to a survey by Fair Isaac Corporation (FICO) cited by Yahoo Finance, 74% of APAC banks surveyed believe that cases of fraud in their country will increase significantly in 2019. As per Global Cybersecurity Index (GCI) 2017 by International Telecommunication Union (ITU), Singapore and Malaysia are among the top five countries globally that have shown commitment toward building national policies for protection against cybercrimes.

This has led to increased adoption of IDaaS solutions in the region.

Overall, the IDaaS market is projected to grow from USD 2.5 billion in 2019 to USD 6.5 billion by 2024, at a Compound Annual Growth Rate (CAGR) of 21.1% during the forecast period.

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Keywords: data breaches, digital identity, IDaaS, cybercrime, cyber criminals, APAC, fraud prevention, online security, report
Countries: World

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