Asia-Pacific Cybersecurity Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)

The APAC cybersecurity market was valued at USD 30.45 billion in 2019, and it is expected to register a CAGR of 18.3%, during the period of 2020-2025. Cyber threats are internet-based attempts to damage or disrupt information systems and hack critical information, using spyware, malware, and phishing. Cybersecurity solutions help enterprises monitor, detect, report, and handle cyber threats to maintain data confidentiality.

• The adoption of cybersecurity solutions is likely to grow with the increasing penetration of the internet into the developing and the developed countries. Additionally, the expanding wireless network for mobile devices has increased the vulnerability of data, making cybersecurity an essential and integral part of every organization.
• According to Allianz Risk Barometer 2020, the average organizational cost of a data breach in the Association of Southeast Asian Nations (ASEAN) accounted for USD 2.62 million. The average number of records per breach is 22,500. 96% of the Singaporean businesses reported suffering a data breach between September 2018 and September 2019.
• Many emerging countries in the region, such as India, China, Singapore, and Japan, are facing increasing cybersecurity-related issues. India has experienced a rapid increase in cybercrime registration, with the country ranking fifth in terms of the overall DNS hijacks. Also, according to Gemalto, India accounts for 37% of the global breaches in terms of records compromised or stolen.
• According to the Cisco 2018 Asia-Pacific Security Capabilities Benchmark Study, Australia is the nation most under attack, with 90% of Australian companies reporting to have received up to 5,000 threats a day. Amongst it, 33% of Australian companies deal with 100,000 to 150,000 threats a day, and 7% deal with more than 500,000 threats each day.
• Many governmental and regulatory bodies in the region are identifying the need to balance technological innovation with risk management and user protection. Thus, they are incorporating strong regulatory and legislative framework for cybersecurity measures such that the digital economy can prosper without any hindrance. For instance, in its request submitted for the fiscal 2019 budget, Japan defense ministry has demanded funds for exercise sessions in a special “cyber training area” between SDF members divided into attack and defense teams. Also, the ruling Liberal Democratic Party submitted a proposal in May 2018 to the central government to consider the possession of cyber-attack capabilities to include such a goal in the guidelines.
• With the recent outbreak of COVID-19, the APAC Cybersecurity market is expected to witness significant growth as there are increasing trend of cyber-attacks through malware and ransomware in the context of COVID-19 which is forcing the organizations to adopt cybersecurity solutions as many of them have shifted to remote work atmosphere amid lockdown in various countries.
• According to Microsoft, 19 million ransomware and phishing attacks were noticed in the Asia region from February to May 2020 with respect to Covid-19 themed attacks.