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117,339 cyber attacks a day globally: PwC

A NEW study released on Thursday shows that the number of reported cyber security incidents globally rose 48 per cent to 42.8 million this year. This is equivalent to 117,339 attacks per day.

The Global State of Information Security Survey 2015, released by PwC, notes that as the frequency of cyber incidents have risen so too has the reported costs of managing and mitigating them.

Globally, the estimated average financial loss from cyber incidents was US$2.7 million - a 34 per cent increase over 2013. Big losses have also been more common, with the proportion of organisations reporting financial hits in excess of US$20 million nearly doubling.

According to the survey's more than 9,700 respondents, the number of cyber incidents detected increased at a compound annual rate of 66 per cent since 2009.

Vincent Loy, PwC Singapore's Cyber Risk leader, noted that the rising frequency and cost of cyber incidents do not come as a surprise. However, he added that, in some cases, the lack of investment in managing cyber threats and involvement at the board level is a concern.

The Asia-Pacific remains a leader in implementing strategic processes and safeguards for information security, setting the pace in numerous practices.

The survey found that the Asia-Pacific is more likely to have an information security strategy that is aligned to the specific needs of the business and to have a senior executive who communicates the importance of security across the enterprise.