A recent study by Kaspersky Labs has identified Asia-Pacific Countries (APAC) as among the most prominent targets of cyberattacks owing to their rapidly increasing usage of digital technologies coupled with lack of awareness regarding cybersecurity, and limited resources deployed towards mitigation.
However, countries vary greatly in their ability to understand and address these challenges. Such threats can emerge from both State and Non-State actors. These threats impact national defence authorities, critical infrastructures, commercial enterprises, and enforcement agencies alike. These include threats of cyberattacks such as ransomware, political espionage, economic espionage, identity theft, and intellectual property theft. However, ensuing interconnectivity and reliance on digital technologies exposes society/economies to several risks.
This helps businesses or organisations improve their operations and develop better products and services for existing and prospective consumers. The shift towards the digital economy has also empowered enterprises in amassing and analysing massive amounts of data. The digital economy has significantly contributed to the increase in services trade, reduced trade costs, and increased participation of micro, small and medium enterprises (MSMEs) within international trade. As a result, countries, businesses and individuals worldwide are embracing this shift and are becoming increasingly reliant on digital technologies. In addition, the COVID-19 pandemic has further accelerated the digitalisation process. Emerging technologies such as Big Data, Artificial Intelligence (AI), Internet of things (IoT), among others, have led to the digitalisation of the economy and society and has transformed our day-to-day lives. Cybersecurity concerns are increasingly creeping into the international trade arena.