Spending to defend against cyberattacks is picking up speed in Asia, and the growth rate could outpace the global average this year.
The latest development underscoring the trend: the US$810 million acquisition of U.S.-based cybersecurity provider Trustwave Holdings Inc. by Singapore Telecommunications Ltd., Southeast Asia’s biggest telecom company by revenue.
The deal, announced Wednesday, follows recent high-profile breaches of companies such as Home Depot Inc., health insurer Anthem Inc. and Sony Corp.’s Sony Pictures Entertainment Inc. Hackers also targeted Malaysia Airlines’ website in January. In March, South Korean investigators said state-owned Korea Hydro & Nuclear Power Co. and its business partners were targeted in cyberattacks aimed at stealing internal data that included plant blueprints and employees’ personal information. Korea Hydro operates South Korea’s 23 nuclear reactors.
Executives and analysts in Asia say they are increasingly contemplating their digital defenses in light of more-frequent attacks.