Advances in technologies such as AI, IoT, RPA/IPA, Blockchain, Big Data Analytics, Cloud and AR/VR are disrupting the global business landscape. As China leads the world in IoT development and adoption, companies here encounter greater stimuli to adapt to stay competitive in a market characterised by particularly high-paced advancement. Many enterprises in China, particularly tech-savvy companies, are increasingly sensitive to the potential damage cyber threats pose. Consequently, alert companies in China continue to leverage cybersecurity as a competitive advantage and are taking pre-emptive action to reduce their exposure.
In addition to cyber security threats, companies must also prepare to meet the challenges of complying with rigorous new laws and regulations. These include the China Cybersecurity Law, effective since June 2017, as well as the EU General Data Protection Regulations (GDPR), which is scheduled to come into effect in May 2018. Businesses will have to ensure they adhere strictly to the rules or risk substantial costs for non-compliance.
Chinese companies’ spending on information security is almost a quarter more than the global average
Survey data shows that 72% of the respondents from China and Hong Kong have an IoT security strategy in place, above the global average of 67%.
Survey findings for mainland China and Hong Kong, showed customer records were the most commonly acknowledged target of security infractions, flagged by 46% of respondents. Financial loss (38%) and email compromise (36%) were the next most significant impacts cited by respondents.
Organisations continue to move critical functions to the cloud including IT, operations, finance and marketing/sales. The same cloud vendors are often shared by multiple large corporations, increasing the chance of systemic failures.
Mainland China Risk Assurance Partner
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