Manila, Philippines – With more state agencies falling victim to cyber-attacks, the latest International Data Corporation forecast revealed that cybersecurity spending in Asia Pacific will amount to US$36b in 2024, an increase of 12% from last year.
In this report, the public sector in Asia Pacific, which includes the Philippines, is set to invest at least US$7b this year to bolster its digital defences against potential threat attacks.
The 2024 growth estimate indicates that cybersecurity investments in the region are projected to increase by an average of 13% annually between 2022 and 2027.
The IDC further predicts that spending on security hardware, services, and software will also reach US$52b by 2027. This reflects a prioritisation of cybersecurity investments to mitigate the risks of digital attacks.
This year, the finance sector is also expected to lead in cybersecurity spending, comprising 23% of total expenditures across all industries in the region. IDC noted that banks are enhancing their online security measures to maintain customer trust amidst the evolving cyber threats.
On the other hand, governments are expected to account for 20% of the total cybersecurity spending to enhance data protection measures for the information entrusted to them.
Additionally, the said organisation also anticipates that telcos will represent the third-largest share of cybersecurity spending for the year, accounting for 12% of the US$36b aimed at enhancing security capabilities to protect online transactions.
