Why Crypto Cybersecurity Is Expected To Reach $53.8 Billion By 2023

By Ashutosh Jha → Last Updated on Wednesday, March 16, 2022
In 2018, the Asian cybersecurity market was valued at $31.7 billion; in 2023, it’s expected to hit $52.8 billion.

This represents an 8.4-percent CAGR from 2019 to 2023. In this environment, Singapore, China, Japan, India and other emerging countries in that region have been confronting growing cybersecurity concerns.

Cybersecurity Threats Throughout the Asia-Pacific Region

Examples of cyber-attacks and mounting cybersecurity threats can be found throughout the APAC region. Cyber-scams here and around the world range from simple investment and giveaway scams to intricate Initial Coin Offering (ICO) fraud and worse.

Cyber Threats in India

India currently ranks fifth in the world in the overall number of DNS hijacks and faces a skyrocketing rise in cybercrime registration in general. India also accounts for 37 percent of global breaches in which records were stolen or compromised, reports Gemalto.

Cyber Threats in Bangladesh

Meanwhile, in Bangladesh, over $80 million was stolen from a bank in a 2016 cyber-attack. In the Philippines during that same year, government sites experienced frequent hacking activity.

Cyber Threats in Malaysia

In Malaysia, according to Cisco Systems, 60 percent of cybersecurity tech is outdated and vulnerable to cybercrime activity. In 2021 alone, ransomware attacks in the country increased by 151 percent.

These statistics and others like them have spurred increased awareness in the Asia-Pacific (APAC) region of the burgeoning cybersecurity risk there due to increasing connectivity and digital transformation. That awareness has, in turn, elevated concerns about mitigating these threats and demands for greater cybersecurity in the region, particularly in the era of crypto.

Combatting Cybercrime in the Asia-Pacific Region

Government initiatives in the area are already targeting cybercrime with new laws and data security measures. Currently, providing stringent cybersecurity guidelines and instituting strict cybersecurity deployment policies and procedures, the Department of Defense Information Assurance Certification and Accreditation Process (DIACA), Payment Card Industry Data Security Standard (PCI-DSS) and Health Insurance Portability and Accountability Act (HIPAA support the cybersecurity industry’s expansion into that region.

Cyberattacks in Finance

The Asia-Pacific region currently classifies cybersecurity solutions into categories like the public sector, healthcare, telecommunications and financial services.

Of these, the financial sector is a particularly heavy target of cyber threats, fueling expectations of the sector dominating the cybersecurity market. In Japan, for instance, an enormous number of cyberattacks took place in the financial industry in 2016, including attacks on 14,000 ATMs.

Cybersecurity Risks in Crypto

While blockchain itself introduces an unprecedented level of cybersecurity into the financial industry, it is not immune to cyber threats.

Its capabilities allow for strict integrity, confidentiality and availability of data, but it's still lacking in sufficient security standards and controls. That puts into question technology's secure scalability and ultimate sustainability.

To effectively sustain itself and continue to root for itself in the financial system, whether in the Asia-Pacific or elsewhere, the industry needs to invest heavily in cybersecurity tech innovations. Fortunately, some top crypto exchanges operating in places like Vietnam offer users robust security protocols and features to ensure safe transactions and storing of their crypto assets.

Already, more than a dozen major banks, hospitals, governments and blockchain trading platforms are doing so, making it even more incumbent on smaller players, such as those in emerging markets like APAC, to follow suit.

Ashutosh Jha

Ashutosh Jha is a professional blogger, Blog and IT Consultant. He writes about Blogging, SEO, Making Money, Internet Marketing and Web Design.
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