Report: Cyber Crimes in China Soar by More Than 500%
Michael A. Katz | | Dec 08, 2015 04:32 PM EST |
(Photo : Getty Images) In the Chinese mainland and in Hong Kong, the average number of detected security incidents jumped to 1,245 over the past 12 months, from only 241 the previous year.
Online security breaches in China have skyrocketed more than 500% in the past year, according to the recently released PricewaterhouseCoopers (PwC) Global State of Information Security Survey 2016.
In the Chinese mainland and in Hong Kong, the average number of detected security incidents jumped to 1,245 over the past 12 months from only 241 reported during the same period the previous year, according to the survey.
Like Us on Facebook
The report also said that the average financial loss to China caused by the crimes rose 10% percent to $2.63 million. This is in contrast to the rest of the world, which actually saw a 5% drop in financial losses due to cyber crimes.
"We are witnessing attacks from all angles, but the industries facing the most impact include consumer, retail, and technology," PricewaterhouseCoopers' Samuel Sinn told Chinese state media.
According to the survey, hackers targeted consumer data, internal records and intellectual property. It found a 64% rise in security incidents concerning customer records, compared to an average increase of 35%.
It also reported that 50% of all detected security breaches were caused by current or former employees of targeted companies.
Just last week, there was a high-profile cyber attack on Hong Kong-based digital toymaker VTech Holdings, in which the data of 6.4 million children was breached. It reportedly us known hack targeting children.
And In September, many popular Chinese iOS apps were infected with malicious software.
In response to the surge in cyber crime, the survey also found that companies in China had boosted information security spending by 16% compared to last year.
Security spending in the China averaged $7.9 million, compared to the worldwide average of $5.1 million.
"Companies must continue evolving their security strategies to stay prepared for ever-growing cyber risks," Sinn said. "This should include implementing a robust control cycle to continuously identify new insider threats and improve security controls."
The survey was conducted online between May and June of 2015, and is based on responses from more than 10,000 company executives in 127 countries. More than 330 companies from the Chinese mainland and Hong Kong participated.
TagsReport: Cyber Crimes in China Soar by More Than 500%, Cyber security breaches, cyber attacks, PricewaterhouseCoopers (PwC) Global State of Information Security Survey, Samuel Sinn, Cyber Security, cyber crimes on the rise, Chinatopix
©2015 Chinatopix All rights reserved. Do not reproduce without permission
EDITOR'S PICKS
-
Did the Trump administration just announce plans for a trade war with ‘hostile’ China and Russia?
-
US Senate passes Taiwan travel bill slammed by China
-
As Yan Sihong’s family grieves, here are other Chinese students who went missing abroad. Some have never been found
-
Beijing blasts Western critics who ‘smear China’ with the term sharp power
-
China Envoy Seeks to Defuse Tensions With U.S. as a Trade War Brews
-
Singapore's Deputy PM Provides Bitcoin Vote of Confidence Amid China's Blanket Bans
-
China warns investors over risks in overseas virtual currency trading
-
Chinese government most trustworthy: survey
-
Kashima Antlers On Course For Back-To-Back Titles
MOST POPULAR
LATEST NEWS
Zhou Yongkang: China's Former Security Chief Sentenced to Life in Prison
China's former Chief of the Ministry of Public Security, Zhou Yongkang, has been given a life sentence after he was found guilty of abusing his office, bribery and deliberately ... Full Article
TRENDING STORY
-
China Pork Prices Expected to Stabilize As The Supplies Recover
-
Elephone P9000 Smartphone is now on Sale on Amazon India
-
There's a Big Chance Cliffhangers Won't Still Be Resolved When Grey's Anatomy Season 13 Returns
-
Supreme Court Ruled on Samsung vs Apple Dispute for Patent Infringement
-
Microsoft Surface Pro 5 Rumors and Release Date: What is the Latest?