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Financially motivated cyberattacks in APAC on the rise

Financially motivated cyberattacks are on the rise in recent weeks in Hong Kong and the rest of Asia-Pacific, according to cybersecurity consultancy Kroll. The most common types of attacks are ransomware and email attacks, according to Paul Jackson, Kroll's regional managing director for Kroll’s Cyber Risk practice in Asia-Pacific (APAC). Jackson said Hong Kong and the rest of Asia-Pacific have historically lower cybersecurity, making local organisations prime targets. Kroll earlier blamed low awareness of how to monitor for threats and the city’s outdated data protection law. Hong Kong was once considered a leader in data protection, with a data law dating back to 1996. According to the latest report from the Hong Kong Computer Emergency Response Team Coordination Centre, cyberspace threat detections increased more than 20% in the first four months of 2022 from the same period last year.

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