From: Which-50

Concern is growing among regulators in the Asia-Pacific region that financial services are increasingly at risk of a systemic cyber event. As such events will pose a major threat to the financial system, regulators across the region are moving rapidly to strengthen their regulatory and supervisory capabilities.

According to Deloitte’s Cyber Regulation in Asia-Pacific report, cyber-attacks globally and within Asia-Pacific are increasing in frequency and sophistication. The cost of cybercrime is estimated to reach up to $US575 billion a year, with financial services organisations a key target.

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