| | JULY 20234According to a report by cybersecurity firm CloudSek, India, US, Indonesia, and China accounted for 45 percent of total cyberattacks on government agencies worldwide in the second half of 2022, to say nothing of the attacks in the corporate realm. The explosion of the technology industry over the past few years has been a giant leap for the corporate realm, but came along was an extremely sensitive cyber threats scenario. According to a recent IDC report, four out of five banks in Asia/Pacific will increase their technology budget in 2023, with security and data transformation as key investment areas. The IDC survey also revealed that 80.4 percent of banks plan to increase their budgets in security/identity and access management, followed by big data & analytics (68.4 percent) and artificial intelligence(AI)/machine learning solutions (64.6 percent). The priorities above indicate the increase in digital transactions and the subsequent urgency for banks to address the rapidly escalating security threats landscape. The focus is largely on institutionalized threat actors with AI-enhanced tools to combat security risks. The report also shows increasing investments in data transformation suites, thanks to banking data emerging as a significant commodity and driver of new revenue--to the tune of deploying new analytic frameworks and methodologies offering banks immense advantages over their competitors.Other survey findings indicate that one of the largest pain points for banks when navigating digital transformation is maintaining stability and minimizing downtime (47.8 percent), followed by managing operational risks of migration (43.7 percent). Going forward, APeJ banks will prioritize enabling third-party integration (50.0 percent) and innovating corporate banking products via API (48.1 percent) over the next two years. Additionally, 70.6 percent of banks believe their ESG strategies will positively impact their profits in the next five years. The message is clear: lift your guard up or face the dire consequences.Sujith VasudevanManaging Editoreditor@ceoinsightsasia.comEditorialLift Your Shield, Now Vol 04 · Issue 4-5 · JULY, 2023 Publisher Alok Chaturvedi Manager - DesignPrabhu Dutta A.R.N Ray Noida Rohit Raghubanshi Akshay Shettyadvertise@ceoinsightsasia.comEditorial queries editor@ceoinsightsasia.comTo subscribeVisit www.ceoinsightsasia.com/subscribe/ or send emailto subscription@ceoinsightsasia.comMagazine Price is $50 per issuePublisher Alok ChaturvediPrinted and Published By Alok Chaturvedi on behalf of InfoConnect Web Technologies India Pvt. Ltd., and Printed at Precision Fototype Services at Sri Sabari Shopping Complex, 24 Residency Road Bangalore-560025 and Published At No. 124, 2nd Floor, Surya Chambers, Old Airport Road, Murugeshpalya, Bangalore-560017.Copyright © 2023 InfoConnect Web Technologies India Pvt. Ltd., All rights reserved. Reproduction in whole or part of any text, photography or illustrations without written permission from the publisher is prohibited. The publisher assumes no responsibility for unsolicited manuscripts, photographs or illustrations. Views and opinions expressed in this publication are not necessarily those of the magazine and accordingly, no liability is assumed by the publisher. Designer Tushar DasVP - Sales & Marketing Amrit Kumar Singh Circulation Manager Magendran Perumal Editorial Team P. Tejaswini Nalini Brahmanapalli Roshan Akthar Managing Editor Sujith Vasudevan Assitant Editor Hima P M
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