Close to two years since Covid-19 began, businesses accustomed to working remotely expect cases of cybercrime to increase in 2022. That’s according to a recent survey conducted by PwC, which finds that around 62% of organizations based in mainland China and Hong Kong are anticipating an increase in cyberattacks particularly in cloud services, where a lot of businesses have shifted to enable work-from-home capabilities.
“Moving to the cloud can help simplify business processes and IT architecture, provide flexibility and accelerate innovation. Done right, cloud transformations can be secure, efficient and successful. Organizations must step up to build trust in their data – making sure it is accurate, verified and secure, so that customers and other stakeholders can trust that their information will be protected in the cloud,” highlights Kok Tin Gan, cybersecurity and privacy partner at PwC Hong Kong.
Demand for digital enhancements is expected to grow next year with 82% of respondents from mainland China and Hong Kong predicting an increase in their cyber spending in 2022, with many of them citing investments in cloud security as a major priority for their internal systems.
As many companies strive for digital efficiency and automation amid the ongoing pandemic, cloud computing, despite the cybersecurity risks, is poised to play a pivotal role in offering the best customer experience for end-users.
During Alibaba Group’s internationally famous Singles’ Day online shopping festival, integration with the tech giant’s cloud system was able to reduce computing resources by 50% and boost technology development efficiency by 20%.
Outside of enterprise systems, the growing acceptance of cloud computing is making its way into the capital markets. For example, Nasdaq and Amazon Web Services recently inked a multi-year partnership where Nasdaq would migrate its North American markets to AWS’ system in 2022.
The global cloud computing market size is expected to grow rapidly in the next few years and predicted to reach US$947.3 billion in 2026 from an estimated US$445.3 billion in 2021, according to data from ReportLinker.