The pandemic has accelerated consumers’ digital transition, especially in Southeast Asia. With 125,000 new users coming online every day, culminating to 100M additional Internet users in the last 3 years, the region has become one of the fastest-growing digital markets in the world, expected to reach US$4330B by 2025. While the convenience of cashless and online transactions is a boon for consumers, the real winners are the cyber actors who take advantage of the expanded digital attack surface with the proliferation of mobile applications(apps), unsecured wi-fi and cloud. With the region emerging as the hardest-hit for distributed denial-of-service (DDoS) attacks, accounting for 39% of total attacks globally, financial services institutions (FSIs) are facing unprecedented fraud levels.
Southeast Asia Financial Services Landscape 2023
