Chinese firms see 969% increase in cybersecurity incidents since 2014
Chinese firms saw a 969% rise in cybersecurity incidents since 2014 thanks to a large-scale adoption of internet of things (IoT) devices, says PricewaterhouseCoopers (PwC). Around 2,577 incidents were reported this year, compared to only 241 in 2014, PwC's survey showed. Marin Ivezic, partner for risk assurance, cybersecurity and privacy at PwC, said IoT devices are easy to hack as they are often not equipped with adequate security. Meanwhile, total cybersecurity budgets for Chinese firms dropped by 7.6%, to $7.3m, in 2016.

PwC survey found that companies view insiders as the most likely source of cybersecurity incidents. Photo: Reuters