Hong Kong Cybersecurity Crisis: Rising Scams and Cyberthreats Lead to Significant Losses, New Survey Reveals

Cybersecurity risks surge in Hong Kong, leading to financial losses due to fraudsters, according to a survey. Digital scams are now the prevalent online risk in Hong Kong, resulting in financial or time loss for almost two-thirds of the affected individuals, as per a recent report.

This year, Hong Kong has experienced a significant rise in internet threats, including scams, phishing, and malware, according to a survey. The city continues to struggle with a lack of knowledge about cybersecurity.

Nearly half, 49 percent, of those surveyed in Hong Kong have encountered cyber threats in the last year, a rise from the previous 40 percent, as stated in a recent study by Norton, a provider of antivirus software.

The survey revealed that scams posed the greatest risk online, impacting 34% of those who responded. Almost 66% of those scammed experienced either a loss of money or wasted time. The following most widespread dangers, phishing and malware, each impacted 28% of the survey participants, as stated by the US-based firm, a branch of the software company Gen Digital listed on Nasdaq.

In July, Hong Kong authorities reported a 37% annual increase in financial damage caused by internet fraud for the initial five months of 2024. This increase happened despite the fact that the number of such cases only saw a rise of less than 1%.