HK’s human-initiated cyberattacks surge by 44% YoY

The rise in attacks coincided with a significant surge in digital transactions.

The volume of human-initiated and automated cyberattacks jumped by 44% and 74% year-on-year (YoY), respectively, according to a report by LexisNexis Risk Solutions.

As an open economy and international business hub, Hong Kong has been a target for fraud originating from mobile apps (96%) and desktop channels (63%).

However, attacks coming from mobile devices have decreased by 30% YoY.

The report noted the rise in attacks coincided with a significant surge in digital transactions.

Moreover, Hong Kong’s overall attack rates (0.4%) are slightly below Asia’s average (1.1%). Meanwhile, financial losses continued to rise particularly fraud losses from investment scams.