Companies urged to hike spending on cybersecurity

Chinese companies' spending on cybersecurity is almost a quarter more than the global average, according to a survey by global consultancy firm PwC.

The average cybersecurity budget by surveyed companies in the Chinese mainland and Hong Kong is 23.5 percent higher than the global average, with a total average budget of $6.3 million per company.

Of the respondents, 83 percent cited digital transformation as an underlying motivation for investing in cybersecurity, and 72 percent of the respondents from the Chinese mainland and Hong Kong have an internet of things (IoT) security strategy in place, above the global average of 67 percent.