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FortiGuard Labs Reports Tenfold Increase in Ransomware

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3 years ago

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SUNNYVALE, Calif., Aug. 23, 2021 (GLOBE NEWSWIRE) —

Derek Manky, Chief, Security Insights & Global Threat Alliances, FortiGuard Labs
“We are seeing an increase in effective and destructive cyberattacks affecting thousands of organizations in a single incident creating an important inflection point for the war on cybercrime. Now more than ever, everyone has an important role in strengthening the kill chain. Aligning forces through collaboration must be prioritized to disrupt cybercriminal supply chains. Shared data and partnership can enable more effective responses and better predict future techniques to deter adversary efforts. Continued cybersecurity awareness training as well as AI-powered prevention, detection, and response technologies integrated across endpoints, networks, and the cloud remain vital to counter cyber adversaries.”

News Summary:
Fortinet® (NASDAQ: FTNT), a global leader in broad, integrated, and automated cybersecurity solutions, today announced the latest semiannual FortiGuard Labs Global Threat Landscape Report. Threat intelligence from the first half of 2021 demonstrates a significant increase in the volume and sophistication of attacks targeting individuals, organizations, and increasingly critical infrastructure. The expanding attack surface of hybrid workers and learners, in and out of the traditional network, continues to be a target. Timely collaboration and partnership momentum across law enforcement as well as public and private sectors is an opportunity to disrupt the cybercriminal ecosystem going into the second half of 2021. For a detailed view of the report, as well as some important takeaways, read the blog. Highlights of the 1H 2021 report follow:

1) Ransomware Is About Much More Than Just Money: FortiGuard Labs data shows average weekly ransomware activity in June 2021 was more than tenfold higher than levels from one year ago. This demonstrates a consistent and overall steady increase over a year period. Attacks crippled the supply chains of multiple organizations, in particular sectors of critical importance, and impacted daily life, productivity, and commerce more than ever before. Organizations in the telecommunications sector were the most heavily targeted followed by government, managed security service providers, automotive, and manufacturing sectors. In addition, some ransomware operators shifted their strategy away from email-initiated payloads to focusing on gaining and selling initial access into corporate networks further showing the continued evolution of Ransomware-as-a-Service (RaaS) fueling cybercrime. A key takeaway is that ransomware remains a clear and present danger for all organizations regardless of industry or size. Organizations need to take a proactive approach with real-time endpoint protection, detection, and automated response solutions to secure environments along with a zero-trust access approach, network segmentation, and encryption.

To view the accompanying “Growth in ransomware detections over the last 12 months (Jul ’20 – Jun ’21)” infographic please visit: https://www.globenewswire.com/NewsRoom/AttachmentNg/de6a07b7-487e-4b9c-96a3-89a1625cfd63 

2) One in Four Organizations Detected Malvertising: Ranking the prevalence of top malware detections by malware families shows a rise in deceptive social engineering malvertising and scareware. More than one in four organizations detected malvertising or scareware attempts with Cryxos being a notable family. Although, a large volume of the detections are likely combined with other similar JavaScript campaigns that would be considered malvertising. The hybrid work reality has undoubtedly encouraged this trend in tactics by cybercriminals as they attempt to exploit it, aiming for not just a scare but also extortion. Increased cybersecurity awareness is important as ever to provide timely training and education to help avoid falling victim to scareware and malvertising tactics.

3) Botnet Trends Show Attackers Push to the Edge: Tracking the prevalence of botnet detections showed a surge in activity. At the beginning of the year, 35% of organizations detected botnet activity of one sort or another, and six months later it was 51%. A large bump in TrickBot activity is responsible for the overall spike in botnet activity during June. TrickBot originally emerged on the cybercrime scene as a banking trojan but has since been developed into a sophisticated and multi-stage toolkit supporting a range of illicit activities. Mirai was the most prevalent overall; it overtook Gh0st in early 2020 and has reigned ever since well into 2021. Mirai has continued adding new cyberweapons to its arsenal, but it is likely that Mirai’s dominance at least still partially stems from criminals seeking to exploit Internet-of-Things (IoT) devices used by work-from-home or learning-from-home individuals. Gh0st is also noticeably active, which is a remote access botnet that allows attackers to take full control of the infected system, capture live webcam and microphone feeds, or download files. More than a year into remote work and learning shifts, cyber adversaries continue to target our evolving daily habits to exploit the opportunity. To protect networks and applications, organizations need  zero-trust access  approaches to provide least access privileges to secure against IoT endpoint and devices entering the network.

4) Disruption of Cybercrime Shows Reduced Threat Volumes: In cybersecurity not every action has an immediate or lasting effect, but several events in 2021 show positive developments specifically for defenders. The original developer of TrickBot was arraigned on multiple charges in June. Also, the coordinated takedown of Emotet, one of the most prolific malware operations in recent history, as well as actions to disrupt the Egregor, NetWalker, and Cl0p ransomware operations represent significant momentum by cyber defenders, including global governments and law enforcement to curb cybercrime. In addition, the level of attention that some attacks garnered spooked a few ransomware operators to announce they were ceasing operations. FortiGuard Labs’ data showed a slowdown of threat activity following the Emotet takedown. Activity related to TrickBot and Ryuk variants persisted after the Emotet botnet was taken offline, but it was at a reduced volume. This is a reminder of how hard it is to eradicate cyberthreats or adversary supply chains immediately, but these events are important achievements regardless.

5) Defensive Evasion and Privilege Escalation Techniques Favored by Cybercriminals: Studying higher resolution threat intelligence reveals valuable takeaways about how attack techniques are evolving currently. FortiGuard Labs analyzed the specific functionality inherent to detected malware by detonating the samples to observe what the intended outcome was for cyber adversaries. The result was a list of negative things malware would have accomplished if the attack payloads had been executed in target environments. This shows cyber adversaries sought to escalate privileges, evade defenses, move laterally across internal systems, and exfiltrate compromised data, among other techniques. For example, 55% of observed privilege escalation functionality leveraged hooking and 40% utilized process injection. A takeaway is that there is an obvious focus on defense evasion and privilege escalation tactics. Although these techniques are not novel, defenders will be better positioned to secure against future attacks, armed with this timely knowledge. Integrated and artificial intelligence (AI)-driven platform approaches, powered by actionable threat intelligence, are essential to defend across all edges and to identify and remediate shifting threats organizations face today in real time.

Partnership, Training, and AI-powered Prevention, Detection, and Response Is Vital
While government and law enforcement agencies have taken actions relative to cybercrime in the past, the first half of 2021 could be a game-changer in terms of the momentum for the future. They are working with industry vendors, threat intelligence organizations, and other global partnership organizations to combine resources and real-time threat intelligence to take direct action against cyber adversaries. Regardless, automated threat detection and AI remain essential to enable organizations to address attacks in real time and to mitigate attacks at speed and scale across all edges. In addition, cybersecurity user awareness training is as important as ever with anyone being a target of cyberattacks. Everyone needs regular instruction on best practices to keep individual employees and the organization secure.

Report Overview
This latest Global Threat Landscape Report is a view representing the collective intelligence of FortiGuard Labs, drawn from Fortinet’s vast array of sensors collecting billions of threat events observed around the world during the first half of 2021. Similar to how the MITRE ATT&CK framework classifies adversary tactics, techniques, and procedures with the first three groupings spanning reconnaissance, resource development, and initial access, the FortiGuard Labs Global Threat Landscape Report leverages this model to describe how threat actors find vulnerabilities, build malicious infrastructure, and exploit their targets. The report also covers global and regional perspectives as well.

Additional Resources

About FortiGuard Labs
FortiGuard Labs is the threat intelligence and research organization at Fortinet. Its mission is to provide Fortinet customers with the industry’s best threat intelligence designed to protect them from malicious activity and sophisticated cyberattacks. It is comprised of some of the industry’s most knowledgeable threat hunters, researchers, analysts, engineers and data scientists in the industry, working in dedicated threat research labs all around the world. FortiGuard Labs continuously monitors the worldwide attack surface using millions of network sensors and hundreds of intelligence-sharing partners. It analyzes and processes this information using artificial intelligence (AI) and other innovative technology to mine that data for new threats. These efforts result in timely, actionable threat intelligence in the form of Fortinet security product updates, proactive threat research to help our customers better understand the threats and threat actors they face, and by providing threat intelligence consulting services to help our customers better understand and defend their threat landscape. Learn more at http://www.fortinet.com, the Fortinet Blog, or FortiGuard Labs.

About Fortinet
Fortinet (NASDAQ: FTNT) makes possible a digital world that we can always trust through its mission to protect people, devices, applications and data everywhere. This is why the world’s largest enterprises, service providers, and government organizations choose Fortinet to securely accelerate their digital journey. The Fortinet Security Fabric platform delivers broad, integrated, and automated protections across the entire digital attack surface, securing critical devices, data, applications, and connections from the data center to the cloud to the home office. Ranking #1 in the most security appliances shipped worldwide, more than 530,000 customers trust Fortinet to protect their businesses. And the Fortinet NSE Training Institute, an initiative of Fortinet’s Training Advancement Agenda (TAA), provides one of the largest and broadest training programs in the industry to make cyber training and new career opportunities available to everyone. Learn more at https://www.fortinet.com, the Fortinet Blog, or FortiGuard Labs.

FTNT-O

Copyright © 2021 Fortinet, Inc. All rights reserved. The symbols ® and ™ denote respectively federally registered trademarks and common law trademarks of Fortinet, Inc., its subsidiaries and affiliates. Fortinet’s trademarks include, but are not limited to, the following: Fortinet, FortiGate, FortiGuard, FortiCare, FortiManager, FortiAnalyzer, FortiOS, FortiADC, FortiAP, FortiAppMonitor, FortiASIC, FortiAuthenticator, FortiBridge, FortiCache, FortiCamera, FortiCASB, FortiClient, FortiCloud, FortiConnect, FortiController, FortiConverter, FortiDB, FortiDDoS, FortiExplorer, FortiExtender, FortiFone, FortiCarrier, FortiHypervisor, FortiIsolator, FortiMail, FortiMonitor, FortiNAC, FortiPlanner, FortiPortal, FortiPresence, FortiProxy, FortiRecorder, FortiSandbox, FortiSIEM, FortiSwitch, FortiTester, FortiToken, FortiVoice, FortiWAN, FortiWeb, FortiWiFi, FortiWLC, FortiWLCOS and FortiWLM.

Other trademarks belong to their respective owners. Fortinet has not independently verified statements or certifications herein attributed to third parties and Fortinet does not independently endorse such statements. Notwithstanding anything to the contrary herein, nothing herein constitutes a warranty, guarantee, contract, binding specification or other binding commitment by Fortinet or any indication of intent related to a binding commitment, and performance and other specification information herein may be unique to certain environments. This news release may contain forward-looking statements that involve uncertainties and assumptions, such as statements regarding technology releases among others. Changes of circumstances, product release delays, or other risks as stated in our filings with the Securities and Exchange Commission, located at www.sec.gov, may cause results to differ materially from those expressed or implied in this press release. If the uncertainties materialize or the assumptions prove incorrect, results may differ materially from those expressed or implied by such forward-looking statements and assumptions. All statements other than statements of historical fact are statements that could be deemed forward-looking statements. Fortinet assumes no obligation to update any forward-looking statements, and expressly disclaims any obligation to update these forward-looking statements.

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Cayman Enterprise City Publishes Socio-Economic Impact Assessment by Economist and Leading Advisor on the Caribbean, Marla Dukharan

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11 hours ago

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May 16, 2024

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The Impact of Cayman Enterprise City’s Socio-Economic Development Project Nears USD $1 Billion
GRAND CAYMAN, Cayman Islands, May 16, 2024 /PRNewswire/ — Cayman Enterprise City (CEC) has released a Socio-Economic Impact Assessment by Marla Dukharan. The report illustrates that CEC is increasing its impact by supporting higher earnings for Caymanians and is driving a shift towards a knowledge-based economy by focusing on high productivity sectors. The release by Dukharan reads, “Caymanian resourcefulness and private sector-led innovation have been the driving force behind the islands’ outstanding socio-economic success. Cayman Enterprise City underpins the next generation of Cayman innovation and dynamism.”

With an economic impact of USD $130 million in 2023, contributing just under USD $1 billion to the local economic activity in 12 years since inception, “CEC is helping the nation to diversify economically, in terms of sectors and jobs, ensuring locals have economic and employment opportunities that match the nation’s progress,” the report reads.
The CEC socio-economic development project is now home to 352 Special Economic Zones Companies (SEZCos), many of which are globally recognised institutions led by top executives and industry experts. “CEC member companies are providing high-value employment with salaries exceeding those typically found outside of the special economic zone,” said Charlie Kirkconnell, Chief Executive Officer at CEC. “The CEC community is fully invested in Cayman and the report illustrates that the CEC socio-economic development project is making a very significant impact on Cayman’s economy and community.”
“As CEC continues to grow, it continues to create significant employment and entrepreneurial opportunities for Caymanians and we encourage anyone that might be interested in finding out how they might get involved, whether as a member of the community and/or as a volunteer in our Enterprise Cayman non-profit organisation (NPO).”
77% of Caymanian-held jobs at CEC member companies, are in sectors with high social returns and increasing global demand. “By putting skills first and prioritizing learning, CEC is enabling new industries to take root,” the release by Dukharan reads.
CEC, through its Enterprise Cayman NPO, is a first-mover in private sector-facilitated education and training in the Caribbean, making it a leading force to boost youth participation in the economy. By offering training in specialised skills, Enterprise Cayman is helping to close the gap in higher education and earnings for Caymanians. “Through Enterprise Cayman we’ve set out to strategically support meaningful employment and entrepreneurial opportunities for Caymanians, by providing internship and mentorship opportunities, by hosting skill-building and career focused training, and by providing invaluable networking and community engagement opportunities,” said Kirkconnell.
In 2023 individuals took advantage of 4,226 opportunities to participate in education, training, and career development events and, since launching entrepreneurial programming in 2021, Enterprise Cayman has worked with 41 new Cayman-born business ventures. “We’re helping to develop a local talent pool that meets the demand of Cayman’s growing digital innovation and technology sectors while, in parallel, offering exciting opportunities for individuals to launch new business ventures within an innovative business environment,” said Kirkconnell.  
With CEC’s new campus and state-of-the-art facilities, Signal House, the project “holds the promise of deep, continued economic impact,” the report concludes.
To access CEC’s economic impact assessments and Enterprise Cayman’s annual reports please visit https://www.enterprisecayman.ky/reports. For more information on how to get involved and for upcoming programmes and events visit www.enterprisecayman.ky. 
Website: www.caymanenterprisecity.com LinkedIn: @CaymanEnterpriseCityTwitter:  @CEC_CaymanInstagram: @CaymanEnterpriseCityFacebook: @CaymanEnterpriseCityYouTube: @ceccayman
About Cayman Enterprise City 
Cayman Enterprise City (CEC) is an award-winning development project which consists of three special economic zones (SEZs) focused on attracting knowledge-based and specialised-services businesses to set up a genuine physical presence in the Cayman Islands. The zones included within CEC are Cayman Tech City, Cayman Commodities & Derivatives Centre, and Cayman Maritime & Aviation City. With a dedicated Government Authority, licensing fee concessions and guaranteed fast-track processes, CEC enables international companies to quickly and efficiently establish a Cayman Islands office, which in turn enables them to generate active business income within a tax neutral environment.
About Enterprise Cayman 
Enterprise Cayman is a non-profit organisation (NPO) powered by Cayman Enterprise City in partnership with Cayman Islands’ special economic zone companies (SEZCos). The organisation, which applies the Theory of Change (TOC) methodology, provides Caymanians and residents with access to high-quality learning experiences and opportunities to develop and launch new business ventures, to pursue careers within the technology and innovation sectors, and to join a dynamic network of industry professionals. Let’s grow the next generation of Caymanian innovators and entrepreneurs with Enterprise Cayman!
Logo: https://mma.prnewswire.com/media/1317764/2860789/Cayman_Enterprise_City_Logo.jpg
FOR MORE INFORMATION:Contact: Kaitlyn Elphinstone  Email: [email protected]  

View original content:https://www.prnewswire.co.uk/news-releases/cayman-enterprise-city-publishes-socio-economic-impact-assessment-by-economist-and-leading-advisor-on-the-caribbean-marla-dukharan-302148206.html

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Strava Unveils New Chapter of Accelerated Product Development at Brand’s Flagship Event

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11 hours ago

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May 16, 2024

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The Company introduces increased product velocity, leveraging advancements in Artificial Intelligence, in service of its vision of a world connected through movement 
LOS ANGELES, May 16, 2024 /PRNewswire/ — Strava, the leading digital community for active people with more than 125 million athletes, today showcased its latest initiatives and product developments at its annual event, Camp Strava. With the theme of Progress, Together company leaders announced how the platform will empower its global community to make progress in the way they explore, move, and connect on Strava.

“Strava is gaining momentum to realize our vision of a world connected through movement,” said Michael Martin, chief executive officer of Strava. “We are focused on two fundamental shifts to accelerate how we deliver value to 125 million people globally– building for women and leveraging Artificial Intelligence – which will unlock new community-and-partner-powered experiences across the platform.”
A New Era of Product VelocityStrava, with new leaders at the helm, is ushering in its next era of product velocity. The company listened closely to feedback from its global community and announced three of the most requested features coming to the platform by the end of the year.
The first of these updates, AI-enabled Leaderboard Integrity, will harness machine learning to automatically flag irregular, improbable, or impossible activities recorded to the platform. Trained by millions of activities, this feature allows all users on Strava to play fair and have more fun.
Additionally, the company announced a new Family Plan Subscription, the sister of the company’s Student Plan. With Family Plan, it’s easier to make a fitness commitment with your community by sharing an annual subscription with up to three other people – friends, family, or fitness family. Launching in select countries this summer, with plans to roll out globally by the end of the year, Strava’s newest annual subscription option offers the best value for groups (up to four), with a discount off the regular subscription price for each member.
Strava also implemented an updated design system, an initiative that is integral in driving a heightened pace of product innovation at the company. Through this work, Strava announced the launch of one of the company’s most requested features, Dark mode. Dark mode will improve the in-app experience for all users, reducing eye strain and improving accessibility while they record activity or scroll through the feed. Athletes can expect a rollout later this summer with options to keep their mobile settings always dark, always light, or match their device settings.
Company leaders highlighted several other features and updates to current products like Flyover, with its next iteration offering an overlay with activity stats and off-platform sharing capabilities. The overlay is available today for Strava subscribers and an off-platform sharing option will be released later this year.
Build for Her, Build for ManyStudies show that women of all ages participate in sports at a far lower rate than men, and overall, despite wanting to be active, find less time to dedicate to an active lifestyle. As the company continues on its mission to motivate people to live their best active lives, building for women on the platform will ultimately serve everyone in the Strava community. Several new features and initiatives were announced as a part of this strategic focus, which includes:
Night Heatmaps: Night Heatmaps show only activities between sundown and sunrise – so athletes can get an idea of which roads, trails, and paths are well-trafficked after hours. Since Night Heatmaps filter for after-hours routes, it can be a helpful tool for female athletes training before sunrise and after sunset.Quick Edit: For active women, having control over what is shared with the Strava community that cheers them on – like what time a run is logged – is important. Quick Edit makes it easier to make the most common edits – like activity name, and privacy settings so you can hide your start time, your map, or other workout stats.Strive for More®: The company announced a new phase of its Strive for More® initiative, created in 2022 to promote and support women in movement and sport. Today, Strava unveiled an official partnership with media company TOGETHXR to encourage more women to watch – and play – women’s sports. As part of the partnership, Strava will also donate $100,000 to the Alex Morgan Foundation, started by co-founder of TOGETHXR, Alex Morgan, to support their mission to help girls and women find confident paths forward in sports and life.Athlete IntelligenceToday, Strava announced the start of an accelerated product roadmap, outlining how Strava will implement the latest technological enhancements in AI and machine learning, to transform the athlete experience.
One key advancement to the platform includes the company’s latest development, Athlete Intelligence. Strava is introducing its beta AI-powered feature which turns each subscriber’s training data into an easily digestible summary that contextualizes their accomplishments and fitness goals. Unlike other AI-powered training services, Strava connects with thousands of devices, wearables, and fitness apps, so an athlete’s insights can consider their entire fitness story across multiple sports and modalities.
The features shared at Camp Strava will be released on a rolling basis through the end of the year. To view the full list of product releases and further details, visit www.press.strava.com.
For more information on Strava, to create a free account, or to start a free subscription trial visit www.strava.com.
About Strava Strava is the leading digital community for active people with more than 125 million athletes, in more than 190 countries. The platform offers a holistic view of your active lifestyle, no matter where you live, which sport you love and/or what device you use. Everyone belongs on Strava when they are pursuing an active life. Join the community, find motivation and discover new experiences with a Strava subscription. 
Visit www.strava.com for more information and connect with Strava on Instagram, Twitter, Facebook, YouTube and LinkedIn.
Media Contact: [email protected]
 
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Japan Data Center Market Investment to Reach $14.48 Billion by 2028 – Watch Out Exclusive Insight on Japan & Hong Kong Data Center Market – Arizton

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13 hours ago

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May 16, 2024

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japan-data-center-market-investment-to-reach-$14.48-billion-by-2028-–-watch-out-exclusive-insight-on-japan-&-hong-kong-data-center-market-–-arizton

CHICAGO, May 16, 2024 /PRNewswire/ — Arizton publishes the latest research report on the Japan data center market and Hong Kong data center market.

The Japan Data Center Market to Witness Investments of $14.48 Billion by 2029.
Get Insights on 107 Existing Data Centers and 41 Upcoming Facilities across Japan.
The data center market in Japan is experiencing the emergence of self-built hyperscale data center facilities by major operators such as Google, Microsoft, and Amazon Web Services (AWS). This development is expected to impact the colocation market in Japan. Since these hyperscale operators store workloads in their own data center facilities, it may reduce the source of revenue generation for colocation operators.
Japan is a well-established data center market in the APAC region. The country supports investments with its macroeconomic policies and other incentives for investors. The market is witnessing several investments from local and global data center operators, further expanding its presence. Tokyo and Osaka are Japan’s major destinations for data center development, accounting for over 90% of the existing data center facilities. The government announced the offer of subsidies in Hokkaido and Kyushu for data center development and decentralize data centers from Tokyo and Osaka.
Investment Opportunities 
In October 2023, SoftBank and its subsidiary, IDC Frontier, announced the plan to develop a new data center facility in Tomakomai City, Hokkaido. The company invested around $420 million toward the project, for which it received subsidies worth $190 million from the Ministry of Economy, Trade, and Industry. In July 2023, Internet Initiative Japan (IIJ) launched its second data center building at the Shiroi data center campus in Chiba Prefecture, Greater Tokyo. Once fully built, the campus will house four data center buildings. Furthermore, the company is involved in a third expansion initiative in its Matsue City campus (which will likely go live in 2025).In June 2023, Digital Edge, in partnership with Hulic, a real estate developer, announced the start of the construction of a new data center facility, TY07, in Tokyo. The facility is expected to go online by 2025.In April 2024, GDS Services partnered with Gaw Capital to develop a new data center campus in Fuchu City, Tokyo. Both companies will jointly invest toward developing a new data center facility, with the first phase slated to go online by 2026.To Buy this Research Now, Click: https://www.arizton.com/market-reports/japan-data-center-market-investment-analysis
Existing Vs. Upcoming Data Centers
Existing Facilities in the Region (Area and Power Capacity)TokyoOsakaOther CitiesList of Upcoming Facilities in the Region (Area and Power Capacity)TokyoOsakaOther CitiesVendor Analysis
IT Infrastructure Providers: Arista Networks, Atos, Broadcom, Cisco Systems, Dell Technologies, Fujitsu, Hewlett Packard Enterprise (HPE), Hitachi Vantara, Huawei Technologies, IBM, Inspur, Lenovo, NEC, NetApp, and Oracle.
Data Center Construction Contractors & Sub-Contractors: Arup, AECOM, Daiwa House Industry, Fuji Furukawa Engineering & Construction, Hibiya Engineering, ISG, Kajima Corporation, Keihanshin Building, Linesight, MARCAI DESIGN, Meiho Facility Works, Nikken Sekkei, NTT FACILITIES, Obayashi Corporation, SHINRYO Corporation, TAISEI Corporation.
Support Infrastructure Providers: 3M, ABB, Alfa Laval, Caterpillar, Cummins, Delta Electronics, Eaton, Fuji Electric, HITEC Power Protection, Johnson Controls, Kawasaki Heavy Industries, KOHLSER-SDMO, Legrand, Mitsubishi Electric, Rittal, Rolls-Royce, Schneider Electric, STULZ, Siemens, Vertiv.
Data Center Investors: AirTrunk, Alibaba Cloud, Amazon Web Services, AT TOKYO, Colt Data Centre Services, Digital Edge, Equinix, Fujitsu, Goodman, Google, IDC Frontier, Internet Initiative Japan (IIJ), MC Digital Realty, Microsoft, NTT Communications, SCSK Corporation (NETXDC), Telehouse, Tencent Cloud, TIS INTEC Group.
New Entrants: Ada Infrastructure, Edge Centres, CyrusOne, ESR, GDS Services, Keppel Data Centres, NEXTDC, Princeton Digital Group (PDG), SC Zeus Data Center, STACK Infrastructure, ST Telemedia Global Data Centres, Vantage Data Centers, Yondr.
The Hong Kong Data Center Market will Witness Investments of $4.80 Billion by 2029.
Get Insights on 54 Existing Data Centers and 12 Upcoming Facilities across Hong Kong.
The Hong Kong data center market is booming, driven by the increasing demand for digital services. The data center investments in Hong Kong over the next two to three years are expected to remain high due to the surge in demand and the significant boost due to the advancements in AI technologies. Investors are actively investing in this market.
Hong Kong is a mature and thriving market for data center development in the APAC region. Investors find it an attractive market owing to the high internet and social media usage levels, a robust business ecosystem, and excellent connectivity through both inland and submarine cables. Additionally, the deployment of 5G technology further enhances its appeal.
Hong Kong stands out globally for the incredibly high rates of cell phone and home broadband service usage. With around 300 licensed internet service providers, there is robust competition, providing data center operators with a wide range of choices.
Hong Kong is considered an attractive destination for businesses due to various reasons. Its proximity to mainland China and its import-export relations with major markets, such as China and the US, make it easier for businesses to operate. Additionally, the market has experienced significant growth in Foreign Direct Investment (FDI), ranking after countries like the UK, the US, and China.
Investment Opportunities
In December 2023, the company completed the core and shell construction of phase-1 of the MEGA IDC data center campus. The facility has already signed lease agreements with cloud service providers and international banks for its available space. The company plans to expand the campus through phase-2 during the forecast period.In March 2023, the company launched its seventh data center facility, MEGA Gateway, in Tsuen Wan. The facility is part of its connected MEGA campus.Goodman is among the major investors in the Hong Kong market, and it is continuously expanding its data center presence. In March 2024, the company announced the construction of the new Texaco data center facility in Tsuen Wan. The facility is a brownfield construction that involved the conversion of an industrial building into a data center facility. The facility is likely to go online by 2026.Over 60% Of Future Demand to Come from Cloud Service Providers
The Hong Kong data center market has the presence of on-premises data centers operated by educational institutions, the government, and financial services such as HSBC Bank. A significant decline in on-premises data centers will occur in the next three to five years owing to the increase in digitalizing initiatives across sectors and the strong growth in demand for colocation and cloud services. In addition, most existing service providers offer managed solutions to enterprise customers, which will likely grow in the market from 2024-2029.
The market has the presence of all global cloud operators, such as Amazon Web Services (AWS), Google, Microsoft, Alibaba Cloud, Huawei Cloud, and Tencent Cloud. This will propel the demand for wholesale colocation services through these service providers’ continuous expansion initiatives. The cloud segments will likely dominate capacity take-up over the next five years. In addition, the market will witness the entry of multiple global organizations to service customers through a local presence.
To Buy this Research Now, Click: https://www.arizton.com/market-reports/hong-kong-data-center-market-size-analysis
Existing VS. Upcoming Data Centers
Existing Facilities in the Region (Area and Power Capacity)Tseung Kwan OKwai ChungTsuen WanFanlingFo TanChai WanTai PoOther LocationList of Upcoming Facilities in the Region (Area and Power Capacity)Tseung Kwan OKwai ChungTsuen WanFanlingFo TanChai WanTai PoOther LocationVendor Analysis
IT Infrastructure Providers: Arista Network, Atos, Cisco Systems, Dell Technologies, Fujitsu, Hewlett Packard Enterprise (HPE), Huawei Technologies, IBM, Inspur, Lenovo, NetApp.
Data Center Construction Contractors & Sub-Contractors: Arup, AtkinsRéalis, Aurecon, BYME Engineering, Chung Hing Engineers Group, Cundall, DSCO Group, Gammon Construction, ISG, Studio One Design.
Support Infrastructure Providers: ABB, Airedale, Caterpillar, Cummins, Delta Electronics, Eaton, Fuji Electric, KOHLER, Legrand, Mitsubishi Electric, Piller Power Systems, Rittal, Schneider Electric, Siemens, STULZ, Sumber, Vertiv.
Data Center Investors: AirTrunk, BDx, CITIC Telcom International, China Mobile International (CMI), China Unicom, Digital Realty, Equinix, ESR, GDS Services, Global Switch, Goodman, iTech Towers Data Centre Services, NTT DATA, SUNeVision Holdings (iAdvantage), Telehouse, Towngas Telecom (TGT), Vantage Data Centers.
New Entrants: Angelo Gordon and Mapletree Investments
Japan & Hong Kong Data Center Market Segmentation
IT Infrastructure
Servers
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Malaysia Data Center Market – Investment Analysis & Growth Opportunities 2024-2029https://www.arizton.com/market-reports/malaysia-data-center-market-size-analysis
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Southeast Asia Data Center Construction Market – Industry Outlook & Forecast 2024-2029https://www.arizton.com/market-reports/southeast-asia-data-center-construction-market
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About Us:                                                    
Arizton Advisory and Intelligence is an innovative and quality-driven firm that offers cutting-edge research solutions to clients worldwide. We excel in providing comprehensive market intelligence reports and advisory and consulting services.                                                  
We offer comprehensive market research reports on consumer goods & retail technology, automotive and mobility, smart tech, healthcare, life sciences, industrial machinery, chemicals, materials, I.T. and media, logistics, and packaging. These reports contain detailed industry analysis, market size, share, growth drivers, and trend forecasts.                                                   
Arizton comprises a team of exuberant and well-experienced analysts who have mastered generating incisive reports. Our specialist analysts possess exemplary skills in market research. We train our team in advanced research practices, techniques, and ethics to outperform in fabricating impregnable research reports.                                                         
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