Securing Tomorrow's Tech: Building Business Resilience
2023 ASEAN Innovation Business Platform Highlights from Cybersecurity Leaders across the ASEAN Region
In 2022, Cybersecurity and Privacy Concerns has gained increased prominence as one of the Top 5 Challenges to Digital Transformation for South East Asian Enterprises.
Four years ago, we had a huge attrition in our cybersecurity team. We were faced with, “how do we now support our operations and continue to protect our assets?” ..The cybersecurity attacks are increasing.. And our incidents were piling up… We had to do something and expand our outsourcing to actually cover (cyberattack) investigations.. We chose a partner who uses their AI technology to help us in the threat hunting, conduct analyses and analyse our vulnerabilities.
- Tina Alvarez , Chief Information Officer, JG Summit Holdings Inc.
For detecting threats or attacks, we have some devices that use behaviour analysis. In our organisation, we haven’t implement AI or machine learning for mitigating the attack or preventing the attack. We plan to use it in near future because I think it’s mandatory for us also to use that kind of technologies.
- Andri Purnomo , Vice President, IT Security, DANA Indonesia
So this is part of education, I think, from my perspective, because we're talking about cyberspace not only for the technical guy, because in some cases, in some universities, you will be also looking at cybersecurity from a growth perspective… from a political science perspective.
- Yudhistira Nugraha , Director, Jakarta Smart City
You cannot have security without privacy and vice versa, you cannot have privacy without security. We need to really reflect on what privacy management is.
- Togio Chayanuwat , Group Data Protection Officer (Group DPO) & Head of Data Governance, PDPA Compliance & DPO/Privacy Office BNH Hospital Samitivej Hospital
Cybersecurity in Malaysia: Navigating Opportunities and Threats
Cybersecurity is a paramount concern for Malaysia, as cyberattacks continue to rise both globally and within the country.
According to CyberSecurity Malaysia , the country has reported 4,741 cyber threats in 2022, and already recorded 4,381 cases as of September 2023. The economic impact of these attacks is substantial, with Malaysia experiencing around RM27 million in losses (as of February 2023) was recorded by The National Scam Response Centre (NSRC) due to cybercrimes. Targeted industries, particularly finance, healthcare, and energy, are at risk, with the nation ranking 6th globally for cyber threat exposures in the energy sector in 2021.
The ongoing digital transformation efforts in Malaysia have expanded the attack surface, and the COVID-19 pandemic has accelerated remote work, further heightening cybersecurity concerns. Despite enacting cybersecurity laws and regulations, there's a shortage of skilled professionals, and public awareness remains an issue.
To address these challenges, Malaysia must continue to invest in cybersecurity education, strengthen regulatory frameworks, and foster collaboration between the government and the private sector to safeguard its digital infrastructure and economic interests.
Malaysia 2024 Budget: RM60mil allocation to boost cyberdefence
Malaysia still lacks around 12,000 cyber security experts of various fields to combat cyber attacks, which is one of the challenges faced by the government in its national digitalisation agenda.
Communications and Digital Minister Fahmi Fadzil said the country requires around 27,000 cyber security experts but currently has only 15,000 to help tackle the issue.
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This is a huge gap when we understand the need for cyber security and companies, especially those in the digital economy, they really prioritise cyber security and there will be an urgency to set up their own cyber security units. Every company, depending on size, might need between 20 to 30 people and if we look at the small and medium enterprises as an example, there really is a need.
- YB Fahmi Fadzil Minister for Communications and Digital, Malaysia Speaking to Bernama TV's Ruang Bicara programme entitled "Post-Budget 2024"
This allocation reflects the government’s seriousness in strengthening the country’s defence system against cyberthreats and attacks. As a national cybersecurity specialist centre and technical agency, CSM will fully benefit from this allocation to strengthen its technical capabilities, conduct research, empower cybersecurity initiatives and programmes that are preventive, proactive and responsive through identified projects.
Through CyberSecurity Malaysia , the Ministry of Communications and Digital has several initiatives to implement to shore up the industry against cyber attacks. If you are interested to find out more, do reach out to us at [email protected]
2023 ASEAN Innovation Business Platform Highlights from Cybersecurity Leaders across the ASEAN Region
We surveyed over 300 business and IT professionals across the ASEAN region. The survey results revealed that 51% of Malaysian enterprises believe their organisations should allocate more than 20% of their IT budget to cybersecurity. However, at present, over 37% of these organisations allocate less than 5% of their budget to cybersecurity.
Source: ASEAN Innovation Business Platform (AIBP)
Adopt the zero trust approach, encrypt all your confidential data. Put away your confidential data in a separate depository that's not accessible and more importantly, split your critical functions away from your corporate space. Not only is zero trust when it comes to access, but also your trust between your corporate infrastructure and your business or your operational infrastructure.
- Alex Ooi , Chief Information Security Officer, Digital Nasional Berhad
Future Outlook of Cybersecurity: Fortifying Malaysia's Digital Future
While cybersecurity challenges abound, Malaysia also stands at the precipice of significant opportunities in this domain. By prioritising cybersecurity, the country can bolster its digital infrastructure and foster an environment conducive to innovation and growth. Beyond safeguarding against threats, investing in cybersecurity can be a strategic move, as it not only protects valuable assets but also attracts investors and businesses looking for secure environments to operate in.
Malaysia has the potential to position itself as a regional cybersecurity hub, nurturing a skilled workforce and emerging as a trusted player in the global cybersecurity landscape. To fully capitalise on these opportunities, it's essential for stakeholders to shift their perspective and view cybersecurity not merely as a cost but as a critical long-term investment in the nation's digital future.
Join us at this at this exclusive networking session hosted by AIBP and be part of the conversation that shapes the future of digital resilience in #Malaysia.
About ASEAN Innovation Business Platform (AIBP)
AIBP?provides a platform for public and private organisations in Southeast Asia to access and share information on B2B growth and innovation. With a network of over 30,000 stakeholders, AIBP fosters ecosystem development through value-added activities, enabling transformative impacts within organisations. Contact us to find out more:?www.aibp.sg/contact
This article was originally written by Vanessa Kwan
Focused on Enterprise Growth in Southeast Asia - Innovation & Technology
1 年Link to Event Page: Securing Tomorrow's Tech: Building Cyber Resilience - https://www.dhirubhai.net/events/securingtomorrow-stech-building7117090196130521090/