Malaysian companies are showing progress in terms of their awareness and preparations against cyber threats. Based on Cisco’s 2019 Asia-Pacific CISO Benchmark study, 26 per cent of Malaysian companies said they faced security breaches resulting in more than US$1 million loss last year.
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Malaysian companies are doing better in combating online threats but with 5G on the horizon, bigger challenges loom, writes Nur Zarina Othman
Malaysian companies are showing progress in terms of their awareness and preparations against cyber threats.
Based on Cisco’s 2019 Asia-Pacific CISO Benchmark study, 26 per cent of Malaysian companies said they faced security breaches resulting in more than US$1 million loss last year.
However, this is a big decline from 2018, whereby 50 per cent reported similar financial impact or more.
“We won’t be surprised if the number is higher this year,” says Kerry Singleton, Cyber security sales director for Asean at Cisco Global Security Sales Organisation (GSSO).
The study gathered feedback from close to 2,000 security professionals from the region, with 44 per cent of respondents reported receiving 10,000 threat alerts a day and 36 per cent of them enduring more than 50,000 alerts daily.
The good news is that Malaysian companies are doing better on both fronts — investigation and remediation — compared with those from other parts of the region.
Cisco Malaysia managing director Albert Chai attributed it to increased cybersecurity awareness among businesses.
“This is crucial because the success of digital economy hinges on the ability of businesses to tackle cybersecurity risks,” he said.
The study shows emerging key trends, including barriers for adopting security technology in Malaysia. Lack of awareness of advanced security technologies and processes is among them.
Other hurdles include budget constraints, lack of trained personnel and a lackadaisical attitude towards cybersecurity.
“It’s going to be more challenging this coming year,” said Singleton, singling out multiple vendors, connectivity and ransomware as some of the factors that make the cybersecurity landscape challenging.
It is a common practice for large enterprises to use multiple security vendors but more may not necessarily be better when it comes to cybersecurity as they add to the complexity for security professionals.
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12 February 2020