By Datuk Alan See, Chief Executive Officer – FIRMUS

Cyber-attacks at any scale will always leave a significant impact, whether it is monetary losses, personal data leaks or both. In 2016, the cost of cybercrime to Malaysia was estimated at RM1.25 billion. This figure is expected to rise to RM2.4 billion by 2021. The Malaysian government has responded to the increase in cyber-attacks by increasing its investment in cybersecurity, including the establishment of the National Cyber Security Agency (NACSA). Despite these efforts, Malaysian businesses, organizations, and individuals remain vulnerable to cyber-attacks.

What’s happening now?

The increasing number of cyber-attacks in Malaysia.

The number of cyber-attacks in Malaysia has been increasing in recent years. This is a serious problem for businesses and individuals alike, as these attacks can lead to the loss of sensitive data, money and most importantly, trust. There are several reasons for this increase, including the fact that Malaysia is a growing economy and thus a more attractive target for hackers.

Additionally, Malaysia’s cyber security laws and enforcement is yet to catch up with the evolution of cyberthreats today, making it easier for attackers to operate. However, the Malaysian government has taken some steps to address this problem, such as establishing Malaysia Cyber Security Strategy 2020-2024.

Not only governments but businesses also should take steps to protect themselves, such as implementing strong security measures and training their employees on how to spot and report suspicious activity. Individuals need to be aware of the risks and take steps to protect their personal information as well.

The lack of skilled cybersecurity personnel in Malaysia.

The lack of skilled cybersecurity personnel in Malaysia is a major obstacle. Malaysia has a rapidly growing economy and is increasingly reliant on technology, but its workforce is not adequately trained to protect its critical infrastructure from cyberattacks. The government has estimated that there is a shortfall of about 10,000 cybersecurity professionals in Malaysia. This lack of skilled personnel leaves Malaysia vulnerable to attack by sophisticated cybercriminals.

The government need to invest in training and education programs to ensure that its workforce is prepared to defend against cyberattacks. Additionally, it needs to work hand-in-hand with the private sector to create more opportunities for skilled cybersecurity personnel. The lack of skilled cybersecurity personnel in Malaysia is a serious problem that needs to be addressed.

The high cost of cybersecurity solutions.

The high cost of cybersecurity solutions is a major concern for businesses of all sizes. While the price of these solutions can vary depending on the features and level of protection they offer, they can be quite expensive. For smaller businesses, the cost of these solutions can be a major barrier to entry into the market. In many cases, the most expensive cybersecurity solutions are not necessarily the most effective as different businesses have different needs which will require business leaders to carefully consider their options and select the solution that best fits their needs.

What’s Malaysia’s move?

The Malaysian government has launched the Malaysia Cyber Security Strategy 2020-2024 to curb with cyberthreats today as well as setting the direction for the future of cybersecurity in Malaysia.

Malaysia Cyber Security Strategy 2020-2024 is a comprehensive plan to realize the government’s vision to develop a cyber security strategy that is pragmatic and aims for a cyberspace that is secured, trusted and resilient while at the same time fostering economic prosperity and the well-being of its citizens. The strategy outlined several pillars from effective governance and management to educating the next generation of cybersecurity defenders.

The initiative will help provide a guideline to boost Malaysia’s cybersecurity capabilities. However, it is important to note that businesses, organizations, and individual citizens also have to play their roles and take reasonable cyber hygiene measures to protect themselves and ensure that they are cyber resilient and able to continue operating in the event of a cyber incident.

The growth of the cybersecurity market in Malaysia is also driven by the private sector via investments in solutions to protect their businesses. Malaysian companies are increasingly recognizing the importance of cybersecurity as well as recognizing cyberthreats as a genuine business risk.

Malaysia’s commitment to improving cybersecurity, the investments that have been put in place to support the growth of the industry, and the increasing awareness of the importance of cybersecurity are all factors that are expected to contribute to the continued growth of the cybersecurity market in Malaysia.

What we are expecting to see

There are a few trends we are observing regarding the cybersecurity market share in Malaysia:

  • More investments in cybersecurity, which is driving up demand.
  • An increasing awareness of cybersecurity risks due to education as well as real-life example of cyber breaches.
  • More and more businesses are outsourcing their cybersecurity needs, which is increasing the market share of cybersecurity providers.

The future of the cybersecurity market in Malaysia is looking bright as Malaysia has been investing heavily in cybersecurity in recent years, and the government has been working closely with the private sector to develop a strong cybersecurity ecosystem as well as creating a conducive environment for the growth of the cybersecurity industry and to increase awareness about cybersecurity among the public and businesses. The growth of the cybersecurity market in Malaysia indicates a good direction in Malaysia’s journey in adopting a digital economy and is making good progress in its efforts to build a strong cybersecurity ecosystem.