KUALA LUMPUR – Asean financial institutions are among the top industries most assured in their ability to ward off cyberattacks, despite perceiving themselves as being at high risk of cyberthreats.
This is according to findings outlined in a report on the state of cybersecurity in Asean countries virtually launched today by global cybersecurity leader Palo Alto Networks.
The report is based on a survey conducted by the company in November last year, where 500 respondents representing businesses across Singapore, Malaysia, Indonesia, the Philippines and Thailand contributed their input on cybersecurity challenges and future outlooks.
The report highlighted several key outcomes. They include how, among the industries surveyed, financial services and fintech companies regard themselves to be at most risk of cyberattacks, as highlighted respectively by 45% and 42% of the respondents.
It also noted, however, that these two industries expressed the most confidence in the cybersecurity measures put in place to protect themselves from such attacks.
Palo Alto Networks Malaysia systems engineering head David Rajoo explained that such confidence is not unwarranted, as the report recorded that cybersecurity budgets have increased the most for financial services (81% of respondents) and fintech (75%) organisations.
“This confidence might also stem from a higher focus on cybersecurity, with business leaders in financial services (79%) and fintechs (76%) taking the effort to implement corrective measures and proactive assessments.
“As the world progresses to banks moving online, financial institutions are preparing themselves with disaster recovery plans in the event of a cybersecurity attack,” he said, pointing out that banks must also secure the trust of customers.
David said this in an online briefing in conjunction with the launch of the Palo Alto Networks State of Cybersecurity Report.
He also said that while all major industries have been affected by the move online, banks in particular have a higher concentration of attacks as attackers tend to follow the trail of money.
“Our usage of cloud technology, while in line with the progression of time and modernity, also opens avenues for attackers who can now target which industry will reap better rewards based on their goals,” he stressed.
The report noted that the most pertinent challenges in Malaysia involve the increase in digital transactions with suppliers and other third parties (58%), unmonitored and unsecured Internet of Things devices connected to corporate networks (58%) and the need to obtain a variety of cybersecurity solutions to protect themselves from cyberthreats (55%).
“In order to effectively partake in Malaysia’s journey of digital transformation, it is imperative for organisations to design and implement an effective and full-proof cybersecurity strategy,” said Palo Alto Networks Malaysia country manager Suk Hua Lim.
“It is inspiring to see that Malaysian organisations have confidence in their cybersecurity measures and that they are highly aware of the need for right decisions in protecting the nation from cyber disruptions.”
Besides that, the report also revealed that cybersecurity became a top business priority against the backdrop of the Covid-19 pandemic, with a vast majority of businesses (92%) believing that cybersecurity is being prioritised by their leaders.
Leaders are also taking concrete actions to beef up their organisation’s cybersecurity capabilities as 96% of companies reported maintaining a dedicated in-house IT team to manage cyber risks and over two-thirds (68%) reported plans to increase cybersecurity budgets in 2022.
The shift towards remote working also brought about new cybersecurity challenges, with the infrastructure of many businesses unable to cope with the higher demand for remote access. – The Vibes, March 29, 2022
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