The Real Danger of Cybersecurity to Malaysia’s Enterprise Landscape

Attributed to Datuk Tan Seng Kit, Group Managing Director, Strateq Group

Cybersecurity threats in Malaysia are on the rise and businesses must take steps to safeguard against these threats in order to protect their valuable data and assets. As a veteran of the enterprise solutions industry – having spent more than two decades looking at how technology can improve operational efficiency of companies, I am keenly aware of the perks and the dangers of the global increasing shift towards digital.

Here in Malaysia the cyber threats loom large, some RM600m was lost through cyber crimes in 2022 whilst the year was dotted with instances of data and information leaks.

This rise has lead to some key developments at a national level, the Government is looking to set up a Malaysian Cyber Security Commission and has at the same time signed a landmark memorandum of understanding with counterparts in Singapore to address matters such as cybersecurity and data protection.

But at a business level, what should entrepreneurs be concerned about and what can they do to better safeguard their business?

One of the most significant cybersecurity threats in Malaysia is ransomware. Ransomware attacks are often spread through phishing emails or social engineering tactics, which trick individuals into clicking on a link or downloading an attachment. To safeguard against ransomware, businesses should implement regular data backups and ensure that employees are trained to identify and avoid phishing emails.

Another common cybersecurity threat in Malaysia is distributed denial-of-service (DDoS) attacks. This type of attack overwhelms a website or network with traffic, making it unavailable to legitimate users. DDoS attacks are often carried out by botnets, which are networks of compromised devices controlled by hackers. To protect against DDoS attacks, businesses should implement DDoS protection and mitigation services, which can detect and block malicious traffic.

Malware and viruses are also common cybersecurity threats in Malaysia. These programs are designed to harm a computer or steal sensitive data. Malware and viruses are often spread through email attachments or malicious downloads. To protect against malware and viruses, businesses should ensure that all software and operating systems are up to date, and that antivirus software is installed and regularly updated.

Finally, insider threats can also pose a significant risk to businesses in Malaysia. Insider threats occur when an employee or contractor deliberately or accidentally exposes sensitive data or introduces a vulnerability to the network. To protect against insider threats, businesses should implement strict access controls, and ensure that employees are trained on how to handle sensitive data and identify suspicious activity.

In addition to the specific threats outlined above, businesses in Malaysia should also be aware of broader cybersecurity trends such as the increased use of cloud services and the Internet of Things (IoT). These technologies can introduce new vulnerabilities and attack vectors, and businesses should take steps to secure their cloud services and IoT devices.

So, what can businesses do to safeguard against these threats? The first step is to conduct a comprehensive risk assessment, which can help identify vulnerabilities and potential attack vectors. This assessment should cover all aspects of the business, including employees, processes, and technology.

Next, businesses should develop a cybersecurity strategy and implement appropriate security controls. This may include firewalls, intrusion detection and prevention systems, and data encryption. It is also important to implement regular security updates and patches, and to conduct regular security audits and penetration testing to identify and address vulnerabilities.

Finally, businesses should ensure that their employees are trained on cybersecurity best practices, such as how to identify and avoid phishing attempts, how to handle sensitive data, and how to report suspicious activity.