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Business safety in the digital age

Vietnamese businesses are facing challenges related to cyber security and difficulties adapting to digital transformation.

A survey of 1,296 business leaders from 53 countries found that cybercrime affects businesses the most, regardless of size.

Statistics by Kaspersky show that the number of mobile malware attacks in Southeast Asia in the first half of 2022 was 122,526, lower than the same period last year.

During the Covid-19 pandemic, many businesses adopted a remote working policy, allowing employees to use personal devices to ensure business performance.

This, however, increased security risks when the devices gained access to a company's security system but did not meet most basic information security standards.

Cybercrime tops the list of current threats facing businesses, while new risks from ESG reporting and cross-platform fraud could affect businesses in the future.

The fields of technology, media and telecom have the highest rates of fraud of all industries, according to PwC's 2022 Global Fraud and Economic Crime Survey.

The damages caused by these acts are rising. One in four companies experienced a data leak that cost $1 million to $20 million or more in the past three years, according to the 2022 Global Digital Trust Survey conducted by PwC in 65 countries with over 3,500 senior executives.

Among companies with annual global revenue of over $10 billion, 52% experienced a fraud incident in the past 24 months. In this group, nearly one-fifth reported that the most disruptive incident resulted in financial losses of more than $50 million. As many as 38% of companies with revenue less than $100 million experienced fraud, of which a quarter suffered a total amount of more than $1 million.

Topping the list of cyber-environmental risks in 2023 is cybercrime (65%); mobile fraud (41%), email (40%), cloud data leak (38%); and business email hacking/account hijacking (33%) and ransomware (32%).

According to ResearchAndMarkets, the global cloud computing market will grow from $371.4 billion in 2020 to $832.1 billion in 2025. Cloud computing is creating new security threats.

The number of DDoS attacks is expected to double, from 7.9 million detected in 2018 to more than 15 million in 2023. On average, for every hour organizations or businesses do not have access to the Internet, they lose about $300,000 to $1 million.

Cybersecurity Ventures predicts that by the end of 2022 there will be 6 billion internet users. By 2030, this number will increase to more than 7.5 billion. If street crime grows in relation to population growth, so will cybercrime.

Preventing risks

According to the Information Security Administration of Vietnam, in the first half of 2022, there were an average of 44.7 cyberattacks on information systems every day, an increase of 1.6 times compared to the same period in 2021.

Vietnamese businesses are facing challenges related to cyber security and difficulties adapting to digital transformation. Vietnam faces increasing cyber threats and more sophisticated attacks.

Studies show that cybersecurity incidents and data losses quickly have a negative impact on business results. As a result, investors place cybersecurity at the top of their list of business threats.

Most of the CEOs who participated in the survey said they were planning to address cybersecurity more, and 52% said they will promote major initiatives to improve security.

Many CFOs are also planning to increase focus on cybersecurity, including technology solutions (39%), strategy and coordination with engineering/operations (37%), and improvement of skills and recruiting of qualified cybersecurity personnel (36%).

Vo Tan Long, General Director of PwC Consulting Vietnam, said that businesses need to be vigilant, and respond promptly and consistently to cybersecurity issues. By planning, and putting in place appropriate policies, procedures and control methods, businesses can  reduce risks. Without the right approach, they will have to pay a "high" price not only in financial terms but also in management's efforts to rebuild the business.

Robert Trong Tran, Deputy General Director of Consulting Services, Manager of Technology and Cybersecurity Risks at E&Y Vietnam, said digital transformation must be driven by cybersecurity. 

PwC Vietnam said the Vietnamese Government has issued many regulations to enhance information safety. Vietnamese businesses are also making efforts to strengthen their defense capabilities in cyberspace under pressure from regulators to build public trust. Closer cooperation between the public and private sectors will help address the increasingly complex cybersecurity threat.

According to Kaspersky, the number of mobile banking malware detected and blocked in Vietnam by the end of June 2022 is 208. The decrease in the number of mobile malware in Vietnam is a good sign that users are more aware and concerned about security issues.

Duy Anh

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