return icon Vietnamnet.vn

How much should VN customers spend on information security solutions?

Ensuring information security is increasingly important as more online transactions are made. However, the budgets for information security allocated by financial institutions remain modest.

Inappropriate investments

Eighty percent of finance institutions spent less than $100,000, or VND2.3 billion, on information security works in 2018.

 

{keywords}

 



The figure was released in the report on the level of interest and security status in the finance – banking sector from VNCERT and IDG after surveying 30 commercial banks and 16 finance – insurance service providers.

Seventy percent of institutions reserved 5-15 percent of their annual IT budgets for information security. However, 30 percent of credit institutions reserved less than 10 percent of budgets.

“The figures of less than 10 percent are clearly too low,” commented Can Van Luc, a finance expert.

Nguyen Dinh Thang, chair of LienViet Post Bank, also commented that less than 10 percent is too low. As for the bank, the figure is 15-16 percent.

Seventy percent of institutions reserved 5-15 percent of their annual IT budgets for information security. However, 30 percent of credit institutions reserved less than 10 percent of budgets.

“The figure would increase in the future. When the number of online users booms, the investment cost for the system will have to be higher,” he said.

Thang went on to say that ‘security’ and ‘safety’ here not only means preventing intrusion from outside into the internal system, but also means ensuring the smooth operation of the entire system.

“The most important basis of the IT system is safety,” he commented.

To digitize, banks must be safe

Nguyen Trong Duong, deputy director of the Information Security Agency said at the 2019 Retail Banking Forum that the insecurity holes are increasing, at a rate of about 300 percent a year, in the context of strong digitalization.

Recent years witnessed a series of intentional sophisticated large-scale attacks on financial institutions and banks.

British Wonga had 270,000 customer accounts exposed. Tesco Bank’s £2.5 million from 9,000 customers was stolen via a security flaw from the system and debit card. Meanwhile, a Bangladeshi bank lost 81 million dollars because of the SWIFT payment network flaw.

In Vietnam, commercial banks have also been warned that they could be the regular targets of cybercrimes. There was an attack on the SWIFT money transfer network where cybercrimes tried to transfer $1.13 million. It was discovered and prevented.

In addition to acknowledging attacks on Vietnamese financial institutions and banks, experts also warned of the increase in phishing cases.

According to Thang, the risks come from two sides – the systems of banks or fintechs which have flaws, and from users. Systematic problems must be settled by the application of reasonable information security strategies. Banks now need to improve their data systems in accordance with the new safety standards of Basel II.

Kim Chi 

 

CMC Cyber Security receives VNISA Information Security Awards for 5 consecutive years

CMC Cyber Security receives VNISA Information Security Awards for 5 consecutive years

CMC Cyber Security (CMC Corporation) was granted the Information Security Awards 2019 by the Vietnam Information Security Association (VNISA) at the Vietnam Information Security Day 2019 held in Hanoi on November 29.  

HCM City prepares to host Vietnam Information Security Day

HCM City prepares to host Vietnam Information Security Day

The annual Viet Nam Information Security Day will be organised on November 21, the Viet Nam Information Security Association and the HCM City Department of Information and Communication have announced.  

MORE NEWS

Phuoc Thinh departs for Mister Tourism World 2022

Phung Phuoc Thinh, the Vietnamese representative at Mister Tourism World 2022, recently left for the Philippines to compete in the final round of the male pageant.

VIETNAM BUSINESS NEWS JANUARY 28

Quang Ninh: Cross-border trading with China resumed after Tet

VIETNAM NEWS HEADLINES JANUARY 28

Auto testing centers nationwide resume operations

Soc Trang’s Khmer pagoda features giant Buddha statue

With the long-standing bonds of the Kinh, Khmer, and Hoa ethnic groups, Soc Trang boasts a special cultural identity that makes it an outstanding spiritual destination for tourists and Buddhist followers from far and wide.

Smart-homes getting cheaper in Vietnam

In Vietnam, a smart-home installation package costs VND14-25 million.

Vietnamese nationals account largest proportion of Japan’s foreign worker population

Vietnamese nationals account for 25.4% of the total 1.82 million foreign workers who were working in Japan as of the end of October last year, according to the Japanese Ministry of Health, Labour and Welfare (MHLW).

Mekong Delta develops more OCOP products

The Cuu Long (Mekong) Delta’s 12 provinces and the city of Can Tho are developing more products under the country’s “One Commune-One Product” programme.

Major Vietnamese paintings worth millions of dollars at global auctions

2022 represented a successful year for the Vietnamese painting market as three more pieces were auctioned at more than US$1 million each, bringing the total number of valuable paintings to 19. Let’s take a closer look at some of them.

Vietnamese American singer brings Tet Holiday joy to disadvantaged children

In hope to bring the children who lost their parents because of Covid-19 a warm spring holiday, Vietnamese American singer Ha Phuong spent a day to enjoy Tet with them.

How will the economy fare in 2023?

Vietnam’s economy had a prosperous year in 2022 with GDP growth rate of 8.02 percent, a one-decade high.

Female Vietnamese badminton star Thuy Linh placed 50th in world rankings

Vietnamese badminton star Nguyen Thuy Linh has risen to 50th position in the world’s latest singles women rankings, according to the Badminton World Federation (BWF).

Phin Ho ‘shan tuyet’ tea –specialty of Ha Giang

Apart from stilt houses and seemingly endless terraced paddy fields, “shan tuyet” tea, a famous specialty of Phin Ho village, is one of the special things visitors cannot forget once setting foot in Tay Con Linh Mountain in Ha Giang.

Discovering art of making vegetarian dishes in Tay Ninh

Religions and beliefs have made considerable contributions to the culinary culture of Tay Ninh.

Hoi An, HCM City among world's top 25 trending destinations in 2023: TripAdvisor

Germany’s famous travel site reisereporter.de has run an article highlighting the world’s top 25 trending destinations for 2023, including Vietnam’s Hoi An ancient city and Ho Chi Minh City, recently voted by readers of TripAdvisor.

Make-in-Vietnam sleeping machine developed by professor

FRENZ Brainband helps users have faster, tighter and deeper sleep. It can also be used for relaxing and enhancing concentration when working.
back_to_top