SecurityBrief Asia logo
Asia's leading source of cybersecurity and cyber-attack news
Story image

Malaysia could lose up to RM$49.5 billion from cyber attacks - report

FYI, this story is more than a year old

Cybersecurity incidents could potentially cause catastrophic economic losses for large organisations in Malaysia, a recent study from Microsoft and Frost - Sullivan says.

A large organisation could stand to lose US$22.8 million (RM 92.5 million), resulting in a total combined loss of US$12.2 billion (RM 42.5 billion).

The combined  total loss is more than 630 times the average economic loss for a mid-sized organisation – and more than 4% of Malaysia's total GDP.

Those are the figures from the Understanding the Cybersecurity Threat Landscape in Asia Pacific: Securing the Modern Enterprise in a Digital World report, which found that 17% of the 1300 surveyed organizations had experienced a cybersecurity incident.

A further 36% didn't know if they had experienced an incident because they did not conduct a data breach assessment or forensic testing.

Furthermore, 42% of respondents see cybersecurity strategy purely as a means of protecting their company, rather than a strategic business enabler. Only 20% see security as a digital transformation enabler.

Microsoft Malaysia national technology officer Dr Dzahar Mansor says companies are taking on more opportunities – and more risks.

 “With traditional IT boundaries disappearing the adversaries now have many new targets to attack. Companies face the risk of significant financial loss, damage to customer satisfaction and market reputation—as has been made all too clear by recent high-profile breaches.

The survey says that 62% of respondents have delayed digital transformation due to the fear of cyber risks.

Employees' jobs are also on the line: 61% of the organisations that have experienced a cybersecurity incident have also faced job losses as a result of those attacks.

Malaysia's specialist cybersecurity agency CyberSecurity Malaysia CEO Dato' Dr. Haji Amirudin Bin Abdul Wahab says the findings provide insight about the economic impact of cyber attacks on Malaysia.

“As cyber security specialists, we are grateful for the efforts taken by Microsoft in spreading awareness on the importance of cyber security and we hope our efforts in creating a safer cyberspace for Malaysia will continue to align.

Malaysia organizations view the inclusion of artificial intelligence in cybersecurity as an important protection factor.

The study found that 73% of respondents have either adopting or will adopt an AI-based approach to boost cybersecurity.

Microsoft says there are five best practises that organisations can use to improve their cybersecurity defences:

Position cybersecurity as a digital transformation enabler

Disconnect between cybersecurity practices and digital transformation effort creates a lot of frustration for the employees. Cybersecurity is a requirement for digital transformation to guide and keep the company safe through its journey. Conversely, digital transformation presents an opportunity for cybersecurity practices to abandon aging practices to embrace new methods of addressing today's risks;

Continue to invest in strengthening your security fundamentals

Over 90% of cyber incidents can be averted by maintaining the most basic best practices.  Maintaining strong passwords, conditional use of multi-factor authentication against suspicious authentications, keeping device operating systems, software and anti-malware protection up-to-date and genuine can rapidly raise the bar against cyberattacks. This should include not just tool-sets but also training and policies to support a stronger fundamental;

Maximize skills and tools by leveraging integrated best-of-suite tools

The best tools are useless in the hands of the amateur. Reduce the number of tools and the complexity of your security operations to allow your operators to hone their proficiency with the available tools. Prioritizing best-of-suite tools is a great way to maximize your risk coverage without the risk of introducing too many tools and complexity to the environment. This is especially true if tools within the suite are well-integrated to take advantage of their counterparts;

Assessment, review and continuous compliance

The organization should be in a continuous state of compliance. Assessments and reviews should be conducted regularly to test for potential gaps that may occur as the organization is rapidly transforming and address these gaps. The board should keep tab on not just compliance to industry regulations but also how the organization is progressing against security best practices; and

Leverage AI and automation to increase capabilities and capacity

With security capabilities in short supply, organizations need to look to automation and AI to improve the capabilities and capacity of their security operations. Current advancements in AI has shown a lot of promise, not just in raising detections that would otherwise be missed but also in reasoning over how the various data signals should be interpreted with recommended actions.

Such systems have seen great success in cloud implementations where huge volumes of data can be processed rapidly. Ultimately, leveraging automation and AI can free up cybersecurity talents to focus on higher-level activities.

Related stories
Top stories
Story image
Awards
A/NZ finalists for IDC's Future Enterprise Awards revealed
Vodafone Aotearoa Foundation, Woolworths Group, Hamilton City Council and Virtus Health are amongst some of the big names.
Story image
Cybersecurity
Spike in demand for cybersecurity training amid skills shortage
"Organisations cannot just rely on cybersecurity professionals to safeguard the businesses’ infrastructure and protect their data."
Story image
Malware
OpenText reveals nastiest malware of 2022, with Emotet at the top
OpenText threat intelligence experts combed through the data, analysed different behaviours, and determined which malicious payloads are the nastiest.
Story image
Cybersecurity
The growing threat of CEO fraud and how to mitigate it
By posing as the CEO or other senior figures, attackers guarantee that malicious emails get employees' attention. Many employees are reluctant to question a request from their CEO, so they usually provide the information.
Story image
Cybersecurity
Swift successfully pilots its Securities View capability
The new capability significantly increases transparency in post-trade processing while preventing costly settlement fails; it will be widely available in 2023.
Story image
Ransomware
Commonwealth tackling rising cybercrime threat in Asia
Ransomware, identity theft, and virtual security attacks identified as growing threats to security and economic growth.
Story image
Microsoft
Yubico research finds concerning trends around authentication security practices
A new global survey from Yubico has found that 59% of employees still rely on usernames and passwords as the primary method to authenticate their accounts.
Story image
Apple
Jamf shows intent to acquire mobile security firm ZecOps
This acquisition positions Jamf to help IT and security teams strengthen their organisation’s mobile security posture.
Story image
Software-as-a-Service
Varonis adds secrets discovery to data classification
The data security firm announces enhancements that detect and remediate overexposed private keys, encryption certificates, API keys, and authentication tokens.
Story image
Data Protection
Cloudflare brings Data Localisation Suite to more APAC businesses
This allows any business in these countries to service their data locally while benefiting from the speed, security, and scalability of Cloudflare’s global network.
Story image
Cybersecurity
De-risking the innovation cycle – a modern, real-time approach to security
Many organisations see cybersecurity as an inhibitor of innovation, with burdensome protection measures standing in the way of progress and speed.
Story image
Data Protection
99% of security experts unhappy with tokenisation investment
Cybersecurity experts are looking for a solution that provides the strength of tokenisation while removing the friction that has accompanied it in the past.
Story image
Firewall
Barracuda accelerates growth in its data protection business
Barracuda cloud-to-cloud backup protects against evolving cyber threats, such as ransomware, and is now transactable in the Azure Marketplace.
Story image
Virtual Private Network
95% of organisation rely on VPN as threats continue - report
There is a growing number of VPN-specific security threats and a need for Zero Trust security architecture in enterprise-level organisations.
Story image
Malware
Black Lotus Labs discovers new, multipurpose malware
Black Lotus Labs, the threat intelligence team at Lumen, has discovered a new, rapidly growing, multipurpose malware written in the Go programming language.
Story image
Firewall
Forrester names Akamai as web application firewall leader
"We continually monitor and improve our capabilities to defend customers from new threats, while enabling customers to protect evolving attack surfaces."
Story image
Malware
Mandiant uncovers malware ecosystem deployed on VMware hypervisors and guest systems
Mandiant research has uncovered a novel malware ecosystem that was found deployed on VMware hypervisors and guest systems by an advanced and suspected China nexus threat actor.
Story image
Work from home
Jamf showcases new products to simplify and secure work
At the 13th annual Jamf Nation User Conference, the company shared how its continuous product innovation is helping organisations succeed with Apple.
Story image
Cybersecurity
Test your API Security with Infinite API Scanner
The effectiveness of API scanning technology can mean the difference between successful and unsuccessful programming outcomes, and often enterprises and IT leaders struggle to get it right.
Story image
Cloud
How modern IT architectures are moving beyond network visibility
Dealing with multiple cloud providers makes it difficult to identify security threats and performance bottlenecks and troubleshoot issues.
Story image
Partner Programmes
Trellix set to launch new unified partner program in 2023
"We co-developed the Xtend program with our partners to create the right business model for deploying Trellix XDR."
Aws Marketplace
Learn how to implement a backup and recovery plan for a new generation of Kubernetes-based modern applications
Link image
Story image
Ransomware
Delinea updates DevOps security, remote access more seamless
New enhancements include development support on the most recent Mac computers and improved secrets' management usability through automation.
Story image
Hybrid Cloud
Hybrid cloud security driving need for deep observability
Gigamon is bringing application and network-level intelligence together to help network, security, and cloud IT operations teams eliminate security blind spots.
Story image
Legacy
Trellix enables greater cyber resiliency with extended XDR platform
"Legacy SIEM technology has failed to modernise security operations. We are confident Trellix XDR fills this critical gap.”
Story image
Threat intelligence
Trellix advances threat intelligence with new research centre
Trellix has announced the establishment of the Trellix Advanced Research Center to advance global threat intelligence.
AWS Marketplace
Whitepaper: A practical guide for mitigating risk in today’s modern applications
Link image
Story image
Microsoft
A deep dive into a Corporate Espionage operation
In the last few years, we have seen a dramatic shift in the level of sophistication of cyberattacks, mostly thanks to the introduction of the profit-sharing business model for financially motivated threat actors.
Story image
Mobile Device Management
How to easily scale your mobile workforce and devices for the peak shopping season
Retailers are under constant pressure to streamline processes and become more efficient while looking for ways to improve customer satisfaction levels.
Story image
Cybersecurity
Ransomware attacks continue to increase, report finds
Nearly a quarter of businesses have suffered a ransomware attack, with a fifth occurring in the past 12 months.
Story image
Network Management
Fortinet introduces enhanced AIOps across its gateways
FortiAIOps builds on Fortinet's rich history of developing artificial intelligence to deliver actionable network insights for self-optimising management.
Story image
Edge Security
Security practices for modernising the “spaghetti” of on-premises IT
Many organisations are wondering how to securely modernise their workload, often made up of a “spaghetti” of on-premises applications and management consoles.
Story image
Distributed Denial of Service
Sysdig reveals a loss of $53 for every $1 cryptojackers gain
The 2022 Sysdig Cloud Native Threat Report breaks down supply chain attacks against containers and how geopolitical conflict influences attacker behaviours.
Story image
Cybersecurity
Best practices for industrial cyber resilience
Operational technology (OT) security is gaining more attention than ever before, but sufficient understanding of what it takes to prevent breaches is still lacking amongst many organisations.
Story image
Malware
Kaspersky uncovers new malicious malware NullMixer
Kaspersky researchers have uncovered a new malware stealing users credentials, address, credit card data, cryptocurrencies, and accounts.
Story image
Malware
Decrease in malware volume, but surge in encrypted malware
The Q2 Internet Security Report found office exploits continue to spread more than any other category of malware.
Story image
Software-as-a-Service
Enterprises yet to fully commit to cybersecurity - CompTIA
“Digital transformation driven by cloud and mobile adoption requires a new strategic approach to cybersecurity, but this poses significant challenges."
Story image
Cybersecurity
Employees unsure who to go to to report security incident
A new study shows more than 20% of the untrained global workforce do not know who to contact during a security breach.
Story image
Cloud Security
75% of AU companies had cloud security incident in past year
According to new Venafi research, complexity is due to increase, as companies plan to host more applications in the cloud.
Story image
Kaspersky
Cybersecurity loopholes prevalent in South East Asia
In terms of the share of vulnerabilities with publicly available exploits, three countries out of top five are located in Southeast Asia.
Story image
Artificial Intelligence
Fortinet advances AIOps to aid the hybrid workforce
"We’re continuing our commitment to AI innovation by delivering AIOps capabilities across our robust portfolio of enterprise networking technology."