In light of escalating cyber threats, industry experts concur that Malaysian organisations should prioritise cybersecurity investment.
Communications and digital minister Fahmi Fadzil recently urged the corporate sector to implement cybersecurity policies tailored to their organisations.
Fadzil relayed the concerns raised by industry players that numerous companies in Malaysia currently underestimate the necessity of investing in cybersecurity.
“As the digital economy is projected to constitute 25.5 per cent of Gross Domestic Product (GDP) by 2025, it is undeniable that cybersecurity and data protection will be indispensable aspects in tandem with the digital economy itself,” the minister said.
[Above pic: Communications and digital minister Fahmi Fadzil (centre left) with his deputy minister Teo Nie Ching (centre right), with LGMS executive chairman Fong Choong Fook (far left) and industry veteran Ganesh Kumar Bangah.]
Cybersecurity expert and LGMS executive chairman Fong Choong Fook said that investment in cybersecurity is now a critical imperative, rather than just a ‘nice-to-have’ for organisations of all sizes in Malaysia.
“The cyberthreat landscape has been evolving parallel to the pace of digital transformation, primarily due to its potential as a lucrative avenue for cybercriminals,” said Fong.
He added that the surge in ransomware cases and other forms of cyber threats are becoming increasingly sophisticated, advanced and even difficult to detect.
“As digital transformation advances, cyber threats have become more sophisticated and pose significant risks to organisations,” he said.
He recommended for organisations to continuously stay informed about the latest threats, implement robust monitoring systems and develop a culture of cybersecurity awareness.
“By taking these proactive steps, organisations can enhance their resilience against cyber threats and protect their valuable digital assets,” he said.
“LGMS, as a leading cybersecurity group in Malaysia and Southeast Asia, stands ready to support businesses with expertise and tailored solutions.”
Fong was speaking after a visit by communications and digital deputy minister Teo Nie Ching to the LGMS cybersecurity headquarters in Subang Jaya last week (pic).
He felt encouraged by the government’s proactive engagement with industry players and support for cybersecurity initiatives aimed at strengthening Malaysia’s overall cybersecurity posture.
“The collaboration between the government and industry stands to further strengthen Malaysia’s cybersecurity landscape,” said Fong.
Meanwhile, an industry veteran has also expressed concern about the current state of cybersecurity in the country.
“The rising incidences of cyber threats underscore the urgency of the situation,” said Ganesh Kumar Bangah who is today executive chairman of the Commerce.Asia and Xamble groups.
“Building a resilient digital economy means building robust cybersecurity defences. We need to remember that our economic stability and growth are at stake here,” he added.
“We believe that with increased awareness and appropriate investment, our nation can successfully navigate these cyber challenges,” said Ganesh.
Ganesh emphasised the importance of partnerships among the corporate sector, cybersecurity firms and government entities.
“It is essential that we pool our resources, share information and work together to create a safer digital landscape. Cybersecurity is a business imperative and a matter of national security.”