In 2024, Malaysia is expected to witness a significant surge in cyber threats, predicts Victor Zyamzin, Global Head of Business Development at Qrator Labs.
This trend is consistent with the nearly 3,000 incidents reported in the country as of October 2023, according to data from the National Cyber Coordination and Command Centre (NC4). This alarming increase in cyber-attacks has put various sectors at risk, ranging from national airlines to telecommunication giants.
Among the prominent cases is a ransomware attack on the national airline, AirAsia, compromising the data of five million passengers and employees. Additionally, in summer 2023, Telekom Malaysia (TM) reported a data breach, which exposed personal information of customers such as names, national identification, passport numbers, and contact details.
A recent survey by the International Data Corporation (IDC) has shed light on the prevailing concerns in the Asia-Pacific region’s security operations (SecOps). Phishing emerges as the predominant threat, with 54% of organizations in Malaysia ranking it as their top concern. Other hazards include ransomware, unpatched vulnerabilities, identity theft, and attacks targeting the Internet of Things (IoT).
In fact, ransomware incidents have doubled across Malaysia , with over 50% of organizations experiencing a two-fold increase in 2023 compared to the previous year.
Zyamzin attributes the growing cybersecurity threats to the rapid expansion of the local technological sector. Malaysia’s digital economy, a recipient of USD15.7 billion in investment in Q3 2022, has witnessed substantial growth. The foundations for this were laid in 2021 with the unveiling of the Malaysia Digital Economy Blueprint and the establishment of the Digital Investment Office, tasked with facilitating further investment in the digital economy.
The goal is to attract USD16.1 billion in digital investment by 2025, with the sector contributing to more than 22.5 percent of GDP. Malaysia’s digital evolution spans robotics, artificial intelligence, the Internet of Things, cloud technology, blockchain, and cybersecurity – with one notable area of excellence being hyperscale data centers.
Despite the digital sector’s boom, Malaysia’s cybersecurity infrastructure remains fragmented, distributed among various government agencies, as highlighted by Zyamzin. This creates vulnerability within the sector, leaving it exposed to cybercriminals. Recognizing the urgent need for a coordinated defense, the government is planning to establish a cybersecurity commission and update personal data protection laws.
However, Zyamzin emphasizes the importance of collaborative efforts. Beyond the government, business sectors should also engage in the battle against cybercrimes and address evolving threats by strengthening their defenses. “The dynamic nature of cybersecurity demands continual updates, training, and a proactive approach to stay ahead of potential attacks. As Malaysia navigates its digital evolution, the call for a united front against cyber threats becomes increasingly imperative for the nation’s security and economic stability,” he concludes.
Qrator Labs is an acknowledged expert in Continuous Network Availability offering various Network security services to ensure safe Internet and continuous DDoS mitigation for businesses worldwide. Qrator Labs unique anycast architecture provides a reliable geo-distributed, low latency web app protection platform across North and South America, Europe, the Middle East, and Asia with a filtering bandwidth capacity of more than 3 000 Gbps and 15 points of presence worldwide.
