In a rapidly evolving digital landscape, cybersecurity readiness has become more critical than ever. However, according to Cisco’s 2024 Cybersecurity Readiness Index, only two percent of organisations in Malaysia are deemed ready to face modern cybersecurity risks effectively. The index, which evaluates companies on key pillars like Identity Intelligence, Network Resilience, and AI Fortification, highlights significant challenges faced by Malaysian organizations in navigating the complex threat landscape.
The study indicates that a staggering 77% of respondents expect cybersecurity incidents to disrupt their businesses within the next 12 to 24 months. Despite this looming threat, over half of Malaysian organisations fall into the Beginner or Formative stages of readiness.
Moreover, the cost of being unprepared is substantial, with 73% of respondents reporting cybersecurity incidents in the past year, costing at least US$300,000 for 44% of those affected.
One of the key findings of the index is the prevalence of an overload of point solutions, with 87% of respondents admitting that multiple point solutions have slowed down their teams’ ability to detect, respond, and recover from incidents.
Additionally, the study highlights the complexity introduced by unsecure and unmanaged devices, as 92% of companies report employees accessing company platforms from unmanaged devices, further exacerbating security risks.
Despite these challenges, there is a silver lining in the form of increased cybersecurity investments. Over half of the surveyed organizations plan to significantly upgrade their IT infrastructure in the next 12 to 24 months, with a focus on deploying new solutions and investing in AI-driven technologies.
This marks a substantial increase from previous years and underscores a growing awareness of the importance of cybersecurity readiness in today’s digital landscape.
In response to these findings, Cisco Malaysia, Managing Director, Hana Raja emphasised the need for organisations to adopt a platform approach to cybersecurity.
Such an approach provides a comprehensive view of the entire architecture, enabling organisations to strengthen their security posture and leverage emerging technologies effectively.
As the threat landscape continues to evolve, it is imperative for Malaysian organisations to prioritise cybersecurity readiness to safeguard against emerging threats and ensure business resilience in the digital age.
