Apart from phishing attacks, web threats pose a significant concern. These threats involve attempts to download malicious objects from infected websites, and they can exploit end-user vulnerabilities, web service developers/operators, or the web services themselves. In the context of Southeast Asian, Kaspersky reported a staggering increase in web threats. In 2020, 10.2 million web attacks were prevented, followed by 9.18 million in 2021 and a daunting 13.38 million in 2022. As businesses reopened in 2022 following pandemic-related disruptions, cybercriminals also regrouped, posing an even greater threat.Â
The Urgent Need for Cybersecurity Investment
Looking ahead to 2023, Yeo Siang Tiong, Kaspersky SE Asia General Manager, emphasized that with borders and markets fully reopened, businesses should allocate resources to bolster their network defenses.While the IT security talent gap remains a challenge, outsourcing experts and comprehensive solutions can help bridge this gap efficiently.
Meanwhile, Huawei Cloud Malaysia President Andy Wei stressed the importance of data sovereignty and regulatory compliance when adopting cloud services.Wei noted that cloud providers offer robust security measures, including data encryption and access controls.
However, businesses must understand the shared responsibility model, where cloud providers secure the underlying infrastructure, while businesses must safeguard their data and applications.Implementing proper security practices is crucial, as poor measures can lead to data breaches and privacy concerns.
Tecsun Yeep, Managing Director of Robust HPC Sdn Bhd, reiterated that inadequate security can result in data breaches and privacy violations, making business owners hesitant to adopt cloud services. However, cloud security measures, such as identity and access management, data loss prevention services, and web application firewalls, can effectively protect cloud systems.
The Critical Role of Security in Cloud Adoption
Ajmal Kohgadai, Principal Product Marketing Manager for Red Hat Advanced Cluster Security for Kubernetes, emphasized that security is a critical component of successful cloud-native adoption. He warned that security incidents can significantly impact businesses, with some respondents indicating that incidents have led to employee terminations.
How Companies Like wizlynx group Can Help
In the face of these escalating cyber threats, companies like ours play a pivotal role in strengthening the cybersecurity defenses of financial institutions and businesses alike. We offer a range of cybersecurity services, including security assessments and audits. Our expertise in this area can provide financial institutions with invaluable insights into their cybersecurity posture and help identify vulnerabilities and weaknesses within your organization’s digital infrastructure. By conducting thorough assessments and audits regularly, we not only assist your organizations in pinpointing areas of vulnerability but also enhance your ability to evaluate your existing security measures and recommend tailored strategies for improvement.
In an environment where cyber threats continue to evolve, having a trusted partner like wizlynx group can make all the difference, ensuring your financial institution is better equipped to fend off the growing tide of cyber threats.
There is no doubt the escalating threats faced by Southeast Asian financial institutions demand immediate action. Enhanced awareness, robust defense mechanisms, and strategic partnerships with cybersecurity firms are vital steps in safeguarding customers, assets, and the integrity of the financial sector in the region.As we move past the midpoint of 2023, businesses must proactively fortify their cybersecurity posture to stay ahead of these evolving threats. Remember, Leave No Stone Unturned.
