Recent study reveals that the probable economic damage in Malaysia due to cybersecurity incidents can hit a staggering US$12.2 billion. This is more than 4 percent of Malaysia’s total GDP of US$296 billion.
While conspicuous cyberattacks, such as ransomware, have been gathering a lot of attention from enterprises, the study found that for organisations in Malaysia that have come across cybersecurity incidents, data exfiltration and data corruption are the biggest concerns as they have the highest impact with the slowest recovery time.
In addition to fiscal losses, cybersecurity incidents are likewise undermining Malaysia organisations’ capacity to capture future opportunities in today’s digital economy, with 62% of organisations declaring that their enterprise has put off digital transformation efforts due to the fear of cyber-risks.
While Cyber threats, Cyber attacks and Cyber Security risks continue to pile up, conclusively the challenge organisations were about to face in 2019 aren’t insurmountable. The crucial aspect of managing them successfully is staying up-to-date with IT security systems understanding probable future Cyber threats and pacing back to comprehend big-picture trends that are driving them.
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