Budget 2020’s focus on digital transformation highlights need for stronger online protection, says cyber security firm

Budget 2020’s focus on digital transformation highlights need for stronger online protection, says cyber security firm

KUALA LUMPUR,. The Budget 2020 revealed that Malaysia is anticipating a full year of technological revolution ahead with RM21.6 billion invested into 5G development which would open tremendous opportunity as well as the need to step-up security in the cyberworld.

On the business front, with an allocation of RM550 million to develop the manufacturing sector for automation in line with IR 4.0, operations will become more digitalised with more valuable data making its way to the online world, Sophos Malaysia’s Country Manager, Wong Joon Hoong said today.

“With stronger connectivity and more training platforms across, we are looking at a rapid increase of online businesses, day-to-day transactions, and a massive amount of data exchange in the cyberspace.

However, with the sudden hike in digital involvement, does our security lifestyle keep up?” he added.

He said the biggest responsibility on security then falls on the shoulders of organisations, both public and private, to shelter Malaysians from the rapid rise of cyberattacks.

Sophos is a British security software and hardware company.

“More important than ever, organisations must not only focus on upskilling the employees to utilise new digital solutions, but also re-evaluate their knowledge on protecting online information,” he said in reaction to Budget 2020 tabled by the Minister of Finance, Lim Guan Eng yesterday.

According to Sophos’s latest research, The Future of Cybersecurity in the Asia Pacific and Japan — Culture, Efficiency, Awareness revealed that 51 per cent of Malaysian respondents don’t think they have the necessary resources to secure their digital assets, this includes a competent cybersecurity team in place to properly detect, investigate and respond to threats.

In terms of talent recruitment, which Malaysia is lacking, 72 per cent of respondents expressed difficulties in recruiting skilled cybersecurity experts.

“As a global leader in next-generation endpoint and network cybersecurity, we believe that this is a crucial time for businesses to recognise the importance of protection technology in line with the digital transformation plan.”

“As upcoming digital initiatives in the country unfold, it is crucial for businesses to strengthen their protection technology in tandem with the deployment of disruptive technological solutions. This, to date, has a huge space for improvement,” he said.

Though, businesses are not the only gatekeepers for security in this new age. Individuals, like ourselves, are also critical in this security maintenance cycle. The push for a cashless Malaysia is not slowing down. With more transactions being done online, people need to be educated on how to secure their e-wallets, said Wong.

He said with proper funding and policies currently in place, there are now more opportunities for both the public and private sector to join hands in educating businesses of all sizes to take action in securing the cyberspace.

Sophos believes that education on cybersecurity remains a critical concern.

For Malaysia to prosper equally across the nation, there must be shared consensus on how technology investments are distributed to support economic activities across different sectors, communities, and locations.

“However, it’s a must to not move too quickly without having proper prevention and protection measures in place. Regardless, Sophos is excited to celebrate the upcoming developments which Malaysia foresees,” he added. — Bernama

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