Malaysian cybersecurity technologies outdated
- 60% of cybersecurity technologies used by Malaysian companies are considered outdated, exposing vulnerabilities
- Ransomware attacks rose 151% in 2021 and the organizations surveyed each faced an average of 270 cyberattacks
- Companies should review their cybersecurity solutions every year
More than half of cybersecurity technologies in Malaysia are outdated, according to the latest findings by Cisco Systems Inc. The study claimed that 60% of cybersecurity technologies used by Malaysian companies are considered outdated, exposing vulnerabilities.
The survey aimed to determine the most impactful measures teams and companies can take to defend their organizations against the evolving threat landscape.
In addition to this, the WEF (World Economic Forum) published a Global Cybersecurity Outlook report, identifying a lack of coordination between security leaders and business leaders as a critical concern. The report said that the accelerating pace of digitalization, fuelled by the Covid-19 pandemic, has led to a record-breaking year for cybercrime.
Ransomware attacks rose 151% in 2021 and the organizations surveyed each faced an average of 270 cyberattacks. The report said that each successful cyber breach cost a company US$ 3.6 million last year. WEF said that cybersecurity has to be prioritized in “all domains of society and the economy” to “unlock the true potential of the digital economy.”
Hacking and data breaches are becoming increasingly common as cybercriminals develop more sophisticated ways to access digital assets, including critical data. More than 5,100 security professionals across 27 markets and 2,000 professionals from 13 markets in Asia-Pacific participated in the survey.
Cisco said that the respondents considered their cybersecurity infrastructure unreliable and complex, with 60% and 57% respectively highlighting this in the survey.
Malaysian organizations addressing cybersecurity challenges
With cyberattacks and data breaches becoming more frequent than ever, Malaysians recognize the need to invest in modern technologies to protect their business in the current digital age, as indicated in the Cisco findings.
Eight in 10 (81%) Malaysian respondents said their company is investing in the ‘Zero Trust’ strategy, with 53% saying their organization is making steady progress with adopting the technology, while 27% say they are implementing it.
4% of respondents said their company is investing in Secure Access Service Edge (SASE) architecture, with 53% saying they are making good progress with adopting and 31% saying their implementation is at mature levels, the report said.
Critically address and refresh cybersecurity technologies
With cyber threats continuing to escalate, it is no longer a question of whether or not an organization will be hacked but when will it be hacked.
Malaysian companies must critically address and refresh the cybersecurity technologies and solutions they use today to defend against the growing sophistication of cyberattacks. Companies should review their cyber security solutions every year and adopt a new solution that is constantly updated as technology changes with each passing day.
This is especially important for smaller businesses; these companies tend to be more vulnerable to cyber-attacks because of less robust IT systems, which are not up to date.
Cisco also reported that there are also inconsistent security policies across disparate locations and networks, difficulties in verifying the identity of users and devices, and the lack of end-to-end visibility of their security infrastructure.