KUALA LUMPUR: Industry experts concur that Malaysian organisations should prioritise cybersecurity investment in light of escalating cyber threats.
Cybersecurity expert and LGMS Bhd's executive chairman Fong Choong Fook said investment in cybersecurity is now a critical imperative rather than just a 'nice-to-have' for organisations of all sizes in Malaysia.
"The cyber threat landscape has been evolving parallel to the pace of digital transformation, primarily due to its potential as a lucrative avenue for cybercriminals," said Fong in a statement.
He added that the surge in ransomware cases and other cyber threats are becoming increasingly sophisticated, advanced and even difficult to detect.
"As digital transformation advances, cyber threats have become more sophisticated and pose significant risks to organisations," he said.
He recommended that organisations continuously stay informed about the latest threats, implement robust monitoring systems and develop a culture of cybersecurity awareness.
"By taking these proactive steps, organisations can enhance their resilience against cyber threats and protect their valuable digital assets.
"LGMS, as a leading cybersecurity group in Malaysia and Southeast Asia, stands ready to support businesses with expertise and tailored solutions," he said.
Fong spoke after communications and digital deputy minister Teo Nie Ching's visit to the LGMS cybersecurity headquarters in Subang Jaya last week.
He felt encouraged by the government's proactive engagement with industry players and support for cybersecurity initiatives to strengthen Malaysia's overall cybersecurity posture.
"The collaboration between the government and industry stands to strengthen Malaysia's cybersecurity landscape further," he said.
Recently, communications and digital minister Fahmi Fadzil urged the corporate sector to implement cybersecurity policies tailored to their organisations.
Fahmi relayed the concerns raised by industry players that numerous companies in Malaysia currently underestimate the necessity of investing in cybersecurity.
"As the digital economy is projected to constitute 25.5 per cent of gross domestic product (GDP) by 2025, it is undeniable that cybersecurity and data protection will be indispensable aspects in tandem with the digital economy itself," Fahmi was quoted as saying.
Ganesh Kumar Bangah, an industry veteran, has also expressed concern about the current state of cybersecurity in the country.
"The rising incidences of cyber threats underscore the urgency of the situation," said Ganesh, the executive chairman of Commerce.Asia and Xamble groups.
"Building a resilient digital economy means building robust cybersecurity defenses. We must remember that our economic stability and growth are at stake here," he added.
"We believe that with increased awareness and appropriate investment, our nation can successfully navigate these cyber challenges," said Ganesh.
Ganesh emphasised the importance of partnerships among the corporate sector, cybersecurity firms and government entities.
"We must pool our resources, share information and work together to create a safer digital landscape. Cybersecurity is a business imperative and a matter of national security," he said.