A graph highlighting the extent of concern amongst SMBs regarding cybersecurity. (Source: Cisco Secure) According to its study, 59 percent SMEs in Vietnam suffered a cyber attack inthe past year, of which 86 percent lost customer information to malicioushackers.
The study is based on an independent survey of over 3,700 business and ITleaders across 14 markets in the Asia-Pacific, including 152 in Vietnam. Thesurvey highlighted the multitudes of ways in which attackers can try toinfiltrate online systems.
Thirty-nine percent of affected SMEs in Vietnam have said that the biggestreason these attacks are successful is that current cybersecurity solutions arenot adequate. Thirty-two percent said they have no cybersecurity solutionsin place.
Luong Thi Le Thuy, Managing Director of Cisco Vietnam, said that SMEs in thecountry have increased their pace of digitisation over the past 18 months. Thishas been driven by the need to leverage technology to continue to operateduring the pandemic.
This digitisation has created a critical need for SMEs to invest incapabilities that safeguard themselves against cyberattacks. The more digitalthey become, the more attractive a target they are for malicious actors, shesaid.
Besides the loss of customer data, SMEs in Vietnam that suffered a cyberincident also lost employee data (67 percent), internal emails (61 percent),financial information (58 percent), intellectual property (56 percent), andsensitive business information (51percent). In addition, 61 percent admittedthat cyberattacks have hurt their reputation.
Disruptions caused by cyber incidents can have serious implications for SMEs.Downtime of less than one hour usually has a severe impact on revenue, whiledowntime of more than a day can result in permanent closure.
“We are living in a world where customers seek instant gratification. They nolonger have the patience for lengthy downtimes. SMEs must be able to detect,investigate, and block or remediate any cyber incident in the shortest timepossible,” said Juan Huat Koo, Director Cybersecurity, Cisco ASEAN.
Cisco’s study found that while SMEs in Vietnam are worried about cyberattacks,they are taking steps to improve their cybersecurity.
According to the study, 88 percent of SMEs have completed scenario planning orsimulations for potential cybersecurity incidents in the past 12 months. Themajority have a planned response to cyberattacks (89 percent) and recoveryplans (88 percent) in place.
Vietnamese SMEs are also increasingly aware that the biggest cyber threat comesfrom unsecured laptops and the use of personal devices.
The good news is there are now strong levels of investment by SMEs regardingcybersecurity. Some 87 percent of Vietnamese SMEs have increased theirinvestment in cybersecurity since the start of the COVID-19 pandemic.
“Cybersecurity is evolving rapidly. This is being driven by trends likeexpanding attack surfaces, moving to multi-clouds, the rise of hybrid work, aswell as new security requirements and regulations," said KerrySingleton, Managing Director, Cybersecurity, Asia Pacific, Japan, China,Cisco./.
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