With Malaysia’s push towards digitisation makes an increase in cybersecurity risks inevitable. Malaysia’s cybersecurity market is projected to grow at a CAGR of 15-16% and is likely to be worth $607 million by the end of 2021. In a post-covid and digitally disrupted world, Malaysia is subject to increased instances of Fraud, Intrusion Cyber bullying in its digital space.
- Definition / Scope
- Market Overview
- Key Market Metrics
- Top Market Opportunities
- Market Drivers
- Market Restraints
- Industry Challenges
- Regulatory Trends
- Technology Trends
- Other Key Market Trends
- Market Size and Forecast
- Market Outlook
- Technology Roadmap
- Competitive Landscape
- Competitive Factors
- Key Market Players
- Strategic Conclusion
Definition / Scope
Cybersecurity is the protection of internet connected systems, including hardware, software and data from cyber attacks. Anything connected to internet is exposed to cyber threats. Cybersecurity is the need of the hour as of the rising cyber security complexity and proliferation of IoT, mobile networks and cloud-based channels, growing peer-to-peer transactions necessitating users to disclose personal identity as well as increasing adoption of emerging technologies such as robotics, artificial intelligence and quantum computing.
Anything McAfee, a cyber security firm projects that cyber crimes costs annual $450 billion to the global economy. In addition, it is estimated that the financial impact from cyber attacks is over $2 trillion in the ASEAN region. With digitization and connectivity becoming the norm of the 21st century, people and companies alike are exposed to the increasing risk of cyber threats such as:
- Malware is an all-encompassing term for a variety of cyber threats including Trojans viruses and bombs. Malware is simply defined as code with malicious intent that typically steals data or destroy something on computer.
- Phishing often pose as a request for data from a trusted third party phishing attacks are sent via email and asked users to click on a link and enter the personal data.
- Password attacks refers to an act where a third party try to gain access to user’s system by cracking the user’s password.
- DDoS stands for Distributed Denial of Service Ad or staff focuses on disrupting the service of a network. Attackers send high volumes of data or traffic through the network until the network becomes overloaded and can longer function.
- By impersonating the endpoint in an online information exchange that is the connection from smartphone to a website the Man in the middle attacks(MITM) attacks can obtain information from the end users and entity the users are communicating with. The MITM will receive all the information transferred between both parties which could include sensitive data bank accounts and personal information.
- in case of drive-by downloads, through malware on a legitimate website, a program is downloaded to a user’s system just by visiting the site it does not require any type of action by the user to download it.
- Maladvertising is a way to compromise your computer with malicious code that is downloaded to the system when you click an affected advertisement.
- Rogue software is basically malware that are masquerading as legitimate and necessary security software that will keep the system safe.
Cybersecurity is a key factor in Malaysia’s transition to a digital economy. In 2018, Malaysia is ranked 8th in the world in the global cybersecurity Index. The country is projected to contribute 75% of the ASEAN region’s cybersecurity services market by 2025. In 2019, Malaysia comprised 3% of the global cyber attacks. Malaysia had to lose 4% GDP amounting to $16.9 billion in revenue due to cyber attacks. The country is estimated to spend 6.6% of its GDP on building digital infrastructure.