The cybersecurity market in Vietnam is projected to accelerate at a CAGR of 14-15% and hit $215 million by the end of 2023. As the country is on digital transformation drive, there is heightened demand for cybersecurity solutions primarily related to UTM and Insider Threat Mitigation strategy across retail, ecommerce, financial sectors, government entities and healthcare business.
- Definition / Scope
- Market Overview
- Key Market Metrics
- Market Risks
- Market Drivers
- Market Restraints
- Industry Challenges
- Technology Trends
- Regulatory 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 cybercrimes 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 ad.
Rogue software is basically malware that are masquerading as legitimate and necessary security software that will keep the system safe
According to Committee to Protect Journalists, Vietnam was ranked as one of the 10 most censored countries in the world. Its new law was criticized as it is viewed as a “sovereign and controlled “internet model to substantiate online content control rather than protecting citizens against cyber-attacks. Vietnam aims to build a safer cyberspace which will ensure social security and order, defend national sovereignty and lead to digital transformation and sustainability.
As per the International Telecommunication Union (ITU), Vietnam ranks 50 out of 193 countries in the Global Cybersecurity Index. It is placed 11th in Asia Pacific and 5th in ASEAN. The country aims to be in the top 30 in the GCI Index by 2030 and is focusing on development of legal, technical, organizational, capacity building and co-operation issues.