Workshop on Information Security: Key Insights for Businesses

The Hanoi Association of Female Entrepreneurs, along with MISA, CyPeace, Savvycom, and Hanel, hosted a seminar in late September titled “Information Security: A Crucial Factor for Businesses in the Digital Era,” supported by the Authority of Information Security (AIS).

This gathering aimed to equip businesses, particularly small and medium enterprises (SMEs), with vital knowledge to enhance their ability to protect digital data and assets.

Le Cong Phu, deputy director of the Vietnam Cybersecurity Emergency Response Teams/Coordination Center (VNCERT/CC), highlighted the growing complexities and risks of cyber threats linked to global conflicts and geopolitical tensions. He noted that critical infrastructure is often a target for these attacks.

Recent incidents involving VnDirect, a securities firm, and PVOil, a petroleum distributor, illustrate the severe consequences of cyberattacks in terms of financial losses and damage to reputation, underlining the broader implications for national cybersecurity efforts.

Phu stressed that sophisticated cyberattacks are frequently state-sponsored or conducted by professional groups, making cybersecurity essential for the sustainable growth of the national economy and a stable business landscape.

Bui Hai Yen, chairwoman of the Hanoi Association of Female Entrepreneurs, remarked that while digital transformation presents significant advantages, it also introduces significant cybersecurity challenges. Protecting digital assets in an increasingly digitized world is imperative.

“The stakes for information security have never been higher, necessitating a stronger awareness and defense infrastructure among businesses,” she stated.

During the seminar, experts shared insights into prevalent cybersecurity threats in Vietnam and advocated for proactive measures businesses should adopt in a digital landscape.

According to CyPeace chair Ngo Minh Hieu, global spending on information security and risk management reached $188.1 billion in 2023, an increase of 14.2% from the previous year. Despite this, risks continue to mount.

Hieu reported an 11.1% rise in identified security vulnerabilities in 2023, with serious risks primarily affecting widely-used software and products.

Nguyen Quang Huy from Savvycom referenced international data revealing that SMEs face particularly high information security risks. A 2023 CNBC and Black Frog report indicated that half of all data breaches focus on small businesses, and a vast majority of decision-makers in those companies have experienced multiple cyberattacks.

Despite these risks, only 8% of firms allocate a budget for cybersecurity, and many lack adequate resources and planning to combat threats, with a significant number relying on free solutions.

A senior representative from Savvycom advised businesses to implement comprehensive strategies, including policy development, staff training, software updates, and data backups, in preparation for potential cyber threats.

Highlighting that employee awareness is critical to cybersecurity, he encouraged organizations to cultivate a culture of vigilance among staff and foster an environment where reporting suspicious activities is welcomed.

Nguyen Quang Hoang from MISA pointed out the evolving nature of cyberattacks, emphasizing that technological vulnerabilities are a primary focus for attackers. In this context, Software as a Service (SaaS) is poised to offer critical solutions.