78% Of Malaysian Companies Experienced Cyberattacks At Least Once In 2023
Palo Alto Networks' study also found that 55% of companies surveyed experienced frequent attacks.
By Sukhbir Cheema — 24 Jul 2024, 02:03 PM
Some 40 companies in Malaysia were affected by cyberattacks in 2023, according to a recent study released by Palo Alto Networks
In its State of OT Security: A Comprehensive Guide to Trends, Risks, and Cyber Resilience report, the US-based cybersecurity company surveyed 1,979 operational technology (OT) and IT business leaders across 23 countries.
In Malaysia, it had surveyed 51 business leaders to understand cybersecurity trends, risks, and cyber resilience strategies.
The study found that 78.4% of the companies surveyed in Malaysia experienced at least one cyberattack in the past year.
In terms of frequency, 55% of Malaysian companies experienced cyberattacks on a monthly to weekly basis
This resulted in 25% of businesses temporarily shutting down their operations, negatively impacting their revenue and operational costs last year.
The report also highlighted increasing compliance requirements as companies adopted new technologies and processes while navigating emerging cybersecurity risks.
To mitigate cybersecurity risks, many companies are now focusing on strengthening their cybersecurity measures.
52.9% of Malaysian companies consider cybersecurity their top priority, while 41.2% are expected to invest more in the coming two years to defend against cyberattacks
Unfortunately, the report revealed that only 13.7% of businesses had their OT and IT teams aligned on cybersecurity, indicating a significant disconnect and a siloed working environment.
In terms of decision-making, only 36.3% of companies shared responsibility for OT cybersecurity purchase decisions between the two teams.
With the advent of artificial intelligence (AI), there are growing concerns about more sophisticated types of cybersecurity attacks.
80.4% of Malaysian companies consider AI cybersecurity attacks as a critical issue with 74.5% agreeing that employing AI defenses can help curb such attacks
Meanwhile, 79% of businesses believe that moving to the cloud will enhance OT security. However, 49% argue that the transition will also introduce new cybersecurity challenges in the coming two years.
The report also found that 76% of companies have endorsed a Zero Trust approach, which means that no user or device is trusted by default until they're verified.
Unfortunately, only 28% have implemented the Zero Trust approach in their operations.
Palo Alto Networks' country manager for Malaysia, Sarene Lee, encouraged companies to create a Zero Trust policy and strengthen the security relationship between OT and IT teams
Lee said cyberattacks are causing an increasing number of production shutdowns in Malaysian industries.
"To reduce developing risks, strengthen the security relationship between OT and IT. Second, secure your cloud infrastructure and create a Zero Trust policy to ensure strong access security," she recommended.
She said by implementing these safeguards, businesses will have a better chance of protecting themselves against cyber threats.
