Malaysian businesses in danger of data breach in the next 12 months

Malaysian businesses in danger of data breach in the next 12 months, data breach in the next 12 months, Malaysian businesses in danger, survey by Trend Micro,

Malaysian businesses in danger of data breach in the next 12 months

A survey by Trend Micro Incorporated has revealed that 73% of Malaysian businesses believe they will face a data breach affecting consumer data in the next 12 months, damaging all sectors of the economy and creating an immense regional and global impact.

The survey by Trend Micro Incorporated comes from Trend Micro’s biannual Cyber Risk Index (CRI) report. Unlike normal unreliable sources, businesses in Malaysia have good reasons to fear that their data will get leak because Trend Micro Incorporated is a renowned global cybersecurity company. 

The CRI polled almost 3,600 firms of all sizes and industries in Asia-Pacific, North America, Europe, and Latin America in the first half of 2021.

They measure the gap between respondents’ cybersecurity preparedness versus their likelihood of being attacked and give out the unimaginable number of 73% likely breaches of information.

Key findings for Malaysia from the report include:

  • 58% said it is moderately to very likely that they would suffer serious cyberattackdigitalization12 months.
  • 30% suffered more than see digitalization that infiltrated networks/systems.
  • 14% had, more than seven data breaches of information assets.
  • 21% suffered more than seven breaches of customer data over the past year.

In Asia-Pacific (APAC), the top five cyber threats highlighted in the report were as follows:

  1. Ransomware
  2. Watering hole attacks
  3. Advanced persistent threats (APTs)
  4. Malicious insiders
  5. Fileless attacks

Expert opinions

Goh Chee Hoh, the managing director for Trend Micro Malaysia and Nascent Countries discussed the report and the prediction of the breach in the upcoming year: “Once again we’ve found plenty to keep CISOs (chief information security officers) awake at night, from operational and infrastructure risks to data protection, threat activity, and human-shaped challenges.”

Jyeshta Mahendran, Partner, Shearn Delamore & Co in Malaysia said: “Intellectual Property (IP) not only forms the integral business asset of a company but at the same time provides companies with a competitive edge over other players in the market. Protecting and safeguarding IP thus become vital in preserving the long-term continuity of a business. Any form of a cyber security breach involving theft of IP can severely affect the image and value of a business, not to mention the loss of revenue and damage to customer relationships. Whilst the era of digitalization has brought about advancement in the digitalization of data in the form of storage, processing, and dissemination of data, the heavy reliance on digitalization also presents its inherent risks. An organization’s proprietary know-how, trade secrets, drawings, plans, and prototypes are typically stored in digital or electronic devices. Such IP rights are at risk of being attacked if there is lack of vigilance and if strong security measures are not put in place.”

Jyeshta further clarifies the impact if the Intellectual properties of businesses are stolen and misused by shady organizations, cybercriminals, etc. in both Malaysia and around the world: “Such stolen IP rights can be modified and improvised or even sold to competitors in order to gain commercial advantage. What is also daunting when faced with a cyber threat is the disclosure of a design or an invention if the drawings or prototypes of a product is disclosed to the public as this can result in the loss of novelty of IP rights which could have been eligible for registration at the first instance. Such breaches are hence detrimental as they can result in loss of customer confidence, devaluation of the company’s image and reputation and affect the differentiation factor that the company had aimed to achieve with its IP rights.”

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– You could read Procedure of Trademark in Malaysia here.

– You could visit here to see Required documents of filing trademark in Malaysia here.

– You could read 07 Notes To Malaysia Trademark Registration You Should Know here

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