As cyberattacks become increasingly sophisticated and dangerous worldwide, Vietnam is also a target for high-tech criminal organizations. In just the first half of 2024, a series of severe cyber incidents have sent shockwaves through the industry, highlighting the urgent need to raise awareness and strengthen cybersecurity systems. The alarming number of attacks and their financial and reputational damage indicate that businesses are facing an unprecedented challenge. Vietnamese enterprises must confront this reality and take immediate action.

The state of cybersecurity in Vietnam in the first half of 2024

Cybersecurity experts warn that nearly half of Vietnamese businesses have yet to implement a readiness plan to combat dangerous cyber threats. According to statistical reports from the Department of Cybersecurity and High-Tech Crime Prevention, the first half of 2024 saw over 211,000 cyber attack alerts of varying scales and 20 major cybersecurity incidents.

Notably, ransomware attacks—which encrypt data and demand ransom—have surged, targeting large corporations and financial enterprises. The estimated total damage from these attacks has reached $10 million, an alarming figure beyond previous expectations. Additionally, small and medium-sized enterprises (SMEs) have also become prime targets for data breach attacks.

The negative impact of cyber attacks on businesses

The damage caused by cyber attacks is immense, affecting not only a company's financial stability but also its reputation. A successful attack can lead to loss of customer trust, tarnished brand image, and strained relationships with business partners.

Ransomware attacks, in particular, disrupt business operations, preventing companies from delivering services or products on time. This results in missed business opportunities and revenue loss. In severe cases, businesses may face legal consequences if customer or partner data is compromised, potentially leading to regulatory fines or lawsuits.

More importantly, recovering from a cyber attack is a long and complex process. It takes considerable time not only to restore normal operations but also to rebuild trust among stakeholders. This recovery phase can last months or even years, placing enormous pressure on management teams and employees alike.

Read more: The harm of ransomware malware to businesses and effective protection methods

Security recommendations for Vietnamese businesses

As of now, ransomware remains one of the biggest cybersecurity threats to businesses of all sizes. In response to the increasing risks, companies must proactively implement security measures to mitigate potential damage and ensure business continuity.

Beyond traditional security practices such as installing antivirus software, performing regular data backups, and managing digital assets, businesses should invest in advanced security solutions. These include real-time threat monitoring and alert systems, threat detection platforms, and intelligence-driven security management software.

Vietnamese businesses must also stay vigilant against sophisticated cyber scams, especially as AI-driven cyber threats become more prevalent. Instead of reacting after an attack, companies should take proactive steps to build strong security defenses. Organizations without dedicated cybersecurity teams should consider partnering with reputable cybersecurity firms to strengthen their security posture and minimize risks.

See more: HPT's SOC service: Cost optimization and 24/7 security assurance for businesses

Source: Hanoi Radio & Television