By using this site, you agree to the Privacy Policy and Terms of Use.
Accept
Marketing In Asia
  • Marketing
    • Viral
    • Expert Opinions
    • News & Trends
    • Research
    • Market Podcasts
    • Market Videos
    Marketing
    This category deals with best news and updates on marketing and branding news and events.
    Show More
    Top News
    Sangeeta Mudnal
    How conversational commerce benefits marketers
    2 weeks ago
    Andrew Monu, VP of Marketing, LinkedIn
    Marketing in Asia Presents an Exclusive Interview with Andrew Monu, VP of Marketing, LinkedIn
    2 weeks ago
    Ankita Thakur
    Marketing in Asia Presents an Exclusive Interview with Ankita Thakur, Group Head of Marketing, MoneyHero Group
    3 weeks ago
    Latest News
    Marketing in Asia Presents an Exclusive Interview with Cris Tan, Associate Director, Publisher Development (SEA)
    3 days ago
    Time for ASEAN to Rethink a Single Currency Amid Global Trade Tensions
    4 days ago
    Marketing in Asia Presents an Exclusive Interview with Carine Chin, Head of Corporate Marketing, Etiqa Insurance Singapore
    4 days ago
    Marketing in Asia Presents an Exclusive Interview with April Tayson, Regional VP INSEAU at Adjust
    2 weeks ago
  • Startup
    • News from Startup world
    • Startup Stories
    • Trends and Opinions
    • Startup Podcasts
    • Startup Videos
    Startup
    News and articles from startup and venture investment world
    Show More
    Top News
    Japan’s Evolving Booze Culture: A Market in Transformation
    Japan’s Evolving Booze Culture: A Market in Transformation
    8 months ago
    text
    Safe Space™ announces partnership with National Healthcare Group as it continues to boost employee support and wellbeing
    8 months ago
    Sakshi Kalani Founder & CEO of Savy Click and Jaipur Unfolded
    AI-Powered Analytics: Sakshi Kalani on Influencer Marketing in 2025
    8 months ago
    Latest News
    Byron J. Fernandez: Minimize the stress of business crises with strong CX
    6 months ago
    Vedant Mahajan Acquires Stake in Flite: Transforming Event Technology with Innovation
    6 months ago
    Navigating the Digital Economy and Tax Challenges for SMEs
    6 months ago
    sehatUP Launches India’s First Integrated Digital Health Clinic, Pioneering Holistic Healthcare
    7 months ago
  • Business
    • Feature Stories
    • News
    • Business Podcasts
    • Business Videos
    Business
    News and press releases from business world of Asia
    Show More
    Top News
    Andrew Monu, VP of Marketing, LinkedIn
    Marketing in Asia Presents an Exclusive Interview with Andrew Monu, VP of Marketing, LinkedIn
    2 weeks ago
    Ankita Thakur
    Marketing in Asia Presents an Exclusive Interview with Ankita Thakur, Group Head of Marketing, MoneyHero Group
    3 weeks ago
    Mary Reschar, Head of Product Marketing, Fluent Commerce
    How retailers can prepare for the rise of Gen Zalpha
    3 weeks ago
    Latest News
    Marketing in Asia Presents an Exclusive Interview with Cris Tan, Associate Director, Publisher Development (SEA)
    3 days ago
    Time for ASEAN to Rethink a Single Currency Amid Global Trade Tensions
    4 days ago
    Marketing in Asia Presents an Exclusive Interview with Carine Chin, Head of Corporate Marketing, Etiqa Insurance Singapore
    4 days ago
    Marketing in Asia Presents an Exclusive Interview with April Tayson, Regional VP INSEAU at Adjust
    2 weeks ago
  • Society
    • Inspiration
    • Destinations & Travel
    • Food & Gourmet
    • People
    • Young Voices
    • Society Videos
    • Society Podcasts
    Society
    News and articles from and for societies around us
    Show More
    Top News
    Smashers Sports Acquires Delhi Franchise of WPBL: A Game-Changer in India’s Sports Entertainment
    Smashers Sports Acquires Delhi Franchise of WPBL: A Game-Changer in India’s Sports Entertainment
    5 months ago
    Resorts World Cruises Sets Sail from Dubai with New Luxury Gulf Voyages
    Resorts World Cruises Sets Sail from Dubai with New Luxury Gulf Voyages
    7 months ago
    Australia luxury property
    Australia’s Luxury Real Estate Market Soars as Affluent Buyers Seek Waterfront Dreams
    7 months ago
    Latest News
    From Taboo to Triumph: How Malaysians Are Transforming Their Intimate Health Journey
    2 months ago
    Top 5 Misconceptions About Antibiotics Malaysians Need to Stop Believing
    2 months ago
    Eagle Eye Reveals Impact of Loyalty Programs on APAC Retailers
    2 months ago
    Elevate Your Haircare in 2025 with Jung Beauty’s Luxurious Camellia Edition Treatment
    5 months ago
  • Press Release
  • Awards
    • MIA Impact Circle Stellar CxO 2023 Malaysia
    • MIA Impact Circle Stellar CxO 2023 India
    • MIA Impact Circle Stellar CxO 2023 Philippines
    • Australian Women in Business Excellence Awards
    • MIA Impact Circle Stellar CxO 2024 Singapore
    • Mia Impact Circle Stellar Cxo 2024 Hongkong Award 
    • Mia Impact Circle Stellar Cxo 2024 Indonesia Award 
Search
Technology
  • Hot
  • Trending
  • Editor’s Choice
  • NSFW
  • Reactions
  • Authors
  • Viral on Internet
Other Pages
  • My Bookmarks
  • Customize Interests
  • About Marketing In Asia
  • Business Register & Login
  • Web Stories
  • Videos
  • Disclaimer
  • Terms of Service
  • Privacy Policy
© 2024 Marketing In Asia Sdn Bhd. All Rights Reserved.
Reading: Cyberattacks Explained: The Dire Business Threat Of Organised Cybercrime On SMEs & Startups
Share
Sign In
Notification Show More
Latest News
Progress ShareFile Enhances Secure Enterprise Collaboration with Deep Microsoft 365 Interoperability
Press Release
Vijay Kumar
Rimini Street Appoints Vijay Kumar as EVP and Chief Operating Officer 
Press Release
Heckler Singapore Launches First 3D Billboard in New Campaign for Qantas
Heckler Singapore Launches First 3D Billboard in New Campaign for Qantas
Press Release
stop food waste
LogiNext Powers Hungry Harvest’s Mission to End Food Waste and Hunger
Press Release
Cris Tan
Marketing in Asia Presents an Exclusive Interview with Cris Tan, Associate Director, Publisher Development (SEA)
Advertising Interviews Marketing
Aa
Marketing In Asia
Aa
  • Hot
  • Trending
  • Editor’s Choice
  • NSFW
  • Reactions
  • Authors
  • Viral on Internet
  • My Bookmarks
  • Customize Interests
  • About Marketing In Asia
  • Business Register & Login
  • Startup Register & Login
Search
  • Marketing
    • Viral
    • Expert Opinions
    • News & Trends
    • Research
    • Market Podcasts
    • Market Videos
  • Startup
    • News from Startup world
    • Startup Stories
    • Trends and Opinions
    • Startup Podcasts
    • Startup Videos
  • Business
    • Feature Stories
    • News
    • Business Podcasts
    • Business Videos
  • Society
    • Inspiration
    • Destinations & Travel
    • Food & Gourmet
    • People
    • Young Voices
    • Society Videos
    • Society Podcasts
  • Press Release
  • Awards
    • MIA Impact Circle Stellar CxO 2023 Malaysia
    • MIA Impact Circle Stellar CxO 2023 India
    • MIA Impact Circle Stellar CxO 2023 Philippines
    • Australian Women in Business Excellence Awards
    • MIA Impact Circle Stellar CxO 2024 Singapore
    • Mia Impact Circle Stellar Cxo 2024 Hongkong Award 
    • Mia Impact Circle Stellar Cxo 2024 Indonesia Award 
Have an existing account? Sign In
Follow US
© 2023 Marketing In Asia Sdn Bhd. All Rights Reserved.
Marketing In Asia > Blog > Press Release > Cyberattacks Explained: The Dire Business Threat Of Organised Cybercrime On SMEs & Startups
Press Release

Cyberattacks Explained: The Dire Business Threat Of Organised Cybercrime On SMEs & Startups

profile
Last updated: 2023/02/24 at 8:34 PM
Elliot & Co
Share
8 Min Read
SHARE

In today’s era, data is king. It is a treasure trove of information that can provide customer insights, inform strategies, and even shape top-level business decisions — which makes Malaysia’s proneness to criminal data breaches that much more worrying.

To shed some light on how grave the situation has become, we need only look at one half of the previous year. Malaysia experienced an alarming 730 per cent increase in breached accounts between the first and second quarter of the year alone, making us the 11th most breached country in the world.

Despite multiple reported breaches amounting to hundreds of gigabytes of data, local businesses (particularly startups and SMEs) still lack cybersecurity awareness and the appropriate security measures to fend off these malicious attacks. Many assume they are unlikely targets due to their smaller size, or fail to fully understand the gravity of cyberattacks beyond how it will affect their customers.

Big-picture statistics aside, what do cybersecurity breaches mean for our businesses on a real, everyday scale?

#1: Steep losses to cover damage control and compensation

Ransomware — a malicious software attack that restricts access to critical systems or threatens to leak sensitive data until a monetary ransom is paid off — emerged as one of the most pertinent cyberattacks in Malaysia last year. Even if the demands are met, however, only 10% of companies get their data back in totality. The remaining only receive a portion of the stolen data, with the rest leaked to interested (and oftentimes malicious) parties on the black market.

Beyond a loss of data and financial losses to pay off the ransom, this further opens avenues for dissatisfied clients and customers to sue businesses for their negligence. The costs for a compromised business to bear is tiered: compensation to affected clients, legal retainer fees, even spending on crisis communications. Overall, this could eat up a significant portion of an organisation’s hard-earned revenue — with Malaysia’s Cyber Security Strategy 2020-2024 projecting a total economic loss of RM51 billion if cyberthreats are left unchecked.

#2: Crippled productivity and business continuity

Between blocked access to crucial systems and battling bad press about a reported cybersecurity breach, businesses stand to lose not just a great deal of money but also precious time. Unable to use company data or the platforms that keep the day-to-day running, productivity will come to a grinding halt, inevitably impacting business continuity in the long run as well as revenue.

This is especially significant for essential businesses that run around the clock, such as information technology, manufacturing, and logistics. Even the slightest interruption in this well-oiled machine could then affect other vendors or companies within a company’s business ecosystem, like other users further along the supply chain.

#3: Plunging reputation and broken customer trust

We are all customers ourselves in some shape or form, and the cold truth that we all know is that brand loyalty and customer trust takes years to build — but only seconds to come crashing down. Regardless of how established a brand is or how isolated a particular cyberattack incident is, the breach itself will be enough to taint the company’s reputation and open doors to a series of unwelcome consequences for customers.

More than the immediate losses in sales or users, it is the potential losses that may prove to be the most damaging. With a dip in public sentiment comes a domino effect that is incredibly difficult to stop: a decline in investor confidence, loss of upcoming business opportunities or contracts, and a plummeting business value. It could take years to fully restore relationships with clients or suppliers, which is a chunk of time many smaller businesses cannot afford.

#4: Costly intellectual property disputes

Established industry players rely on the confidential safekeeping of their intellectual property to maintain their strong market presence. For example, household names in food like KFC and Oreo are instantly recognisable by their iconic recipes; while sundry items like Panadol and Colgate have become interchangeable terms used in reference to commonplace products.

This protection of intellectual property is arguably even more important for startups and SMEs, many of whom consider it their one chance at breaking into an already saturated market! Should a cybersecurity breach render this patented data public, it could spell long legal battles, the near-impossible feat of recalling this information, and — most importantly — the fear that the business’ unique selling proposition can now no longer be unique.

#5: Forced revamping of operations, regardless of preparation

While an overhaul of existing security systems may well be long overdue, one of the worst things a business can do is initiating this revamp out of desperation rather than preparation. In the rush to overcompensate for their previous lack of security, a company runs the risk of not choosing the appropriate infrastructure to suit their organisational needs (or worse, spending unnecessarily for a feature they cannot benefit from).

So, in the words of everyday Malaysians — “how now?”

As cliche as it may sound, prevention is more often than not the best cure. Businesses need to realise early on that while bigger enterprises are more profitable targets of cyberattacks, SMEs are actually the ones that are most likely to be victims! Being restricted by a smaller pool of funds and a lack of understanding in implementing more robust security measures often make them more vulnerable and more desirable as targets.

Also read: Big Opportunities and Challenges: Where’s Cybersecurity Heading in 2023

Cybersecurity is never a one-off purchase — it is a long-term defence mechanism that needs to be ‘serviced’ and ‘maintained’ to provide effective protection against ever-evolving cyberthreats.

Beyond introducing IT security measures and training its employees to face these attacks, startups and smaller businesses should consider engaging a cybersecurity consulting firm that can identify appropriate infrastructure to meet specific business requirements. SRKK, for instance, provides scalable enterprise-level solutions that can grow or dial back as needed alongside a business.

In addition to improving overall business awareness of cybersecurity trends and threats, this also empowers companies to make more informed decisions and nip problems in the bud. Cybersecurity has come a long way: it is no longer an if, but a must, in the digital transformation strategies of any brand in the market.

Legal Disclaimer: The Editor provides this news content "as is," without any warranty of any kind. We disclaim all responsibility and liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. For any complaints or copyright concerns regarding this article, please contact the author mentioned above.

You Might Also Like

Progress ShareFile Enhances Secure Enterprise Collaboration with Deep Microsoft 365 Interoperability

Rimini Street Appoints Vijay Kumar as EVP and Chief Operating Officer 

Heckler Singapore Launches First 3D Billboard in New Campaign for Qantas

LogiNext Powers Hungry Harvest’s Mission to End Food Waste and Hunger

Quick Heal Technologies Limited Reiterates Its Commitment to Cyber Fraud Prevention, Launches Freemium Model of AntiFraud.AI

MIA
Get Latest Job Updates on Whatsapp and Telegram
SCIKEY Logo
Whatsapp
Telegram
TAGGED: business, cybercrime, Cybersecurity, smes

Sign Up For MIA Newsletter

Be keep up! Get the latest updates about the Marketing world delivered straight to your inbox.

    By signing up, you agree to our Terms of Use and acknowledge the data practices in our Privacy Policy. You may unsubscribe at any time.
    Elliot & Co February 24, 2023 February 24, 2023
    Share This Article
    Facebook Twitter LinkedIn Email Copy Link Print
    Share
    What do you think?
    Love0
    Happy0
    Joy0
    Surprise0
    Sad0
    Angry0
    Cry0
    Previous Article Web 3 Streaming Platform Myco Secures Rights For HBL PSL 8 Cricket Coverage Across MENA Web 3 Streaming Platform Myco Secures Rights For HBL PSL 8 Cricket Coverage Across MENA
    Next Article For The Love Of Durians: ORESCO Launches D’Harvest Growers Joint Venture To Make Owning Durian Trees Easy & Accessible
    Leave a comment Leave a comment

    Leave a Reply Cancel reply

    You must be logged in to post a comment.

    9.5k Followers Follow
    3.4k Followers Like
    1.1k Followers Follow
    214 Followers Follow
    208 Subscribers Subscribe

    Latest News

    Progress ShareFile Enhances Secure Enterprise Collaboration with Deep Microsoft 365 Interoperability
    Press Release 2 days ago
    Vijay Kumar
    Rimini Street Appoints Vijay Kumar as EVP and Chief Operating Officer 
    Press Release 2 days ago
    Heckler Singapore Launches First 3D Billboard in New Campaign for Qantas
    Heckler Singapore Launches First 3D Billboard in New Campaign for Qantas
    Press Release 2 days ago
    stop food waste
    LogiNext Powers Hungry Harvest’s Mission to End Food Waste and Hunger
    Press Release 2 days ago

    PropertyGuru

    property guru

    You Might also Like

    Press Release

    Progress ShareFile Enhances Secure Enterprise Collaboration with Deep Microsoft 365 Interoperability

    2 days ago
    Vijay Kumar
    Press Release

    Rimini Street Appoints Vijay Kumar as EVP and Chief Operating Officer 

    2 days ago
    Heckler Singapore Launches First 3D Billboard in New Campaign for Qantas
    Press Release

    Heckler Singapore Launches First 3D Billboard in New Campaign for Qantas

    2 days ago
    stop food waste
    Press Release

    LogiNext Powers Hungry Harvest’s Mission to End Food Waste and Hunger

    2 days ago
    //

    Get Asia to Notice You

    Quick Link

    • Contact
    • RSS Terms of Service
    • Policies & Standards
    • About Us
    • FAQ
    • Disclaimer
    • Terms Of Service
    • Privacy Policy

    Top Categories

    • Marketing
    • Startup
    • Feature Stories
    • News
    • People
    • Inspiration

    Sign Up for Our Newsletter

    Subscribe to our newsletter to get our newest articles instantly!

      Marketing In AsiaMarketing In Asia
      Follow US
      © 2024 Marketing In Asia. All Rights Reserved.
      • Disclaimer
      • Terms of Service
      • Privacy Policy