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Cybersecurity comes of age

Digital Trust Insights Survey 2021
Malaysia report



 

Digital Trust

The pandemic has been an impetus for digital adoption while also presenting significant risks among Malaysian organisations.

In PwC’s Digital Trust Insights Survey 2021, we studied the recent trends and the next big wave in cybersecurity as automation and technologies continue to evolve how we operate as businesses. 30 Malaysian respondents comprising C-suites and non C-suites shared their views.

What’s encouraging is that 70% of Malaysian respondents say that they’ll adjust their cybersecurity strategy due to COVID-19, to consider cybersecurity and privacy in every business decision.

Sentiments point to a growing realisation among Malaysian organisations that they need to step up now to stave off threats, either through investments, new innovations to level the playing field with attackers, or better risk management. Yet, despite their best efforts to change, they also need to contend with an acute shortage of cybersecurity talent in the market. 

Some organisations have formally appointed a Chief Information Security Officer (CISO), setting an important tone from the top for their business, on the ownership of digital trust (a role that should be aptly played by the CISO). 

But are Malaysian organisations doing enough to improve their cyber resilience? 

67%
of Malaysian respondents say that accelerated digitalisation for growth is an impact to their industry
  63%
of respondents are thinking of a new process of budgeting for cyber spend or investments
  47%
are testing their resiliency to account for more low-likelihood, high-impact events
  40%
say they need to modernise their organisation with new capabilities

Explore the key themes

Businesses are restrategising their cyber budgets to get more out of it

On one hand, cloud services is the next big switch for organisations

Investing in every advantage to level the playing field with attackers

A change in mindset will be important as savvy CISOs are in step with the vision and goals of their enterprise

64% of Malaysian respondents expect an increase in the headcount of the cybersecurity team

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Explore the key themes

It’s not enough to invest in an anti-fraud and corruption programme and expect it to deliver results.

A strong tone from the top is critical in building a speak up culture.

Organisations will need to be compliant with the section 17A requirements of the MACC Act.

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Contact us

Elaine Ng

Elaine Ng

Partner, Financial Services and Risk Assurance Services Leader, PwC Malaysia

Tel: +60 (12) 334 6243

Josephine Phan

Josephine Phan

Partner, Risk Assurance Services, PwC Malaysia

Tel: +60 (3) 2173 0715

Clarence Chan

Clarence Chan

Director, Risk Assurance Services, PwC Malaysia

Tel: +60 (3) 2173 0344

Alex Cheng

Alex Cheng

Senior Manager, Risk Assurance Services, PwC Malaysia

Tel: +60 (3) 2173 0647

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