The global outbreak of COVID-19 has disrupted global industries on a scale hitherto unknown till now. A public health crisis, shutdown of supply chains across markets and huge financial losses have been a common feature across major economies in the globe.
According to the General Statistics Office of Vietnam, more than 5 million people lost their jobs due to the pandemic. Vietnam also imposed a national lockdown to curtail the spread of the virus. The government acted very proactively to contain the spread of the virus and also utilized economic support totaling VND 27 trillion (USD 1.16 billion) to ease the financial burden of the economic downturn on enterprises and citizens. Workers were provided income support and the poor were provided cash transfers to sustain their livelihood. However, private sector employees in Vietnam reported experiencing significant financial security pressures with many having their hours of work reduced or their pay cut. Pressure on domestic life had also escalated, more so for men than women. To curtail the spread of the virus and manage the economic downturn, companies reduced employment, reduced hours of work, cut salaries and implemented work from home systems. Remote working environments were the ones majorly impacting the cybersecurity outlook in Vietnam. Cybersecurity faced an up and down experience during the pandemic situation.
Hackers targeting Chinese Government: Hackers working in support of the Vietnamese government attempted to break into Chinese state organizations, in an effort to access crucial information about the virus and its details. The event outlines a significant change in the cyberspace world order, as Vietnam emerged as an able threat in global geo-politics by leveraging its information security capabilities. Hacker group APT32 that was behind the attacks on the Chinese government has been alleged to work on behalf of the Vietnamese government.
Hike in Cyber Threats in the Country: Work from Home situation in organizations in Vietnam has allowed lesser surveillance over employee activity on the part of the employer. This has allowed employees to access spurious links baiting employees by promoting information about the virus. Malicious links have also been pretty common with employees entertaining such links on the web. 54% security leaders report an increase in phishing attacks since the pandemic began. Businesses are therefore having a hard time to manage employee activity remotely and are working on remotely training their employees about the perils of online cyber threats. They are focusing on spreading awareness about internet usage protocols among employees, to prevent a situation of loss of sensitive data.
Increasing Importance of Cybersecurity among Enterprises: Cyber security has been a top priority in the business sector in recent months, as the sudden shift in the workforce to home office has increased a host of new threats in the industry. Many businesses are gradually adapting to this new “scenario”, reassessing their investments and new projects to enhance the security of information systems. Business leaders have promised an increase in cybersecurity investments in their company going forward from 2021. In a PwC survey, 55% business leaders indicated a need for appreciation in their cybersecurity budgets for 2021. Organizations have also realized the role of specialized information security human resources in their team, and have adopted the idea of a Chief Information Security Officer (CISO) increasingly. Budgetary expenditure towards employee training, cybersecurity solutions and hiring specialized persons has risen during the pandemic period.
While the short term impacts of the pandemic have been negative on the cybersecurity industry, the long term impact re-affirm the status of the pandemic as a blessing in disguise for the cybersecurity industry in Vietnam. Increased investment in cybersecurity by employees, heightened awareness levels and a renewed focus on securing remote work environments will drive cybersecurity investments in Vietnam going forward.
Key Segments Covered:-
By Solution Source (Foreign/Imported Solutions and Domestic Solutions).
By End User (Banking and Finance, Government/Public Sector, Aerospace & Defense, IT & Telecom, Retail & E-Commerce, Healthcare and others).
By Solution type (Standalone Products, Managed Security Services and Professional Services).
By Standalone Product Type (Firewall, Antivirus, End Point Security, IPS/IPD, SIEM, Security Gateways and Others).
By Managed Security Services Type (SOC, Network Security, Application Security, Email Security, Cloud Security, Mobile Security, Content Security and Others).
By Professional Services Type (Penetration Testing, Security Audit, Cybersecurity Consulting, Security Training and Others.
Viettel Cyber Security
FPT Information System
Key Target Audience:-
Banks, Healthcare companies, Retail Companies, E-commerce Platforms, Government Departments
Time Period Captured in the Report:-
Historical Period: 2014-2019
Forecast Period: 2020-2025
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Ankur Gupta, Head Marketing & Communications