Cybersecurity threats forecast to explode in Southeast Asia by 2024

Cybersecurity for businesses is extremely important and needs to be a top priority in 2024 as online threats are on the rise in Southeast Asia.

The widespread adoption of digital transformation by organizations and businesses in the region also increases cybercrime because digital transformation causes many business activities to move to the online environment, leading to an expansion of the attack surface for cybercriminals.

In addition, cybercriminals can also target new systems, applications, and websites deployed during the digital transformation process to exploit security vulnerabilities.

A 2022 study on cybersecurity in the Association of Southeast Asian Nations by the US-based multinational cybersecurity company Palo Alto found that 92% of surveyed businesses said cybersecurity should be a top priority for business leaders.

Meanwhile, more than two-thirds of those surveyed said they planned to increase their budgets for digital security, optimizing operations and addressing existing security vulnerabilities.

Here are the top five cybersecurity threats that businesses in Southeast Asia need to watch out for in 2024.

1. Ransomware attack

One of the most common types of cyber attacks is the use of ransomware. Attackers exploit security vulnerabilities in the victim's device, encrypt data, and demand a ransom payment to retrieve the encrypted data. They can infiltrate by sending malicious links to the target via email and take control of the device when the victim clicks on the link.

By encrypting or locking important business data, cybercriminals force their targets to incur significant financial losses in order to pay for the decryption key. Furthermore, when a company is hacked, they have to deal with trust issues and reputational damage due to the loss of customer information.

Ransomware attacks are becoming increasingly common and sophisticated, and businesses need to take steps to protect their data from this type of attack.

2. Phishing and Social Engineering Attacks

Anyone who uses email or social media can fall victim to online scams. These are online tactics used to trick people into sharing sensitive information like passwords or installing malware on their devices. Cybercriminals also use social engineering attacks to manipulate and trick people into gaining access.

Accordingly, cybercriminals will spend time collecting information related to the attack target, then use the collected information to start a conversation with the victim to convince the victim to perform actions that unintentionally endanger their organization.

Once criminals gain access to a network, they can steal data and identities, obtain financial information, destroy corporate information, or install data encryption software and demand ransom payments from victims to retrieve the data they have seized.

3. Business email scams

Business email fraud is a type of cybercrime in which attackers use email to trick individuals within an organization into performing actions such as:

Money transfer:The attacker impersonates a senior employee within the organization or a business partner to request a transfer of funds to a bank account under their control.

Disclosure of sensitive information:The attacker may ask the victim to provide sensitive information such as passwords, financial information, or customer data.

Installing malware:Attackers can send emails containing malware that, when activated, gives them access to an organization's network.

Additionally, other spoofing attacks include spoofing website domains and tricking users into entering their personal information when logging in or intercepting data instead of allowing it to reach its intended recipient.

4. Supply chain attacks

A supply chain attack is a type of cyber attack that targets weak links in an organization's supply chain to penetrate that organization's network system.

Since large organizations often have robust security systems, cybercriminals will look elsewhere for vulnerabilities. Some of the areas that can be exploited include third-party vendors, suppliers, and partners, who may lack advanced protection measures, making them easy targets for hackers.

An attacker could target a software vendor that many organizations use and install malware into the vendor's software. When organizations install this software, they will also be infected with the malware.

An attacker could also attack a contractor of an organization to steal the credentials of that organization's employees. They could then use these credentials to gain access to the organization's network.

5. Cyber ​​attacks on Internet of Things devices

Cyber ​​attacks on Internet of Things (IoT) devices are the deliberate exploitation of security vulnerabilities in internet-connected devices to cause harm. IoT devices are physical devices that incorporate electronic components, software, and network connectivity, allowing them to collect and transmit data over the internet.

Some popular types of IoT devices include smart speakers, security cameras, smart lights, smart thermometers, smart watches, health tracking wearables, etc.

Cybercriminals target IoT devices for a number of reasons:

Weak security:Many IoT devices have serious security vulnerabilities due to manufacturers' poor attention to security.

Large quantity:The number of IoT devices is growing rapidly, creating a huge attack surface for cybercriminals.

Network gateway:A compromised IoT device can be used as a springboard to attack other devices on the same network.

Sensitive data:Some IoT devices collect sensitive data, such as images from security cameras or health data from tracking wearables.

When hackers attack IoT devices, they can take control of the IoT devices and use them for malicious purposes, such as disrupting operations, spying, or attacking other devices on the same network. They can also steal sensitive data collected by IoT devices.

Essential steps to ensure digital security

Security integration is an ongoing process that needs to be done carefully and effectively. Businesses need to choose security solutions that fit their needs and budget, and regularly update security measures to keep up with new cybersecurity threats.

IT security professionals must ensure online safety tools are kept up to date to patch vulnerabilities. Additionally, departments must work together to provide comprehensive protection for their workforce and devices.

In addition, all business partners must use advanced, up-to-date cybersecurity solutions to protect the data they share. They must also have a plan for responding to cybercrime and steps to take if attacked. The cybersecurity strategy must include regular data backups to avoid complete data loss in the event of an attack.

With businesses collecting people's data at an alarming rate, cybersecurity threats have become an inherent problem for companies. Technology is evolving rapidly, and leaders must constantly test their systems to ensure they are ready to defend against unexpected attacks.

In short, network security is an important issue for all businesses. Therefore, in their operations, businesses need to implement solutions to protect their network systems and data from increasingly sophisticated cyber attacks.