Cybersecurity to accelerate digital transformation
Malaysia was one of the first stops for Fortinet’s Accelerate Asia 2022 roadshow, in early June.
Before the customer panel, IDC Senior Research manager, Dharmaraj Sivalingam took to the stage to share observation that the past two economic downturns, was quickly preceded by upturns in terms of IT spending. This was the case in 2008 and the same is occurring recently, due to a virus pandemic.
And the reason for this, of course, is to become more resilient and be able to capitalise on the disruptions that are occurring as a result of the current situation, he said.
For Malaysia, IT spending for the next five years at least can be considered to be robust.
Just as brakes are created to allow a car to go faster, cybersecurity is pivotal for organisations to fully leverage digital transformation and all the technologies that would eventually be at their fingertips.
Dharmaraj offered his view that a lot of spending is in the hardware domain, as well as IT services and software. Year on year growth for for security spend in organisations is increasing at a healthy rate as well.
Technology saves the day and protects organisations from hard impacts due to disruptions like an economic downturn and a pandemic. But cybersecurity becomes more pivotal than ever as a result.
Just as brakes are created to allow a car to go faster, cybersecurity is pivotal for organisations to fully leverage digital transformation and all the technologies that would eventually be at their fingertips.
Consensus among organisations – cybersecurity spending has to increase
From one of IDC’s surveys, Dharmaraj shared at least 45% of organisations interviewed agreed that there is an actual need to increase the cybersecurity spending by an additional 20%.
This increased cybersecurity spending can also be attributed to these factors:
- Evolving threat landscape
- Enhanced risk awareness
- Accelerated digitalisation
- Progressive regulations
“The adoption of emerging digital technologies have given rise to an even stronger need for security solutions to support organisations’ move to the cloud, as well as adopt new technologies.
“Any modernisation (exercise) and move towards new technologies, accompanied by strengthening of security solutions, requires the right regulations and the right frameworks to be put in place as well.”
Dharmaraj added awareness also has a role to play in this. “Many of us are aware of the reputational damage caused by an attack or threat. Hence this awareness of cybersecurity, motivates the spend that we see in the Malaysian market as well.”
For Malaysia, total market size for cybersecurity over the next five years should reach USD1.3billion.
“Any modernisation (exercise) and move towards new technologies, accompanied by strengthening of security solutions, requires the right regulations and the right frameworks to be put in place as well.”
Transformation and Security
IDC sees that a lot of organisations in Malaysia are already on their digital transformation journey, and are even at the point where they could be termed ‘digital accelerators’.
When it comes to how cybersecurity solutions are evolving, Dharmaraj shared that a common theme that has emerged for the past three years is automation.
“It is a very important thing across the security domain.”
IDC has mentioned that automation would be used in security operations, third-party risk management, and most recently in 2022, that automation will be used in compliance.
Dharmaraj included that automation does not replace human expertise and experience. “Having the right cybersecurity talent in your organisation to work alongside your solutions would be extremely pivotal.
IDC has mentioned that automation would be used in security operations, third-party risk management, and most recently in 2022, that automation will be used in compliance.
Conclusion
Dharmaraj ended his presentation with two other final points.
“A unified security approach really offers a very simplified integrated security management, but this does not eliminate the importance of process and people.
“So as you embark upon your security transformation journeys and modernise your digital solutions, do not forget these important aspects.”
He also highlighted the importance of selecting a partner that would be on the same page as the organisation, and view all security solutions in the environment, in a holistic manner.