Opportunities within Malaysian Cyber Security
WHAT
As Malaysia advances toward becoming a highly-connected nation, the country has set out on a transformation journey, redefining the digital technology landscape and futureproofing industry and society. However, this rapid digital growth has exposed individuals and organizations to increasing cyber threats, with losses from cyber-related attacks reaching nearly USD 150 million in 2023. Malaysia currently ranks 8th among countries with the highest number of data breaches, highlighting the urgent need for improved cybersecurity measures.
The digital economy, contributing 22.6% to Malaysia’s GDP, is one of the country’s key economic pillars, with plans to increase this to 25.5% by 2025. However, work remains to be done in developing robust cybersecurity frameworks to ensure the digital economy's resilience and the nation’s aspirations to lead the region in digital transformation.
HOW
To address the rising cyber threats, the Malaysian government has launched the Malaysia Cyber Security Strategy (MCSS) 2020-2024, allocating RM 1.8 billion to improve cybersecurity management. As part of these efforts, the Cybersecurity Bill 2024 introduced new measures to tighten cybersecurity governance, focusing on industry-specific protections.
The cybersecurity market in Malaysia is expected to grow from USD 0.95 billion in 2023 to 2.06 billion USD by 2028, reflecting the increasing demand for advanced solutions and infrastructure.
Join the effort to build a safer digital ecosystem by tapping into the growing cybersecurity market and contributing to Malaysia's journey toward becoming a secure and technologically advanced nation.
CONTACT US
For more information contact Max Schaaf at max.schaaf@business-sweden.se.