Cybersecurity for Businesses in Vietnam: Trends and Solutions in 2024

Vietnam’s booming digital economy brings immense opportunities but also exposes businesses to increasing cyber threats. As companies adopt new technologies, the risks of data breaches and cyberattacks grow rapidly.

According to the Ministry of Information and Communications (MIC), cybersecurity incidents dropped by 57.4% in the first ten months of 2024. While this is progress, small and medium businesses (SMEs) remain highly vulnerable.

Challenges in Vietnam’s Digital Economy

1. Growing Risks with Digital Transformation

Vietnamese businesses in logistics, retail, and finance are prime targets for cybercriminals. SMEs, in particular, struggle with limited budgets for cybersecurity, leaving them open to phishing and ransomware attacks.

AI-driven threats are escalating, as seen in the ACID 2024 cybersecurity exercise, which highlighted the sophistication of AI-powered cyberattacks.

2. Consequences of Neglect

Ignoring cybersecurity can lead to:

• Data loss affecting operations.
  
  
• Fines for non-compliance with Vietnam’s Cybersecurity Law.
  
  
• Reputational damage, causing loss of customer trust.
  
  

Vietnam’s Cybersecurity Progress

1. Government Actions

The Vietnamese government is working hard to combat cyber threats. In 2024, the Authority of Information Security partnered with the U.S. Cybersecurity Agency to improve knowledge-sharing and response capabilities.

Monthly reports from MIC provide actionable insights for businesses to stay alert.

2. Innovations in the Private Sector

Companies like OPSWAT are deploying advanced tools to help businesses detect and manage risks in real time, setting a new standard for multi-layered security in Vietnam.

How Businesses Can Protect Themselves

Regular Audits: Review your digital infrastructure, identify weak points, and improve areas like payment systems and databases.

AI-Powered Tools: Use AI solutions for real-time threat monitoring and faster response times.

Expert Support: Partner with professionals to create tailored security plans, including system upgrades and compliance checks.

The Road to a Secure Future

As Vietnam’s digital economy grows, businesses must prioritize cybersecurity. By adopting advanced technologies and collaborating with experts, companies can protect sensitive data and build customer trust.

 

References:

• VietnamNet (2024) "Vietnam sees sharp decline in cyberattacks as awareness rises" 
• OpenGov Asia (2024) "Proactively responding to the rise of AI-driven cyberattacks" 
• The Star (2024) "Vietnam and US sign cooperation agreement on cybersecurity" 
• Vietnam Investment Review (2024) "OPSWAT introduces cybersecurity solutions for critical infrastructure" 
• Vietnam Security Summit (2024) "Compose your secure AI future"