How Cyber Threats are Growing in Vietnam
Vietnam is regarded as one of the leading nations in the world when it comes to facing cyber threats. Limited cybersecurity infrastructure, less focus on developing cybersecurity systems and low budgets for expenditure are some of the reasons why cyber threats are a problem in the country.
The country has dealt with some several high-impact cyber attacks including the twin airport cyber attacks in 2016. The amount of losses to the country in terms of monetary impact has also been rising over the period. Phishing attacks are the most common type in the country, with Deface and Malware also featuring in prominent numbers.
The main factors behind the rise in the cyber threat level in the country are: Rise in number of devices available per person, weak organizational information security infrastructure, and frequent download of themes/plug-ins from suspicious sites and out-dated websites and operating systems.
The government has taken it upon itself to improve the country’s cybersecurity infrastructure through a host of legal, organizational and institutional steps. The Ministry of Information and Communication in the country, is actively promoting the development of the country’s cybersecurity industry through mandating the adoption of cybersecurity solutions for governmental enterprises and departments. It has also encouraged the development of the local cybersecurity product infrastructure in the country by developing partnerships and alliances with domestic companies.
The government’s technological revolution by way of Smart Cities project and e-Government has also expanded the scope of adoption for cybersecurity solutions. Vietnam also takes part in ASEAN level cybersecurity development drills, which aim to equip the country’s experts with latest knowledge about cyber threats and provide an opportune scenario for cyber threat simulations.
Segmentation by Solution Type
By Solution Type (Standalone Products, Managed Security Services and Professional Services)
Standalone Products were identified to dominate the solution types for Cybersecurity in Vietnam.
Segmentation by Professional Services
By Professional Services (Penetration Testing, Security Audit, Consulting, Security Training, Others (Data Mining Vulnerability Assessment and more))
Penetration testing was identified as the professional service most adopted by end users in the country, as they were unwilling to go for a cybersecurity solution straight away without diagnosing the potential cyber threats. Hence they invested in Penetration Testing and Security Audit before going for a solution.
Cybersecurity in Vietnam: the Demand Side
Cybersecurity Solutions in Vietnam are most demanded by the banking and Finance industry. This is because of the inherent nature of the industry as its dealing with money very regularly. Most of Vietnam’s National and International banks have cybersecurity systems in place but the Banking and Finance sector still faces the most cyber attacks in the ecosystem. Government data in the country is extremely sensitive and the country has recently been developing its stature in global geo-politics, hence it is important for government and government departments to secure their data and information.
CYbersecurity in Vietnam: Supply Side
Cybersecurity solutions in Vietnam are most prominently supplied by international companies to firms. The primary reasons behind this are superior quality, better usability and better results of these solutions. In addition, foreign products use advanced technologies such as Artificial Intelligence, Machine Learning and Data Science to develop the capabilities of the solution, in order to make threat detection and removal more seamless and efficient.
Over the period, there has been an upturn in the number of licenses granted to cybersecurity firms in the country, with the government clearly laying out its focus towards developing the cybersecurity ecosystem in the country. There have also been steps taken to promote cybersecurity awareness and training among professionals and companies, with enterprises encouraged to staff cybersecurity professionals in their IT team.
Competition Landscape for Cybersecurity in Vietnam
The competition landscape for cybersecurity in Vietnam is dominated by foreign players that operate through distributors, system integrators and resellers to expand their product reach. Domestic companies account for a limited share in the market, but the adoption of local products is quickly picking up pace, as the government’s measures to develop the local product ecosystem bear fruit.
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
For More Information on the research report, refer to below link:
Philippines Electronic Security Market Outlook to 2024-Emergence of Technology Integrated Electronic System and Growth in Infrastructure Projects
Europe Cyber Security Industry Outlook to 2023 – By Solutions (Firewall, Intrusion detection system, Antivirus, Identity and Access Management, Encryption, Data Loss Prevention, UTM, Disaster Recovery and Others (IoT Devices), By Industry Verticals (Banking & Finance, Government, IT & Telecom, Retail, Healthcare, Energy & Power, Private User and Others), By Security Deployed (Network Security, Application Security, End-Point Security, Mobile Security, Content Security and Cloud Security)
Middle East Cyber Security Market Outlook to 2022 – By Solutions (Firewall, Intrusion Detection System, Antivirus, Identity and Access Management, Encryption, Data Loss Prevention, Unidentified Threat Management, Disaster Recovery) and By Region
Ankur Gupta, Head Marketing & Communications