ASEAN members will invest US$171 billion collectively on Cybersecurity between 2017 and 2025.
Cybersecurity is a priority across the majority of economic sectors in Malaysia. The Government of Malaysia (GOM) launched the Malaysia Cyber Security Strategy (MCSS) 2020-2024, with an allocation of US$434 million to step up the national cybersecurity preparedness and upgrade the country’s cybersecurity measures.
The MCSS outlines five strategic pillars as guiding principles to improve the country’s cybersecurity management over the next five years. The first pillar is to boost national governance and cybersecurity management by improving Malaysia’s critical ICT infrastructure. The second pillar focuses on bolstering current cybersecurity laws by reviewing related legislation and formulating new laws on cybersecurity. The remaining pillars focus on empowering innovation, improving cybersecurity talents in Malaysia, and leveraging regional and international cooperation to protect its cyberspace.
In the current shifting landscape towards digitalization, Malaysian companies, especially SMEs, fail to obtain the required cybersecurity technologies and capabilities to mitigate the expected wave of sophisticated cyber threats. Malaysia SMEs are aware that traditional cybersecurity solutions may no longer be sufficient to stay relevant and secure in the current economic environment. Investments in new technologies that address cybersecurity vulnerability are now becoming an essential consideration in budget allocations.
As we continue to identify the appropriate Cybersecurity technology and partners, this opens opportunities for U.S. Cybersecurity companies to export their products and services to Malaysia and the ASEAN region.
For more information contact Office.KualaLumpur@trade.gov.