Ahead of the event, Prajit Varma, CEO of MIBS, discussed the importance of implementing a strong cyber security framework in Myanmar and the challenges involved:

Why is cyber security important for a country like Myanmar?

Five years ago, there was no cybercrime in Myanmar, but it has increased in the past two years. Some big companies that were victims of cybercrimes don’t announce it for fear of damaging their reputations.

But attacks on networks and devices within Myanmar appear to be on the rise, as they are globally now. Hackers challenge the security of sensitive company information, our privacy and national security. It is therefore important that our digital world is secure.

Another reason is the digitisation of banking and insurance which will increase the chances of cyberattacks. To counter these growing global cyber-attacks, it is very critical and necessary to have a cyber security vision in place.

What are some of the cyber security risks we face; can you give us some examples of what could potentially happen if we do not take measures?

Phishing, Malware, Distributed Denial of Service (DDoS), Brute Force or Password Attacks, Internet of Things (IoT) or Algorithm Manipulation and Ransomware are the cyber security risks we face here.  A cyber-attacker may steal, alter, or destroy a specified target by hacking into a susceptible system.

Cyberattacks can range from installing spyware on a personal computer to attempting to destroy the infrastructure of entire nations. Cyberattacks lead to various financial and brand reputation losses.

What are some of the measures companies in Myanmar can take to better protect themselves against cyber security threats?

Secure your hardware, encrypt and back up data, invest in cyber security and risk management solutions. Create a security-focused workplace culture, use robust anti-malware and firewall software’stoprotect against the threat of an attack. Also, establishing or outsourcing to a Cyber Security Operations Center which facilitates in enhancing Cyber Security strength of the organisation is important.

Cyber security can protect data and safeguard against the exploitation of personal data collected by companies and public bodies as the protecting individuals. Securing devices such as routers, webcams and other household objects connected to the internet – known as the IoT – should be a key cyber security objective. 

These devices are a risk to privacy because they generate, collect and transmit personal data that should be protected. If they are integrated into a network they are also a risk to security as they are often the weakest link in network security protection. 

Protecting networks is also the thing we have to do. Good network security means reducing the attack surface and allowing only the right people through the right devices to access the right services on a network and then keeping everyone and everything else out.

Which industries are most vulnerable to cyber-attacks and why?

Healthcare, banking, credit and insurance, government and the military, education, energy and utilities are most vulnerable due to the volume of data, sensitive information, financial responsibility and authority held.

How can MIBS help?

MIBS has partnered with Tata Advanced Systems Limited (TASL), a managed security service provider with over a decade of experience and trusted by leading organisations. Currently, TASL is actively servicing satisfied clients while continuing to truly transform customer experience, with IT security as their top priority.  

MIBS is jointly opening the first Cyber Security Operations Centre in Myanmar. This centre will assist its customers to improve their business operations by leveraging its industry-wide experience, expertise in cutting-edge technology and an extensive portfolio of services. 

Being a part of trusted TATA brand, which is a US$110 billion group, our partnership with TASL assures clients of highest governance standards. 

Myanmar is a growing economy with a growing rate of consumption of online services. The digital platforms help in convenient usage of the facilities for banking, telecom,e-commerce and other industries. As these digitisation initiatives are pushed forward, cyber security and risk management solutions will gain higher importance. 

Hence, it is important to create awareness for the cyber security threats and the possible safeguards.  In my view, self-awareness and protection is the first step. If one sees anything which is not normal in the digital ecosystem, one should immediately raise a concern with the concerned authorities. Stay secured, live safe.

Source: https://www.mmtimes.com/news/cyber-security-solutions-are-needed-keep-companies-myanmar-safe-mibs.html