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The Vietnam government has mandated government organizations and departments to allocate 10% of their IT project budgetary spend on cybersecurity solutions, and the spending needs to be made on sourcing solutions from local companies.
Vietnam’s historic Cybersecurity Law came into force in the country. The Law mandates setting up of local offices and data centres for global IT companies such as Facebook, Google and Twitter. The controversial law also puts a clampdown on derogatory and non-state friendly content posted on social media networks.
An alliance of local companies developing Made in Vietnam cybersecurity solutions has been created by the government to facilitate mutual collaboration and contribution of the companies to cybersecurity product development.
Increasing Cyber Threats and Attacks: The evolving cyber threats ecosystem in Vietnam with deface attacks, phishing attacks and malware attacks at the centre of all of it, has been impacting the demand for cybersecurity solutions in the country. Banks, financial institutions, government entities and e-commerce companies are the most likely to be affected with malware and other threats.
Developing Device Ecosystem: Increasing mobile internet penetration and rising PC system penetration has made users in Vietnam more vulnerable to cyber attacks and threats. Installation of antivirus and firewall has thus become a common occurrence among computer systems in the country.
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New Cybersecurity Technologies: Emerging technologies such as Artificial Intelligence, Internet of Things, Machine Learning, Big Data and Blockchain have enabled cybersecurity firms in the country and abroad to develop advanced products. These solutions are more efficient and leverage automation, data and analysis to detect and remediate cyber threats at a rapid pace.
Analysts at Ken Research in their latest publication “Vietnam Cybersecurity Market Outlook to 2025 By Solution Source (Foreign/Imported Solutions and Domestic Solutions), By End…