Malaysia Cybersecurity Market Size

Malaysia Cybersecurity Market Analysis

The Malaysia Cybersecurity Market size is expected to grow from USD 0.95 billion in 2023 to USD 2.06 billion by 2028, at a CAGR of 16.84% during the forecast period (2023-2028).

A major concern for national security is cybersecurity. Whether through terrorism, criminal activity, or state and industrial espionage, it impacts the public and commercial sectors and covers a broad spectrum of concerns relating to national security. The danger landscape is always changing due to the expanding IT technological advancement and the capabilities of cyber weapons that threaten national security.

• In Malaysia, the vast majority of industries place high importance on cybersecurity. With an allocation of USD 434 million, the Government of Malaysia (GOM) developed the Malaysia Cyber Security Strategy (MCSS) 2020-2024 to improve the nation's cybersecurity preparedness.
• Furthermore, during the following five years, the MCSS identified five strategic pillars as guiding principles for enhancing the nation's cybersecurity management. The first pillar aims to strengthen Malaysia's vital ICT infrastructure while improving national governance and cybersecurity management. By examining pertinent legislation and creating new cybersecurity regulations, the second pillar seeks to improve existing cybersecurity laws. The remaining pillars include fostering innovation, developing Malaysia's cybersecurity workforce, and utilizing local, regional, and global collaboration to safeguard cyberspace.
• In April this year, The majority of Malaysian organizations anticipate becoming the target of cyberattacks in the upcoming year, with 22% saying it is "extremely likely" to occur. According to cybersecurity company Trend Micro's most recent worldwide Cyber Risk Index (CRI) for the second half of last year, 87% of Malaysians reported having been the victim of one or more successful cyberattacks in the previous year. This is anticipated to offer lucrative opportunities for the growth of the studied market.
• Further, owing to the COVID-19 pandemic, nation-state cyber activity has witnessed a surge in intensity and an escalation in severity because the traditional tactics to gather intelligence and knowledge were no longer feasible due to the social distancing norms. Additionally, amid the coronavirus-led lockdown, cyber-attacks targeted toward organizations have increased considerably, primarily resulting in a growing demand for skilled cybersecurity professionals and robust solutions.
• Organizations rely on diverse professionals to safeguard their systems, employees, and data. Organizations in Malaysia are still looking for talented professionals who can support them against these risks when cyber threats are increasing faster than at any other time in history. A cybersecurity workforce shortage continues to be a problem for businesses of all sizes and industries. The increasing importance of a broader mix of technical and non-technical skills underscores that today's cybersecurity roles are multi-dimensional and increasingly varied across specializations, organizations, and industries.