Vietnam’s Banks and Financial Institutions in Need of Enhancing Cyber Defense

November 2022

Vietnamese experts recently gathered to exchange knowledge in cyber security for the banking and financial sector during DF Cyber Defense 2022. The event was co-organized by the Information-Technology Department at the State Bank of Vietnam (SBV), the National Cyber Security Centre (NCSC) and IEC Group.

The organizers stated that 200 cyber experts from more than 50 banking and financial organizations registered to take part in the exercise. The purpose of the event was to provide new strategies to those in charge of protecting information security in banking and financial organizations.

With 673,743 attacks reported in 2020, Vietnam ranked 21st globally and 3rd in Southeast Asia in terms of phishing attacks, according to cybersecurity firm Kaspersky. In the first nine months of 2022, Vietnam has been the target of 988 cyberattacks, indicating an increase of 19.9% year-on-year and 8.9% from August according to the National Cyber Security Centre under the Ministry of Information and Communications. And more than 50% of cyberattacks are targeted at banks and financial institutions. 

A report by the Ministry of Public Security’s Department of Cybersecurity and High-Tech Crime Prevention stated that in 2020, banks in Vietnam lost nearly USD 4.39 million in 4,000 cyberattacks, with a single bank suffering a loss of USD 1.7 million.

(Source: VietnamPlus)

Our Services

Orissa International provides consulting services to companies that want to develop a market entry strategy for Southeast Asia or implement their business expansion into the region. We have very strong domain knowledge of markets and industry sectors, and a business network of over 16,000 distributors, resellers, and system integrators, built through advising and guiding more than 5,000 companies with their market expansion into Singapore, Malaysia, Indonesia, Thailand, Vietnam and the Philippines over the last 25 years.