February 6, 2024
In 2024, Malaysia is expected to witness a significant surge in cyber threats, predicts Victor Zyamzin, Global Head of Business Development at Qrator Labs.
Zyamzin attributes the growing cybersecurity threats to the rapid expansion of the local technological sector. Malaysia’s digital economy, a recipient of USD15.7 billion in investment in Q3 2022, has witnessed substantial growth. The foundations for this were laid in 2021 with the unveiling of the Malaysia Digital Economy Blueprint and the establishment of the Digital Investment Office, tasked with facilitating further investment in the digital economy.
January 17, 2024
In 2023, there has been a concerning surge in data breaches. During the second quarter of 2023, over 110 million accounts were compromised, a staggering 2,6 times more than in the first quarter of the year. Recent findings reveal that the average cost of a data leak has reached $4.45 million, including both direct costs, such as fines and legal proceedings, as well as indirect like reputational damage.
Among other emerging threats is the rapid advancement of artificial intelligence. Cybercriminals use it to assess attack strategies, significantly increasing their chances of success. It is also used to amplify the speed, scale, and reach of their attacks. For example, hackers now use cutting-edge AI to create convincing phishing campaigns in nearly any language, even those with fewer historical attack attempts due to their complexity.
January 8, 2024
Qrator Labs, a provider of distributed denial-of-service (DDoS) mitigation services, observed a doubling in demand for crucial cybersecurity positions like information security manager and cloud security architect in Malaysia. The role of IT director also saw a substantial uptick, an increase of 57%.
Victor Zyamzin, global head of business development at Qrator Labs, said the surge in demand for cybersecurity roles reflects a critical need for expertise as Malaysia confronts an evolving cybersecurity landscape. “As organisations grapple with escalating cyberthreats, our study illuminates the pivotal role of cybersecurity experts in fortifying the nation’s digital defences.”
December 21, 2023
According to the Czech Republic Security provider Qrator Labs, e-commerce platforms are vulnerable to cyber threats during the holiday sales period.
While OpenAI has provided recommendations to restrict GPTBot access, the report highlights that many market players have yet to update their configurations, leaving them susceptible to potential security breaches.
Online shops specializing in home goods, construction materials, and repair items were the primary targets of these cyberattacks. Qrator Labs identified that about 75 percent of the attacks were directed at backend APIs and mobile apps, with only a quarter targeting website.
December 14, 2023
The Middle East’s fintech market is growing rapidly due to funding increases and revised licensing regimes. There has also been an increase in users’ interest in cashless transactions, online shopping, and the adoption of digital technologies in finance. At the same time, the financial sector is becoming more vulnerable to cybercrime. According to Qrator Labs’ Q3 2023 report, in the distribution of attacks across industries, the financial sector remains the primary target, constituting 42.06% of all cases.
Neobanks, operating exclusively online without traditional branches, are particularly vulnerable to cyber attacks. Their sole reliance on digital transactions poses a significant threat to users’ data security, notes Victor Zyamzin, global head of business development at Qrator Labs.