SMEs should strengthen cyber security with greater awareness of threats, risks: RMIT analysts

Better awareness of cyber threats and risks is crucial for Vietnam’s small and medium-sized enterprises (SMEs) in avoiding losses and reputation damage, said RMIT analysts.

They said the country’s rapidly expanding digital ecosystem offers numerous opportunities but also exposes organizations to cyber threats, presenting challenges. These challenges are being addressed by collaborative efforts between Vietnam and Australia, among others.

The Australia Vietnam Policy Institute (AVPI) together with the RMIT Center for Cyber Security Research and Innovation (CCSRI) has released a policy briefing titled “Cyber readiness: Enhancing cyber security awareness and capacity building for SMEs in Vietnam”.

It outlines the current cyber security landscape in Vietnam and highlights ways of enhancing cyber security awareness and developing cyber resilience. Supported with funds from the Australian Department of Foreign Affairs and Trade (DFAT), the policy brief offers recommendations and insights to improve enterprises’ cyber security awareness as well as capacity to tackle threats.

The brief is the outcome of a series of cyber security events co-hosted by the CCSRI and Vietnam Information Security Association (VNISA), held in Hanoi and Ho Chi Minh City (HCMC).

The events include the Cyber Security Bootcamp for Vietnam Electricity (EVN), the Cyber Security Ambassador Program for EVN, and launch of the Cyber Security Awareness Seminar.

The brief points out that amidst the prevalence of cyber security incidents, SMEs emerge as particularly vulnerable targets. The National Cyber Security Center of Vietnam reports a notable 9.5% year-on-year increase in cyber-attacks, with a total of 13,900 incidents recorded in Vietnam in 2023. .

According to Associate Professor Pham Cong Hiep, head of Business innovation department and interim deputy dean of research and innovation of The Business School at RMIT Vietnam, SMEs in Vietnam face “significant challenges in recognizing and addressing cyber threats, including a lack of resources, technical expertise, and awareness of cyber security risks.”

Dr Jonathan Crellin, RMIT program manager in cyber security, notes that large multinational companies moving into Vietnam often depend on a supply chain comprising smaller Vietnamese-owned businesses. This creates vulnerability in the supply chain, which, in the worst case, can lead to large companies withdrawing from Vietnam because they are at risk.

“Smaller businesses are often notorious for not putting a lot of resources into cyber security, resulting in underdeveloped cyber security measures. Addressing the cyber security issues is crucial to preventing threats, and maintaining Vietnamese industrial growth and expansion,” Crellin says.

In the 2022 Vietnam SME cyber-fitness survey conducted by the CCSRI, alarmingly, 13% of respondents felt that employee cyber security awareness was not important at all. Meanwhile, the AVPI policy briefing shows that 95 per cent of cyber security breaches are attributed to human error.

Enhancing cyber security awareness among SMEs is crucial for reducing the risk of cyberattacks and ensuring sustainability of Vietnam's digital economy, Hiep says.

“By offering practical guidance through awareness-raising events and resource portals, SMEs can better protect themselves against cyber threats and contribute to building a more resilient and secure digital ecosystem.”

According to Hiep, empowering international partnerships also play a crucial role in enhancing cyber security for SMEs in Vietnam. These collaborations bring together policymakers, businesses, and other organisations, to cooperate in developing and implementing cyber security initiatives. Through these partnerships, Vietnamese SMEs can benefit from the expertise, resources, and best practices of international partners.

“Capacity building programs, informed by self-assessment tools such as train-the-trainer initiatives and digital resource centers, can improve cyber security awareness and practices among SMEs. Collaboration among policymakers, businesses, and other stakeholders is crucial in creating a resilient digital ecosystem that supports the growth and development of SMEs in Vietnam.”