Data security crucial – businesses lost US$22 billion to ransomware attacks in 2022

KUALA LUMPUR, March 23: Among the important steps companies can take to keep their files and data safe online would be to adopt secure login mechanisms as well data protection solutions that come with backup and restoration processes in place.

Taking participants through the importance of keeping company data and files safe amid growing threats in the cyberspace at a media presentation recently, Country Manager at Synology Malaysia, Jason Sin said the landscape of data management and security was rapidly evolving and businesses must stay ahead to ensure compliance as well as protect sensitive information.

Synology Country Manager for Malaysia Jason Sin presents latest data management and security solutions to the media on March 21, 2024.

At the event, Taiwanese based Synology also unveiled its latest data management and security solutions, ahead of the World Backup Day on March 31.

During the presentation, Sin highlighted the challenges faced by smaller businesses along with the need for compliance with Personal Data Protection Act including for companies to observe data breach notification protocols among others.

He also spoke on rising cybersecurity concerns including ransomware attacks and the protective barriers companies can put up.

In 2022 alone, businesses were reported to have lost US$22 billion in ransom following attacks on their data.

Synology, which recorded 50 percent market growth last year, driven mainly by increased demand from small businesesses and enterprises for its backup solutions, has attributed this growth to Malaysia’s emergence as a prominent data centre hub in the region as well as the government’s initiatives to encourage businesses to allocate a greater portion of their IT budget towards security.

— WE