The Cybersecurity Demand in Malaysia
The cybersecurity field is growing at an exponential rate in Malaysia. Cyber threats in the country are becoming more severe, and reliance on digital technologies is growing, driving industry expansion. A recent report by Mordor Intelligence projects that the Malaysian cybersecurity market is expected to grow from USD 0.095 billion to USD 2.06 billion by 2028, at a CAGR of 16.84% during the forecast period.
Similarly, the escalating number of cyber incidents is a major driver of growth in the field of cybersecurity. According to a report by Business Today, “between 2017 to July 2021, Malaysians suffered losses of about RM2.23 billion on account of cybercrimes.” The surge in cyber threats has resulted in an immediate need for proficient cybersecurity experts who can safeguard critical infrastructure and sensitive information.
Malaysia experienced an average of 84 million cyber-attacks every day during the fourth quarter of last year (4Q 2022), according to global cybersecurity solutions provider Fortinet.
The need for cybersecurity skills has been amplified by digital transformation efforts in sectors such as e-commerce, finance, and the government. The 2021 World Economic Forum (WEF) report reveals a staggering global shortage of more than three million cybersecurity professionals, with Asia-Pacific (APAC), experiencing a shortfall of two million skilled workers.