Vietnamese consumers and businesses face increasingly serious data security risks as cyberthreats continue to grow in both scale and sophistication.

According to the 2024 Identity Security Report by ManageEngine, an IT management solutions company under India's leading software group Zoho, the three main threats affecting IT resources and identity security in Vietnam are social engineering, ransomware, and phishing attacks.

Speaking to Tuoi Tre (Youth) newspaper, ManageEngine CTO Kumaravel Ramakrishnan emphasized that cyberattacks are becoming increasingly sophisticated and can have severe consequences for both consumers and businesses.

Social engineering attacks pose a primary threat, manipulating users psychologically to inadvertently disclose sensitive information or commit security mistakes.

Common tactics include impersonating trusted organizations to gain confidence and subsequently hijack accounts or crucial data.

Another significant threat is ransomware, where malicious software infiltrates systems, encrypts critical data files, and demands payment for decryption.

Such attacks can severely disrupt business operations and cause substantial financial losses.

Online scams also represent a widespread threat, where users are lured into providing login credentials or personal data through fraudulent websites, particularly in banking, financial, and online service transactions.

According to ManageEngine's report, 59 percent of survey respondents experienced at least one identity-related cyberattack in the past 12 months.

Over 86 percent of the respondents agreed that organizations need to invest more heavily in identity security solutions to combat cyberattack risks.

The report also identified the three leading threats to privileged identity in enterprises: social engineering attacks (77 percent), user errors (54 percent), and malicious insider activities (50 percent).

Without appropriate security tools, organizations become vulnerable to both cyberattacks and insider threats.

Security experts recommend that Vietnamese businesses implement proactive measures to strengthen data protection, particularly identity security.

First, businesses should conduct regular internal audits to identify security vulnerabilities and improve existing protective measures.

Additionally, employee training in information security is essential to raise awareness and improve threat recognition capabilities.

Implementing identity security tools for access control and privileged account protection is crucial.

Furthermore, incorporating AI in security systems helps detect and prevent complex cyberattacks in a timely manner.

According to the Authority of Information Security under the Ministry of Information and Communications, Vietnam recorded over 4,000 cyberattacks and detected 243,337 instances of malware in the first nine months of 2024.

Meanwhile, Viettel Threat Intelligence reports that the volume of stolen personal information in the first half of 2024 increased 50 percent compared to the same period last year.

The most frequently leaked data in Vietnam primarily consisted of customer information and transaction data from retail companies, followed by Electronic Know Your Customer (eKYC) information.

These figures indicate that identity security is no longer a distant concern but has become an urgent necessity for both individuals and businesses.

In the context of rapid digital development, strengthening identity and personal data protection is a prerequisite for ensuring cybersecurity in Vietnam.

Organizations need to swiftly implement appropriate security measures to minimize attack risks and maintain safety in the digital environment.

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