The Vietnam government has mandated government organizations and departments to allocate 10% of their IT project budgetary spend on cybersecurity solutions, and the spending needs to be made on sourcing solutions from local companies.
Vietnam’s historic Cybersecurity Law came into force
in the country. The Law mandates setting up of local offices and data centres
for global IT companies such as Facebook, Google and Twitter. The controversial
law also puts a clampdown on derogatory and non-state friendly content posted
on social media networks.
An alliance of local companies developing Made in
Vietnam cybersecurity solutions has been created by the government to
facilitate mutual collaboration and contribution of the companies to cybersecurity
product development.
Increasing Cyber Threats and Attacks: The evolving cyber threats ecosystem in Vietnam with deface
attacks, phishing attacks and malware attacks at the centre of all of it, has
been impacting the demand for cybersecurity solutions in the country. Banks,
financial institutions, government entities and e-commerce companies are the
most likely to be affected with malware and other threats.
Developing Device Ecosystem: Increasing mobile internet
penetration and rising PC system penetration has made users in Vietnam more
vulnerable to cyber attacks and threats. Installation of antivirus and firewall
has thus become a common occurrence among computer systems in the country.
New Cybersecurity Technologies: Emerging technologies such as
Artificial Intelligence, Internet of Things, Machine Learning, Big Data and
Blockchain have enabled cybersecurity firms in the country and abroad to
develop advanced products. These solutions are more efficient and leverage
automation, data and analysis to detect and remediate cyber threats at a rapid
pace.
Analysts at Ken Research in their latest publication “Vietnam
Cybersecurity Market Outlook to 2025 By Solution Source (Foreign/Imported
Solutions and Domestic Solutions), By End User (Banking and Finance,
Government/Public Sector, Aerospace & Defense, IT & Telecom, Retail
& E-Commerce, Healthcare and others), By Solution type (Standalone
Products, Managed Security Services and Professional Services), By Standalone
Product Type (Firewall, Antivirus, End Point Security, IPS/IPD, SIEM, Security Gateways and Others), By Managed
Security Services Type (SOC, Network Security, Application Security, Email
Security, Cloud Security, Mobile Security, Content Security and Others), By
Professional Services Type (Penetration Testing, Security Audit, Cybersecurity
Consulting, Security Training and Others)” observed that Vietnam is
one of the major countries in the ASEAN ecosystem and the world to be affected
with cyber threats. Increasing internet penetration of mobile devices and
computer systems has been one of the major factors behind this. Government
initiatives are focused in the right direction towards strengthening the local
solution ecosystem and would strengthen market growth going forward. The
Vietnam Cybersecurity Market registered a growth of 17.4% in terms of CAGR over
the period 2014-2019.
By Solution Source (Foreign/Imported
Solutions and Domestic Solutions).
By End User (Banking
and Finance, Government/Public Sector, Aerospace & Defense, IT &
Telecom, Retail & E-Commerce, Healthcare and others).
By Solution type
(Standalone Products, Managed Security Services and Professional Services).
By Standalone Product
Type (Firewall, Antivirus, End Point Security, IPS/IPD, SIEM, Security Gateways
and Others).
By Managed Security
Services Type (SOC, Network Security, Application Security, Email Security,
Cloud Security, Mobile Security, Content Security and Others).
By Professional
Services Type (Penetration Testing, Security Audit, Cybersecurity Consulting,
Security Training and Others.
Companies Covered:-
Viettel
Cyber Security
FPT
Information System
CyStack
CMC
Cybersecurity
Bkav
Fortinet
KasperSky
Juniper
Networks
Cisco
Check
Point
Trend
Micro
Key Target Audience:-
Cybersecurity
companies
Banks,
Healthcare companies, Retail Companies, E-commerce Platforms, Government
Departments
Government
Associations
Industry
Associations
Time Period
Captured in the Report:-
Historical Period: 2014-2019
Forecast Period: 2020-2025
For More Information on
the research report, refer to below link:
Related Reports:-
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