The recent global pandemic has fast-forwarded change. It has opened considerable opportunities for businesses to make a profit while at the same time it has increased the potential for crisis.
The reality is the evolving threat matrix of the digital economy, which is at the convergence of many factors: cyber security, data management, weaponised information in the media, external attacks on supply chains and rapid political and policy changes.
According to the latest figures released by the Department of Statistics Malaysia, the country’s digital economy has grown at a rate of 17.1 per cent to a value of some RM320 billion, with some estimates placing the value of the overall contribution of this sector to the economy at 22.6 per cent.
These impressive growth figures have garnered the attention of investors and criminal elements alike.
The Malaysia Global Business Forum (MGBF)’s exclusive roundtable series called “The Evolving Threat Matrix of the Digital Economy” will confront critical questions impacting the future of business in the rapidly digitising world.
The four component events will focus on: addressing security concerns in critical value chains; digital resilience in the corporate sector; charting the future of data resilience; and addressing weaponised information in the media.
When speaking about dealing with security concerns in critical value chains, MGBF Founding Chairman Nordin Abdullah stated, “The threat matrix has evolved.
The frontline is at the confluence of information warfare, propaganda, cyberspace incursions, social media, algorithms, big data and behavioural communications, just to name a few. Business leaders within complex global supply chains need to be aware of these threats and if they wish to survive, must be prepared to manage these challenges.”
When asked about digital resilience in the corporate sector, Nordin mentioned, “Corporations are in a digital arms race; it is just that many do not realise it. A new breed of mercenaries are looking to exploit gaps in cybersecurity and digital frameworks.
“Coupled with weaponised communications that is designed to bring companies to their knees, organisations need leaders who understand the new rapidly evolving strategic landscape.”
“Companies can now live, or die based on their ability to generate and manage data. This strategic asset is also a target, requiring protection from internal and external forces.
“Effectively managing these existential challenges to business is the opportunity that business leaders need to grasp to ensure a sustainable future,” continued Nordin when asked about charting the future of data resilience.
“Attacks on corporations and their leadership often take the form of weaponised information attacks in the media. These communications often fall on the heads of corporate communicators. It goes deeper than the job scope and pay grade of communications teams.
“The importance of understanding these advanced business threats now falls on the shoulders of board members and C-suites,” concluded Nordin.
Data-driven business decisions have never been as crucial, especially in this era. Extracting relevant and timely business data to analyse the competitive market environment is a key element to success.
The Malaysia Global Business Forum (MGBF) leverages off technology, experience, and market presence to aid businesses in making data-driven decisions. The series of events are part of an effort to realise a sustainable future in the face of rapid change.