Cybersecurity crucial for ongoing digitisation of banking industry: researchers

Cybersecurity is one of the central issues in the digital transformation of the banking system. (Photo doanhnhansaigon.vn)- Cybersecurity is one of the central issues in the digital transformation of the banking system To mitigate risks, banks must adopt synchronised solutions that include top-notch security technologies, an effective cybersecurity risk management process and a strategy to foster a cybersecurity culture, according to academics from the University of Economics Ho Chi Minh City Business School.In a study titled ‘Cybersecurity risks in digital banking: The case of Vietnam,’ Dr Phan Chung Thuy and other researchers said in recent years Vietnamese banks have embraced digital transformation and it entails security risks.Typically cybercriminals attack banks’ systems to steal data or perform acts that cause losses to the bank and customers, it said.Attacks targeting customers, impersonating bank employees, malicious fake messages purportedly coming from bank links, and websites disguised as banks’ to defraud customers are also becoming more widespread, it said.The study cited Kaspersky as saying Vietnam ranks 21st in the world in terms of phishing attacks with 673,743 recorded in 2020, only after Thailand and Indonesia in Southeast Asia.According to a survey by the Vietnam Information Security Association, more than 50 per cent of cyberattacks are aimed at banks and financial institutions.A report by the Ministry of Public Security’s Department of Cybersecurity and High-Tech Crime Prevention said that in 2020 banks lost nearly 100 billion VND (4.39 million USD) in 4,000 cyberattacks, with a single bank suffering a loss of 44 billion VND.To address these problems, the scholars suggested various solutions related to process, technology and people.“The process-related solutions will focus on detailing steps in cybersecurity risk management together with detailed instructions to help banks identify and assess threats, and thus make active plans to prevent cybersecurity breaches and especially create effective incident response plans.“The technology-related solutions are built by combining modern cybersecurity tools and techniques. They require banks to adopt artificial intelligence and ‘security orchestration, automation and response’ technologies, two types of technology that are appreciated by banks around the world.“Despite its potential benefits, blockchain should be used with caution. There have been many reports recently that there are still many unknown hazards associated with this technology.“For HR solutions, we suggest a proactive approach to raising awareness and fostering a cybersecurity culture at banks.”The report also recommended that the Government and the State Bank of Vietnam should focus more on issues related to the legal framework and developing a national cybersecurity strategy.Another solution is to limit cybersecurity risks for a comprehensive digital banking model.“Based on the case of Brazil’s C6 digital bank, we recommend that authorities draft a comprehensive digital banking cybersecurity strategy.“Furthermore, cybersecurity risks can be also mitigated with the use of a three-layer risk control model. In particular, the first layer is related to operating procedures, the middle layer is related to risk control and ensuring compliance with security principles and the final layer is related to internal control.”It also offered some general advice to banks’ customers for protecting themselves against cyberthreats: by keeping personal information as safe as possible when using online banking services (installing anti-virus software and firewalls on network-connected devices), being wary of unscrupulous websites and fraudulent emails and messages and using different and strong passwords for different accounts./.

January 09, 2022 23:00 UTC


Vietnam to attend ASEAN Tourism Forum in Cambodia

People wear face masks to avoid COVID-19 infection in Phnom Penh in May 2020. (Photo: AFP/VNA)Vietnam will attend the ASEAN Tourism Forum (ATF) 2022, themed “a Community of Peace and Shared Future” in Sihanoukville, Cambodia, from January 16 – 20.It is the largest event within the ASEAN tourism cooperation framework.The forum will feature a series of major events, such as the 25th ASEAN Tourism Ministers Meeting, the Tourism Ministers Meetings between ASEAN and partner countries (China, the Republic of Korea, Japan, India and Russia), the International Travel Expo TRAVEX, and the ASEAN Tourism Award Ceremony.In this year’s ASEAN Tourism Award, Vietnam has won four out of the five categories, namely ASEAN Green Hotel Awards, ASEAN MICE Venue Awards, ASEAN Clean Tourist City Awards, and ASEAN Sustainable Tourism Awards.Vietnam’s pavilion at TRAVEX 2022 will be themed “Live Fully in Vietnam”, with the participation of popular tourist destinations, tour operators and luxurious hotels and resorts from the country.The ATF was first organised in Kuala Lumpur in 1981. The event was hosted by Vietnam twice, in Hanoi in 2009 and in Quang Ninh in 2019.According to the Vietnam National Administration of Tourism, ASEAN is one of Vietnam ’s major source of tourists. In 2019, tourist arrivals from ASEAN totaled nearly 2.1 million, mostly from Thailand, Malaysia, Singapore and Cambodia . The figure accounted for about 11.6 percent of Vietnam’s foreign visitors./.

January 08, 2022 23:03 UTC


Cultural value popularisation helps raise Vietnam’s status in int’l arena

The magnificent Son Doong Cave in the central province of Quang Binh (Photo: VNA)Boats on Ha Long Bay, a tourist magnet in the northern province of Quang Ninh (Photo: VNA)VNA– Proactively popularising Vietnam’s cultural values to the world and bringing into play the soft power of culture to help promote the country’s status in the international arena is one of the targets determined in the cultural development strategy until 2030.Over the past years, Vietnam has been striving to popularise images of its land and people so as to help uphold the national cultural identity, join humankind’s civilisation, and adapt to the COVID-19 pandemic.The year 2021 was the seventh time Vietnam had taken part in a World Expo. Prof. and Dr Nguyen Huu Thuc, a lecturer from the Hanoi-based National University of Arts Education, said the cultural identity of a country holds an important role in the development of that nation. It is not immutable but can be developed to match the reality, including the intensive globalisation and international integration.Many experts shared the view that cultural diplomacy has helped introduce Vietnam’s land, culture, history, and people to the world.In recent years, Vietnam has organised cultural days, weeks, and festivals in many countries which in turn have also held their cultural events in the Southeast Asian nation with a view to enhancing mutual understanding. In addition, several individuals have also been appointed as cultural ambassadors to spread cultural values of each country.The strategy for developing Vietnam’s cultural industries until 2020 with a vision to 2030, which targeted the development of cultural industries in tandem with the dissemination of the country’s images, has helped protect and bring into play the national cultural identity during the international integration and cooperation process. This is also in line with the role of culture as a driver for economic development stated in the documents of the 13th National Party Congress./.

January 08, 2022 14:52 UTC


Cambodia remembers Vietnamese volunteer troops on 43rd anniversary of victory over Khmer Rouge

Cambodia always remember the Cambodia United Front for National Salvation (KUFNS) soldiers and Vietnamese volunteer troops who shed their blood and sacrificed their lives to topple the Khmer Rouge genocidal regime and prevent it from rising again, Prime Minister Samdech Techo Hun Sen said on January 7.Celebrating the anniversary of the Victory Day (January 7, 1979 – 2022), the Cambodian leader said this day 43 years ago marks the great victory of the Cambodian people over the Pol Pot genocidal, closing down a dark page and opening up a new one - that of independence, freedom, democracy and social progress. January 7 has been taken as the second birthday of Cambodians, noted the PM who is also President of the Cambodia People’s Party (CPP), adding that without the Victory Day, Cambodians would not have had everything like they are having today.Khmer Times on the same day reported that 43 years ago, Vietnamese volunteer soldiers, together with Cambodia n resistance fighters launched a general campaign to overthrow the brutal Khmer Rouge regime, paving the way for peace in the war-torn country.The day is marked every year to celebrate the victory over the genocidal regime in which an estimated 1.7 million people died of execution, starvation, forced labour and diseases, the Cambodian news outlet said.Due to the COVID-19 outbreak, the CPP celebrates the victory day in small, modest ceremonies across the country, it said.Cambodian leaders, including PM Samdech Techo Hun Sen and National Assembly President Samdech Heng Samrin, sent greeting messages on the occasion through their Facebook pages, which highlighted that Cambodia has regained its prestige on the international arena and been actively contributing to building peace and sustainable development in the region and the world, according to the Cambodia news agency AKP./.

January 07, 2022 15:07 UTC


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