Cyber-criminals target Vietnam finance-banking SMEs

Phi Nhat

Mar 25, 2021 / 08:09 PM

Cybersecurity companies predict that the rise of cyberattacks will continue in 2021 in Vietnam.

Vietnam’s small and medium enterprises (SMEs) in the industry of finance-banking, especially those providing e-wallet services, are still the subject of cybercriminals, according to tech experts.

Cyber-criminals target Vietnam finance-banking SMEs. Photo: Chien Cong

Second in the list of favorite subjects of cyber crimes are SMEs providing internet-based services to customers (CRM products, logistics, e-commerce), according to Nguyen Huu Trung, founder of Cystack Cybersecurity JSC.

According to BKAV, Vietnamese network security solution provider, in 2020 alone, hundreds of billions of dongs were stolen through one-time password (OTP) hacking and banking security breach. The increasing threat of cyber-attacks against financial service providers is driving a major focus on cybersecurity, particularly in banking.

A recent survey in Southeast Asia conducted by Kaspersky showed that companies owning 50-250 employees in Indonesia, Thailand and Vietnam suffered the most phishing attacks in the region in 2020.

The fight against the Covid-19 pandemic is not over yet, so cybersecurity companies predict that the trend of cyberattacks will continue in 2021.

Effective early detection and response, as well as investment in technology to speed up response times, are key to reducing the impact of cybersecurity incidents and the costs associated with personal data theft as well as minimizing business losses, according to IBM.

Cybersecurity in Vietnam sees positive changes in 2020

12 Mar, 10:46

Vietnam saw significant improvements in its cybersecurity landscape in 2020 despite the challenges posed by the Covid-19 pandemic.

Cyber virus causes losses of US$1 billion to Vietnam in 2020

21 Jan, 17:27

The number of cyber attacks on financial service providers, particularly banking, is seen increasing.

Inclusive innovation must give everyone equal voice, experts say at TECHFEST Vietnam 2025

Open innovation is becoming a cornerstone of Vietnam’s development strategy, as policymakers, experts and international partners emphasize people-centered collaboration to tackle inequality, climate change and urbanization through inclusive, technology-driven solutions showcased at TECHFEST Vietnam 2025.

14 Dec, 02:17 AM

Vietnam attracts $400 million in venture capital as tech startups surge

Vietnam’s startup ecosystem continues to expand rapidly, with strong venture capital inflows and fast growth in digital, AI and green technologies, reinforcing the country’s appeal to global investors.

13 Dec, 04:40 PM

Vietnamese policymakers push for early launch of gold exchange

A transparent gold exchange would not only offer a safe investment channel for the public but also provide a foundation for Vietnam to become a regional hub for jewelry manufacturing and exports.

12 Dec, 04:05 PM

Rosatom commits to advanced-technology Ninh Thuan 1 nuclear plant in Vietnam

Rosatom will transfer technology, localize nuclear products in Vietnam and support the development of the country’s nuclear science and industry for peaceful purposes.

12 Dec, 03:38 PM

Hanoi accelerates innovation reforms to become favorite destinations for investors, technology talents

Hanoi is pushing forward a wide range of innovation-driven reforms and investment initiatives as it works to become one of the world’s most attractive destinations for high-tech and strategic investors.

11 Dec, 10:02 PM

Vietnam mulls sharp rise in casino entry fee for locals

Such higher rates are intended to discourage individuals without adequate financial capacity from entering casinos.

09 Dec, 03:24 PM

Vietnam’s export strength in 2025 builds solid momentum for 2026 growth

With trade turnover nearing the US$900-billion mark, Vietnam enters 2026 with renewed confidence despite global volatility, rising trade barriers and shifting supply chains. Deputy Director of the Import–Export Department Tran Thanh Hai has outlined the drivers of this growth and the priorities for sustaining momentum next year.

08 Dec, 10:00 PM

Vietnam sets new trade record as import–export turnover nears $840 billion

Vietnam recorded its highest-ever trade performance in January-November as import–export turnover surged, driven by strong export growth and a continued trade surplus.

08 Dec, 06:22 PM