Data security – A top priority for digital economy development

Jointly hosted by the Ministry of Information and Communications (MIC), Ho Chi Minh City People’s Committee, and other organisations, the summit attracted over 800 participants from government agencies and businesses in the fields of banking and finance, telecommunications, retail and e-commerce, transport and logistics, energy, and manufacturing.

Businesses, policymakers, and experts gathered at the Vietnam Security Summit 2023 on June 2

The event was a platform for policymakers, experts, and both local and international solution providers to discuss new information security trends and propose strategies and solutions to mitigate the potential risks in cyberspace.

Specifically, they discussed issued related to the protection of applications and data, the security of data on the cloud, and the prevention of data attacks.

Duong Anh Duc, Deputy Chairman of Ho Chi Minh City People’s Committee said, "The city is trying to focus on accelerating the process of digital transformation and building smart cities. Within this, the formation of data sharing centres and dealing with issues related to their integration are among its top tasks. We are paying close attention to problems related to ensuring safety and information security."

According to Tran Dang Khoa, deputy head of the MIC’s Authority of Information Security, data is a national resource and the main input material in the digital economy. With the amount of data expected to be generated in 2023 – up to 120 zettabytes – being 60 times higher than in 2010, this is a gold mine for countries, organisations, and businesses to exploit and take advantage of.

A report by the MIC in 2022 showed that the revenue from network information security alone reached over $210 million, up 26.1 per cent compared to 2021, but the loss in the same field was also huge at about $92 million. This caused damage to data and branding, and caused business interruptions and the high cost of troubleshooting.

At the event, businesses, organisations, security solution providers such as VNPT, Viettel, FPT, Cloudflare, Kaspersky, and others discussed solutions to protect data sources and to avoid loss.

In addition to building platforms, software, and hardware to ensure information security, it is necessary to fully understand every aspect of data to then be able to work on strategies for every stage that are suitable for each business.

New requirements to shore up personal data protection The forthcoming legal framework on personal data protection means all domestic and foreign organisations processing personal information must handle sensitive individual personal information in a proper manner.

Vietnam in need of national digital data strategy The 2023 Vietnam-Asia DX Summit is taking in Hanoi between May 24 and 25 to discuss driving economic growth through digital data and smart connectivity.

Data centre appeal poised to expand Vietnam’s data centre sector is poised for substantial growth, although challenges surrounding regulations, construction, and mounting demand for energy efficiency need to be effectively navigated.