The threat matrix has evolved. The frontline is at the confluence of information warfare, corporate espionage, cyberspace incursions, weather and climate change, social media, algorithms, big data, and geopolitical instability, 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.
Critical questions we will confront during the discussion that will enable better-informed decisions are:
- How to cascade effective strategy and policy into actionable projects within a critical value chain.
- The interconnectedness of strategy and policy, and how to tackle the gaps in organisational frameworks that could lead to a crisis.
- How to recover from a crisis that impacts physical and digital infrastructure that then plays out in the media and social media.
- Addressing the opportunity cost of inaction or lack of investment into physical and digital infrastructure.
- Addressing the vulnerability of critical physical and digital infrastructure, especially in a post-COVID-19 era
The Malaysia Global Business Forum (MGBF)’s exclusive roundtable on ‘Security Concerns in Critical Value Chains’ was held in a hybrid setting on 24 May 2022 at the Eastin Hotel Kuala Lumpur. The event had considerable media pick-up with some 119 international news sites covering the event and 17 local stories in the local media, amounting to RM752,000 in PR value and an additional RM50,000 estimated value of social media promotional activities.
In attendance as guest of honour was Yang Berbahagia Tan Sri Dato’ Seri Rafidah Aziz, former minister of Trade and Industry Malaysia.
The discussion focused on addressing security concerns in critical value chains and how business leaders can mitigate the threats that could lead to a crisis.
Speakers at the event include Col. Ts. Sazali bin Sukardi, Senior Vice President, Strategic Research Division, CyberSecurity Malaysia; ACP Sarifudin Bin Mohd Salleh, Head of Traffic Investigation and Enforcement Department, Royal Malaysia Police (PDRM); Francis Koh, Head of Career Development, Digital Nasional Berhad; M. Umapathy Sivan, Former CIO of Telekom and Chief Technology Officer of Novem CS Sdn Bhd; Rizal Kamaruzzaman, Deputy Chairman of Malaysia Global Business Forum and Executive Director of Tindakan Strategi Sdn Bhd; and Executive Chairman of Advanced Security Network, Murugason R. Thangaratnam. The fireside chat was moderated by Ahmad Khairol Shafizan Johari, Lead Editor/Forward Planning Editor of Astro Awani, while the panel session was moderated by Editor-at-Large for News Hub Asia, Ruzanna Muhammad.
This impactful event was the third in Malaysia Global Business Forum’s 2022 series of exclusive roundtables on “The Evolving Threat Matrix of the Digital Economy”. The series will confront critical questions impacting the future of business in the rapidly digitising world.
Issues highlighted during the discussion were as below:
- Critical components of critical value chains are not given priority attention including resource allocation at the issues resolution phase.
- Information on cyber security concerns must be able to reach the people on the ground, especially Persons with Disabilities (PwD) and the elderly as they are more exposed to the risk.
- The media needs to be PwD friendly with their media materials. It will be easier for the public and PwD to understand.
- A lack of security concerns in critical value chains leads to reputational physical and financial losses. Public listed companies are particularly vulnerable but do not fully understand the evolving threat matrix.
- Government policy-makers need to be continuously educated and aware of cyber threats and issues to be able to formulate effective policies that will make Malaysia a more business-friendly ecosystem.
- Security concerns and value chains is an issue that needs to be inculcated from early-stage education onwards.
- Communicators in government and corporate sectors need to be aware of cyber threats and to be educated to be able to effectively communicate in times of crisis.
The outcome of the discussion highlighted several recommendations and critical success factors:
- Be aware of the critical components in a value chain that should work together to ensure the efficiency, performance and productivity of those in the relevant value chains.
- Understand the profile of the value chain, in order for us to evaluate the relevance and critical nature of a company’s role in that value chain.
- Determine the extent of competition that companies face along a value chain to enable companies to continuously diversify their products, and to identify the sources of these products.
- Include human resources development, technological development, and the company’s infrastructure itself to support services that strengthen the primary activities.
For the full report, please click on the image below: