Digital transformation is a key factor in developing the stock market
On the afternoon of September 20, within the framework of the Vietnam Digital Finance 2024 Conference and Exhibition (VDF-2024) organized by the Ministry of Finance, the State Securities Committee (SSC) coordinated with relevant units to organize a seminar on "Developing a safe and effective stock market in the context of digital transformation".
The workshop focused on discussing data governance, opportunities and challenges of the financial market in the context of digital transformation, in order to propose solutions to improve the security and sustainability of the stock market.
At the opening ceremony, Mr. Hoang Van Thu, Vice Chairman of the State Securities Commission, said that digital transformation is a key factor in developing the stock market, bringing many benefits to businesses and investors. However, he also pointed out that this process poses many challenges, especially in ensuring network security and market stability.
To successfully achieve the goals of developing a stable and safe stock market in the context of digital transformation, Mr. Hoang Van Thu emphasized: It is necessary to strengthen propaganda and dissemination to raise awareness of officials and employees, enhance digital education, promote training of high-quality labor resources; invest in upgrading digital infrastructure for the securities sector. Focus on upgrading, modernizing, and integrating digital technology application systems.
Continue to build and develop to form a synchronous application system, ensuring to meet the requirements of connection, storage, processing of data, information, monitoring functions, ensuring security and network safety of the highly integrated stock market; strengthen user trust through ensuring issues related to data security and network security.
Regularly review, detect, and fix security vulnerabilities throughout the system, add specialized equipment and software capable of checking and controlling information security and safety in the Internet environment. Develop and implement technical solutions to check and detect risks that cause information insecurity...
Solutions to ensure sustainable information security development
Sharing about important points in information security, Mr. Pho Duc Giang - Deputy General Director of Price Waterhouse Coopers Vietnam Co., Ltd. (PwC) - said that the cost of data breaches has increased significantly, with the rate of businesses experiencing incidents of over 1 million USD increasing from 27% to 36% compared to the previous year.
Mr. Giang said large organizations and high-growth businesses are often the most heavily affected by cyber attacks.
Therefore, organizations should modernize their security infrastructure, promote collaboration between engineering and management in implementing new measures such as DefenseGPT. Collaboration between CIO, CISO and CTO is also considered an important factor in responding to complex cyber risks.
According to Mr. Giang, it is necessary to train and improve security skills for employees, because more than 45% of security executives predict an increase in ransomware attacks in the future.
Additionally, close cooperation between departments and senior leadership involvement are required to effectively deal with the growing cyber threats.
At the workshop, Mr. Nguyen Quang Thuong - Deputy General Director of the Department of Vietnam Securities Trading (VNX), also shared experiences in responding to cybersecurity challenges.
Accordingly, VNX always considers protecting the trading system as one of its top priorities by building in-depth monitoring and management systems.
Mr. Thuong said that in addition to applying advanced technologies, strict compliance with legal regulations, such as the 2015 Law on Network Information Security and the 2018 Law on Cyber Security, is an important factor in ensuring system safety. Technical solutions such as network system division, remote access management, and intrusion prevention are all applied to protect the system from cyber threats.
