Presenting at the event, RMIT Head of School of Business & Management, Associate Professor Mathews Nkhoma said: “Rapidly growing connectivity and an accelerating pace of digital transformation make Asia – and particularly Vietnam – vulnerable to cyber exploitation.”
“In a report conducted by Marsh & McLennan Companies in 2017 about cyber risk in the Asia Pacific, Asian organisations take 1.7 times longer than the global median to discover a breach, and 78 per cent of internet users in Asia have not received any education on cyber security.”
He emphasised that Vietnam was in the top ten countries with the most targeted attacks from 2015 to 2017, and in 2017 lost $US542.8 million to cyberattacks.
There was a consensus amongst event speakers that a balanced approach is needed to understand the economic functions of innovations and the risks and benefits that they may bring.
The debate also revealed the urgent need to invest in the skills of people in companies and universities, as with Fintechs, financial knowledge is interdependent with IT competencies. Finance professionals and professional accountants will need to adapt to this fast-moving landscape and maintain an up-to-date understanding of developments to be able guide their clients and organisations who are seeking funding.
Meanwhile, RMIT is ensuring that its students stay ahead of the game by introducing a blockchain minor.
“It will include four courses, including cryptofinance, cryptoeconomics, law related to contracts on blockchain and one on logistics in blockchain,” Dr Nguyen said.
“This is to prepare students for this future technology and how it will impact economics and finance.”
Story: Michael Tatarski