WeMo Corp, an e-scooter rental company based in Taiwan, has completed its US$15 million Series A+ round of financing led by AppWorks.

Taiwan National Development Fund also joined the round.

WeMo will use the money to expand its service to Southeast Asia, mainly in Indonesia and Thailand. It is building partnerships with governments, investors, businesses, and transportation providers throughout the region to offer green transportation and fleet management services.

WeMo develops technology and services to decrease dependency on privately-owned vehicles, thus reducing pollution. It provides real-time smart e-scooter rental service.

Also Read: ‘The era of easy money is over’: VCs speak of funding winter and exit landscape in Southeast Asia

The firm claims it has amassed over a million users since its launch seven years ago. In 2022, WeMo launched WeMo RenTour (app-based rentals for electric cars, scooters, and bicycles) and WeMo PASS (offers free and discounted rides of e-scooters and other benefits on a subscription basis).

The company also offers a comprehensive mobility-as-a-service platform focusing on fleet and operations management under one integrated system.

“Sustainable green energy development is the predominant global trend for energy and transportation and is the core spirit of WeMo from inception. Building off the continuous and steady growth of WeMo, we will leverage our proven expertise in electric and shared vehicles to offer sustainable solutions for smart transportation throughout the Greater Southeast Asia region,” said Jeffrey Wu, Founder and Vice Chairman of WeMo.

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Ten Series A startups are about to embark on the seventh edition of the Google for Startups (GFS) Accelerator for Southeast Asia and Pakistan.

Hailing from six countries, including Indonesia and Vietnam, and diverse sectors ranging from healthtech to edutech, these startups reflect the opportunities and challenges currently present in the region. 

All about edutech

In edutech, while we see investments in this sector starting to reduce due to the reopening of economies, there is still much headroom to reimagine the learning experience, particularly in the realms of levelling working professionals.

Since the start of the pandemic, there has been an approximately 30 per cent increase in jobs that require bilingual proficiency for business discussions, presentations and more.

This is why Bluente‘s approach is interesting. The Singapore-based company – one of the ten startups in this year’s GFS Accelerator for Southeast Asia and Pakistan – has developed a business language learning mobile app that delivers bite-size courses for working professionals. 

It is built for self-paced learning and offers personalised classes according to the user’s proficiency level. It uses attractive flashcards and real-life case studies in its lessons, allowing learners to retain words effectively.  

Also Read: How Noodle Factory addresses educator burnout with its AI-powered teaching assistants

Meanwhile, Wela School System, a startup headquartered in the Philippines, has built an end-to-end school system where students (and their parents) can easily view grades, announcements and billing statements through a mobile app.

OOOLAB from Vietnam, on the other hand, has developed an online e-learning platform to support education organisations by providing an all-in-one, low-code learning infrastructure for K-12s, universities, tutoring centres, corporates, and even fellow edutech startups.

Healthtech in all its glory

Healthtech is another nascent but growing sector in Southeast Asia, where startups are increasingly focused on addressing challenges like poor access to healthcare and rising healthcare costs, which are prevalent in many countries, including Indonesia, the Philippines and Vietnam. Opportunities in the well-being space also abound for HealthTech founders, with mental care becoming more top of mind among people in the region. 

Healthtech startups have their work cut out for them as they are working to transform an established, traditional sector that is healthcare. What they need most are partnerships and support from government agencies and policymakers to help drive the adoption of their solutions, which accelerator programs can help provide. Notably, the four healthtech startups in this year’s GFS Accelerator for Southeast Asia and Pakistan are working to improve access to quality medical attention in the region. 

Vietnam-based Docosan, for instance, is a platform that lets people book doctor appointments and tests online and order medication to be delivered to their doorsteps. HonestDocs from Thailand is a healthcare and surgery marketplace that works with over 1,000 healthcare providers, while Elfie, a Singapore startup, aims to reduce the burden of chronic diseases by rewarding patients for self-monitoring through a mobile app. In Indonesia, Mindtera supports companies by using data-driven insights to increase the performance, productivity and well-being of employees.

Over in Pakistan, logistic startup Rider is looking to level up the country’s burgeoning e-commerce sector, which includes solving problems like items getting lost or damaged in the delivery process, which is largely caused by a disjointed logistics infrastructure. Rider has built a modern logistics platform to support online sellers and, to date, is working with over 1,000 online sellers across 60 cities in Pakistan. 

Also Read: It is costly to develop and sell insurance products in Indonesia: PasarPolis CEO

Finally, we are seeing a lot of buzz and action in the startup scene in Indonesia. Noice, a local audio platform that offers podcasts, audio series, live audio and radio streaming services, is actively championing the local online audio creator community.

PasarMikro, which has built an agri-commodity trade platform, is tackling a bottleneck in the agricultural value chain by enabling existing traders, aggregators and farmers to easily access working capital and digitalisation services.

Come February, these ten startups will begin the GFS Accelerator program and receive mentorship from Googlers and industry experts in multiple areas, which include product development, engineering best practices, leadership and team development, and marketing.

We look forward to meeting the founders and mentors from across Southeast Asia and Pakistan and helping them build successful businesses.

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Sea says it will add over 2,000 jobs in Malaysia
Accordingly, Sea plans to open a global cloud computing centre and a new warehouse for Shopee in Malaysia; It also looks to set up cloud services and data hosting and processing in the country.

Can Chinese VCs be a potential wild card for SEA during funding winter?
China’s matured economy and willingness to invest in the region could make it a major player in SEA startup funding in 2023, says a VC investor in SEA.

China’s JD.com to officially quit ID, TH
The moves mark JD’s retreat from the competitive e-commerce area in SEA, where the domination of regional champions, including Tokopedia and Shopee, has made it hard to expand its market share.

Indonesian agritech startup EdenFarm secures US$13.5M pre-Series B
The investors are TMI Ventures, AppWorks, AC Ventures, and Capria Ventures; EdenFarm claims it has over 5,500 farmer partners and 50,000 B2B customers and has seen almost 60X growth in the last 40 months.

Stripe may go public next year, allows exit for investors and employees
The plans come as restricted stock units of the payments major’s veteran employees are set to expire, which would see a major part of their compensation vanish if no action is taken.

Indonesian collectibe marketplace Kick Avenue scores US$2.39M Series A
The investors are Korean marketplace KREAM and Malaysia’s SneakersLAH; Kick Avenue offers a variety of mainly collectibe sneakers from international brands, such Adidas and Nike, as well as local brands.

Wavemaker, Seedstars invest in Thai SaaS insurtech startup Eazy Digital
Eazy Digital provides digital solutions to small and medium-sized insurance companies that lack the resources to digitise their processes and distribution.

Japan embraces Web3 as global regulators grow wary of crypto
With tight regulations already in place that helped insulate FTX Japan and its investors from heavy losses, Japan is working on policy and guidelines for stablecoins, NFTs and DAOs as it welcomes a crypto future.

Redefining metaverse: how to determine real utility in the Web3 world
Web3 has given us an incredible tool — the ability to create a ‘digital value economy’, whereby something can have value in and of itself online, without a trusted intermediary.

Amazon NFT initiative coming soon: Exclusive
Amazon has been shopping the digital collectibles effort to no shortage of power players in the industry, per multiple sources; There’s a focus on blockchain-based gaming and related NFT applications, as per sources.

Grab promotes Philipp Kandal to CPO
In his new role, Kandal will oversee the tech giant’s product, design, and analytics teams; He will also spearhead Grab’s product vision and strategy initiatives.

How to fortify yourself against the risky unknown
It’s important to have an experimental mindset in the digital age by exploring new tools, ways of doing, thinking and working.

Indonesia’s antivirus reliance: A cybersecurity blindspot
It’s crucial for individuals to understand that relying solely on antivirus software leaves them vulnerable to other types of cyber threats.

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Secai Marche, a Japanese startup providing a B2B farm-to-table fulfilment platform in Malaysia, has announced a JPY210 million (US$1.6 million) Series A fundraising.

The investors, who participated in the round, are The Agribusiness Investment & Consultation, Spiral Ventures Asia Fund I, and existing backer Beyond Next Ventures.

This round takes the farm-tech company’s total funding raised to date to US$4.5 million.

The startup will use the new capital to develop its own demand forecast system and optimise truck routing.

Also Read: Can Chinese VCs be a potential wild card for SEA during funding winter?

Established by Co-Founders and Co-CEOs Ami Sugiyama and Shusaku Hayakawa, Secai Marche connects farmers with F&B businesses to purchase high-quality products at competitive prices from the farm directly. It sources over 4,000 items (fresh vegetables, fruit, eggs, and chilled seafood, among others) directly from farmers in Southeast Asia and Japan.

The online grocery platform claims to have partnered with over 500 retailers and HORECA customers.

Secai Marche has built a warehouse management and fulfilment system for perishables and established a cold chain. “The warehouse management and fulfilment system is designed to optimise the supply chain and maintain the lowest wastage rate of less than 1 per cent,” said Sugiyama. “Now, We are ready to accelerate our expansion in SEA to service more farmers and consumers.”

In May 2021, Secai Marche received ~US$1.5 million in a pre-Series A round from Rakuten Ventures and Beyond Next Ventures. A few months earlier, it secured US$1 million in a funding round from Beyond Next Ventures, Monex Ventures, and unnamed angels.

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The metaverse is a rapidly developing technology that has the potential to revolutionise how we live, interact, and work. It is a virtual world, an immersive environment shaping the digital world’s future in ways we never thought possible.

It is a digital universe that is expected to significantly impact various sectors of the economy, including entertainment and gaming.

One technology that intersects with the metaverse is blockchain technology. Together, blockchain and the metaverse have the potential to impact these sectors significantly. These impacts have ramifications across many other industries, not just entertainment and gaming.

Retail, e-commerce, supply chain and manufacturing processes can be radically transformed. Innovations in healthcare and education will not only create economic value, but they may also improve well-being and the human condition.

This article will explore the intersection of cutting-edge technologies shaping the digital world’s future — blockchain technology and the metaverse — and the potential Impact of the metaverse on these sectors.

Technologies involved in the metaverse

The metaverse is a virtual world, an immersive environment, and a rapidly developing technology with the potential to revolutionise how we live, interact and work. It allows for real-time interactions and experiences across large distances from social interactions, shared experience, trading, currency, tokenized assets, and property ownership. Users can interact and engage with each other and with virtual objects.

Also Read: Into the metaverse: When Web3 and virtual worlds collide

In a digital world, several technologies come into play in the metaverse development. The metaverse combined mixed reality—virtual reality (VR) and augmented reality (AR), 3D real-time rendering and modelling, and blockchain technology.

How does blockchain enhance the capability of the metaverse?

Blockchain technology serves as the foundation for the metaverse, as many applications within it run on blockchain systems.

This technology offers decentralisation, transparency, digital collectability, and value transfer, which are crucial for the metaverse to function correctly. Other functions of blockchain in the metaverse include verification of digital ownership, accessibility, and interoperability.

Decentralisation allows for the distribution of data and controls across a network of computers rather than being controlled by a single entity. This ensures that any organisation or group does not control the metaverse and that all users have equal access.

It provides a transparent and tamper-proof record of all transactions within the metaverse. This allows for greater trust and security within the metaverse.

In addition, it enables the transfer of value within the metaverse, allowing users to buy and sell goods and services using cryptocurrency.

Cryptocurrency is a crucial technology used in the metaverse. It enables users to convert their real-world currencies to digital form before using them to carry out any transaction in the metaverse.

It allows the user to transact within the metaverse and enable cross-border transactions. It is used to purchase resources such as NFTs, digital real estate, and in-game items. It is a vital aspect of the metaverse, allowing for secure, fast, and cost-effective transactions.

The potential impact of the metaverse on different sectors of the economy

In a report by the global provider of consulting and advisory services, Deloitte, the concept of a “metaverse,” once considered science fiction, is now a reality as millions of people are already using it on platforms like Roblox, Decentraland, Fortnite, Sandbox, and Zepeto for gaming, socialising, attending virtual events, and making purchases. At the same time, governments in Asian countries have included the metaverse in their economic plans.

According to the report, the potential Impact of the metaverse on GDP in Asia could be between US$0.8 trillion and US$1.4 trillion per year by 2035, or roughly 1.3–2.4 per cent of overall GDP.

In his report on how businesses can explore the metaverse, JP Morgan compared the hype with reality, saying, “The metaverse will likely infiltrate every sector in some way in the coming years, with the market opportunity estimated at over $1 trillion in yearly revenues.”

Sectoral impact of the metaverse across industries (adapted from Deloitte)

Entertainment and gaming

The metaverse has the potential to revolutionise the entertainment and gaming industries by providing a more immersive and interactive experience for users. Virtual reality and blockchain technology can enhance the user experience by allowing players to interact with each other and with virtual objects more realistically and seamlessly.

For example, virtual reality games can provide players with a more realistic and immersive experience. At the same time, blockchain technology can create virtual marketplaces where players can buy and sell virtual goods, thus leading to a new revenue stream for the gaming industry.

Retail and e-commerce

Retail and e-commerce are also sectors poised to see a significant impact from the metaverse. The metaverse can change how we shop and purchase goods by providing a more immersive and interactive shopping experience. The use of AI can automate customer service experiences in the metaverse.

One example of virtual stores is virtual reality technology, which allows customers to walk through a virtual store and interact with products, while blockchain technology can create virtual marketplaces. This can significantly impact brick-and-mortar retail and online shopping and create new revenue streams for retailers.

Manufacturing and supply chain

The metaverse can be used in manufacturing processes to improve product design and testing. Virtual reality can be used to create prototypes of products and test them in virtual environments. This can lead to a more efficient and cost-effective product design process and improved product quality. Additionally, blockchain technology can create a more transparent and efficient supply chain by providing real-time tracking and traceability of products.

Metaverse technologies could lead to better real-time monitoring of supply chains, operational effectiveness, and collaboration between stakeholders.

Health care and education

The implementation of immersive technologies has the potential to improve the delivery and quality of education by creating more interactive educational content and curriculum and making it available to a larger audience, including those with disabilities.

Also Read: Singapore’s ageing population: Tech and new scientific discoveries may calm the silver tsunami

Virtual reality and blockchain technology are being used to create new ways of delivering healthcare services, such as virtual consultations and remote surgeries, to provide patients with more convenient and accessible healthcare services.

In addition, it creates new ways of delivering education, such as virtual classrooms and remote learning, as well as new opportunities in medical education and training to provide medical students and professionals with a more immersive and interactive learning experience.

This can significantly impact access to education and the democratisation of knowledge. It is significant not only in terms of monetary value but also in terms of improving well-being and the human condition.

Final thoughts

In conclusion, the metaverse and blockchain technology are shaping the digital world’s future in ways we never thought possible. The potential Impact of the metaverse on various sectors of the economy is significant, and it has ramifications across many sectors, not just entertainment and gaming.

Retail, e-commerce, and manufacturing processes can be radically transformed, and healthcare and education innovations will create economic value and improve well-being and the human condition.

Future developments and research in the field are necessary to understand the full potential and the challenges of implementing the metaverse and blockchain technology.

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Mitsubishi UFJ Financial Group subsidiaries, MUFG Innovation Partners and MUFG Bank, have established a US$100 million fund in partnership with Indonesia’s commercial bank Danamon.

The fund, MUFG Innovation Partners Garuda No. 1 Limited Investment Partnership, will make strategic investments in Indonesian companies that are expected to have synergies with Danamon.

Danamon was acquired by MUFG and MUFG Bank as a consolidated subsidiary in April 2019.

With this partnership, Danamon aims to enhance its product competitiveness, promote digitalisation and attract new customers through the customer contacts of the investees.

Also Read: Mitsubishi arm injects US$200M investment into digital finance platform Akulaku

This is MUIP’s third fund, in which MUFG Bank will have an 89.9 per cent stake while Danamon will own 10 per cent. MUIP will have 0.1 per cent equity in the MUFG Innovation Partners Garuda No. 1 Limited Investment Partnership.

In January 2019, MUFG established MUIP, a fund management company, to strengthen open innovation through business alliances between the group companies and startups in Japan and overseas. MUIP has invested over JPY 40 billion (US$307 million) in companies globally.

Headquartered in Tokyo, Mitsubishi UFJ Financial Group is one of the world’s leading financial groups, with a presence in approximately 2,100 locations in more than 50 countries. The group offers commercial banking, trust banking, securities, credit cards, consumer finance, asset management, and leasing.

Danamon is the sixth-largest commercial bank in Indonesia in terms of assets. It provides consumer finance, investment, asset management, and other financial products and services to individual consumers, SMEs, and large corporations through 864 domestic branches.

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Eazy Digital, a Thai startup providing digital platforms for insurance companies, has raised US$850,000 in an oversubscribed seed funding round.

Wavemaker Partners led the round, with participation from Seedstars International Ventures, Wing Vasiksiri, and Sasin Bangkok Venture Club.

The insurtech firm plans to use the funding for development, marketing efforts, and building its team.

Eazy Digital was founded by Harprem Doowa and Maethavee Sukul.

Doowa is the co-founder and former CEO of Frank Insurance, an online digital broker in Thailand. Frank was funded by Nova Founders and Pacific Century Group before being acquired by Bolttech. Previously, Doowa co-founded the e-commerce startup Moxy/Orami (funded by Eduardo Saverin, Sini Mars, Ardent Capital, Gobi Partners, and Velos Partners).

Also Read: The power of insurtech: Reshaping the insurance industry in 2022

Sukul previously led operations at Frank, Bolttech Insurance Broker, and Benix.

Eazy Digital helps insurance companies manage their agents, operations, user referrals, and engagement. It provides a SaaS solution to small and medium-sized insurance companies that lack the resources to digitise their processes and distribution.

“The insurance industry is still in its infancy in digitisation. Current startups focus on the digital distribution of products via partnerships (embedded insurance), direct-to-consumers, and agency platforms. However, insurance companies have been left unattended and have to often find their solutions to the digitisation of processes and distribution,” Doowa said.

Thailand, the Philippines, and Indonesia are home to many insurance companies. In the current landscape, however, larger players in the industry enjoy major advantages due to their funding sources or parent entities’ support for digitisation projects. At the same time, smaller-to-medium insurers may not have those resources at their disposal, putting them at risk of being left behind. Eazy Digital is working to close this gap.

“Our primary goal is to provide a platform that helps insurance companies, large and small, to digitise and streamline their operations,” Sukul said.

Eazy Digital has also seen use cases of their referral and engagement platform become applicable to industries outside of insurance, such as financial industries, education, property, and more.

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It’s always something new. Yesterday, it was cryptocurrency. Today, blockchain. Tomorrow, NFTs. Wait, no, NFTs was yesterday, we’re floating bits of pixels in the metaverse now. 

The list of ‘emerging technologies’ grows ever longer, ever quicker. In the last five to ten years, we’re constantly told that we live in a time of ‘unprecedented growth’, of ‘revolutionary change’ — a ruthless treadmill whose speed only increases. From gamification to design thinking, AI to cybersecurity, there’s always some new skill to hone, some bleeding-edge technology to harness, and some avant-garde mindset to adopt.

No wonder we are burnt out. It’s not just the teetering work-life integration, the overbearing managers, and the solitude that arises from working remotely — it’s the information overload that both employers and employees are expected to learn and learn quickly. While the tech industry is hit particularly hard, everyone in an office is in a similar place. As the saying goes, today, every company is a tech company. 

Researchers call this information overload: “the difficulty in evaluating and selecting relevant information increases as more and more diverse sources and content is available.” The study found that younger people with less information-seeking self-efficacy were more susceptible to experiencing information overload. 

Creating a robust mental laboratory 

As you grow older, learning also becomes more difficult—research has shown that neural connections, which receive, process and transmit information, can weaken with disuse or age. This makes tasks like learning, multitasking, or remembering difficult. 

This is why it’s important to develop an experimental mindset. To have an experimental mindset is to accept risk and the unknown, it’s creating habits that are biased towards exploring what is possible, not simply an endless grind of rote learning that is based on the traditional sense of what is impossible. 

After all, to experiment simply means to try—to come up with a hypothesis and test it. For instance, if every article claims that blockchain technologies will liberate, democratise and bring riches to the masses—then experiment with it. Whether it’s actively investing in cryptocurrency, going into in-depth research, or learning about it through a course. 

Also Read: Are you ready to put on a Founder’s hat?

It’s important to remember that it isn’t about experimenting with whatever is deemed important at the moment—it could be AI, crypto, or NFTs. What’s important—and will help with burnout—is creating the mindset to learn.

By looking at everything through the lens of experimentation, learning about different technologies ceases to become a chore or an overwhelming tide threatening to drown you. It becomes another method to explore, a different tool to use, allowing new opportunities to emerge and critical unknowns to become known. 

It’s important to explore what it means to have an experimental mindset in the digital age by exploring new tools, ways of doing, thinking and working. The focus here is developing key habits and mindsets that will set you up to be comfortable with experimentation. To create a mind laboratory and see yourself as the zany scientist tinkering with the various tools of your trade, concocting the imaginative chemical reaction through experiment, experiment, experiment. 

One should know the value of their experimentation to be able to identify actions and behaviours that help or hinder experimentation; apply prototyping, testing and feedback as a way to learn and iterate solutions further; involve stakeholders and team members in experiments; select and apply effective tools and techniques that support experimentation. 

There is an art to experimentation, and learning it will open up many ways of learning other things. It’s like learning how to walk: with the ability to walk, one can learn how to dance, jump rope, and ride a bicycle. 

Not a sponge, but a sieve 

When there is an infinite amount of knowledge to take in, be a sieve, not a sponge. A sieve takes everything you put in it but filters out the unnecessary stuff. Take time to set up your mental laboratory, configure it to your liking, move the furniture around and optimise it to your interests and skill sets. 

Be experimental within the limitations you set for yourself in order not to get overwhelmed, and remember that learning can simply be trying by experimenting.

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Indonesia’s leading agritech platform EdenFarm has raised US$13.5 million in a pre-series B round of financing led by Telkomsel’s investment arm TMI Ventures.

AppWorks, AC Ventures, and Capria Ventures, among others, also joined.

EdenFarm will use the proceeds to expand across the country, imrove the customer experience, and scale technology.

With this round, the total capital raised by the agritech firm has reached US$34.5 million.

Also Read: Eden Farm closes US$19M Series A to supply food ingredients to HORECA, wet markets, e-commerce firms

Founded in 2017 by David Setyadi Gunawan, Ramavito Mountaino, and Febrianto Gamal, EdenFarm is a B2B food service platform providing fresh produce from farmers to restaurants, caterers, street vendors, and startup partners in Indonesia.

It collects, selects and redistributes fresh produce purchased from farmers, reducing the inefficiencies of other intermediaries to offer lower prices, better margins, consistent quality and efficient last-mile delivery to customers.

With three fulfilment centres and ten collection facilities across Java, the firm claims to have over 5,500 farmer partners and 50,000 B2B customers. According to Founder and CEO David Setyadi Gunawan, EdenFarm has seen almost 60X growth in the last 40 months. It aims to widen the profit in the next 12 months, along with 3.5-4X growth on a YoY basis.

In November 2021, EdenFarm announced closing a US$19 million Series A round of financing co-led by AppWorks and AC Ventures. Trihill Capital, OCBC Ventures, Investible, Corin Capital, and existing investor Global Founders Capital also joined the round.

Also Read: A comprehensive guide to Indonesia’s agritech ecosystem

According to the Central Bureau of Statistics, Indonesia is home to 33.4 million farmers, with the agriculture sector contributing 14 per cent of Indonesia’s GDP.

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In Indonesia, many individuals believe they are fully protected from cyber-attacks simply because they have installed free antivirus software. I try to prove it by looking closely at Google Trends data.

Over the past year, searches for “antivirus” have consistently outpaced searches for “cybersecurity.” On average, there are 1,650 searches per month for the term “antivirus,” while the term “cybersecurity” only receives an average of 150 searches per month. 

This shows that many individuals in Indonesia may not be fully aware of the limitations of traditional antivirus software and the various forms of cyber protection available to them.

Here’s the thing: relying solely on antivirus software can leave you vulnerable to other types of cyber threats. It’s a bit like trying to protect a castle with just one guard at the gate. You need a whole team of guards, each with their own specialities, to ensure the castle stays safe and secure.

This data also highlights the importance of educating and raising awareness about cybersecurity in Indonesia. It’s crucial for individuals to understand that relying solely on antivirus software leaves them vulnerable to other types of cyber threats.

Knowledge is truly power when it comes to protecting ourselves from cyber threats. And to empower you, I’ll share some valuable insights, so you won’t just rely on antivirus to protect your data.

The potential consequences of antivirus reliance

As technology continues to advance, it’s alarming to see that many in Indonesia still rely solely on antivirus software for cyber protection. This not only leaves individuals, companies, and the government vulnerable to a wide range of cyber threats, but it also puts sensitive data and valuable assets at risk. The potential consequences are numerous, and it’s crucial that immediate action is taken to address this issue and ensure proper cyber protection. Here are a few examples:

• For individuals, relying solely on antivirus software can create a false sense of security, leaving them exposed to the newest types of cyber threats. This can result in financial loss, identity theft, and damage to personal reputation. 
• For companies, a lack of comprehensive cybersecurity measures can lead to data breaches, loss of sensitive information, and damage to reputation. 
• For the government, insufficient cybersecurity can result in breaches of sensitive data, disruption of critical infrastructure, and damage to national security. 
• Furthermore, relying on antivirus alone can lead to a lack of preparedness for cyberattacks, a lack of incident response plan and significant costs for cleanup, recovery, and restoration, as well as potential legal and regulatory fines.

Also Read: Safeguarding digital assets through cybersecurity innovations

Note: Antivirus software is a necessary component of a comprehensive cybersecurity strategy, but it is not sufficient on its own. A multi-layered approach to cybersecurity is necessary to protect against the full range of cyber threats.

Cyberattacks that bypass antivirus

Are you still under the impression that simple antivirus software can keep you safe from all cyber threats after reading the first topic? Well, let me burst that bubble for you by highlighting some types of attacks that cannot be thwarted by antivirus alone.

• Phishing attacks: These are emails or messages that appear to be from a legitimate source but are actually from an attacker. They often contain a link or attachment that, when clicked, will install malware on the victim’s computer. Antivirus software may not be able to detect this type of malware because it is new or has not yet been added to the software’s database.
• Advanced persistent threats (APTs): These are targeted attacks that are designed to gain access to a specific organisation or individual’s computer systems. They often use sophisticated techniques to evade detection by antivirus software.
• Ransomware: This type of malware encrypts the victim’s files and demands a ransom payment in order to restore access to the files. Antivirus software may not be able to detect ransomware because it does not necessarily contain a virus.
• Social Engineering attacks: These attacks use psychological manipulation to trick victims into giving away sensitive information or performing actions that will compromise their security. Social engineering attacks can bypass antivirus software because they do not rely on the installation of malware.

Cyberattacks cases in Indonesia

If you’re still convinced that antivirus is the ultimate solution to all cyber threats, it’s time to think again. Below, I share some news about cyberattacks in Indonesia that cannot be defended solely by using antivirus software.

Also Read: Why firms need a multi-layered approach to cybersecurity

• Conti Ransomware attacks Bank Indonesia at the beginning of 2022. This attack resulted in a leak of Bank Indonesia data, which amounted to 74 GB. The number of Bank Indonesia’s devices that were hacked was around 237 units.
• Two thousand bank customers become victims of social engineering attacks every month. Social engineering is a cybercriminal tactic that influences the minds of customers by making emotional conditions, and this method is easier than hacking the systems.
• More than five thousand phishing attacks in Indonesia in the second quarter of 2022. The number of phishing attacks increased by around 41.52 per cent from the previous quarter. It is noted that the spread of phishing is mostly targeting financial institutions. The percentage reached 41 per cent. 

The importance of a multi-layered security approach

Now that you understand that relying solely on antivirus is not enough, you may be wondering what steps to take next. Worry not, for I am here to share with you a multi-layered approach to security that will better protect you from such attacks.

• Email filters: these tools scan incoming emails for malicious content, including phishing attempts. They can block emails that contain suspicious links or attachments.
• Web filters: these tools can block access to known phishing websites and can also block malicious links in web pages, emails, and instant messaging.
• Endpoint protection: These tools, such as endpoint security software, provide real-time monitoring and protection of all devices connected to a network. This includes protection against malware, intrusion detection, and vulnerability management.
• Network security: This includes firewalls, intrusion detection and prevention systems (IDPS), and other tools that help to protect the network infrastructure. These tools can detect and block malicious traffic, such as APTs, at the network level.
• Security Information and Event Management (SIEM): These tools collect, analyse and correlate log data from various sources and provide a centralised view of the security posture of an organisation. This can help detect and respond to APTs and other advanced attacks.
• Incident response plan: This is a documented process for identifying, containing, and eradicating an APT or social engineering attack. It also includes plans for recovery and lessons learned.
• Security awareness training: this can teach employees how to recognise and avoid phishing attempts.

In conclusion, Indonesia’s reliance on antivirus software alone is a cybersecurity blind spot. While antivirus is important, it’s not enough, and you need a multi-layered security approach to fight against evolving cyber threats and reduce the risk of a successful attack. This includes technical solutions, user education, incident response planning, and an understanding of the cyber threat landscape.

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