M’sia loses RM2.75 billion to cyber crime in five years
by Lim How Pim, firstname.lastname@example.org. Posted on March 30, 2012, Friday
KUCHING: Malaysia registered a potential cyber security loss of RM2.75 billion from 2005 to 2010 and the amount will continue to soar if a comprehensive information security management system is not put in place.
To make matters worse, Malaysians have an average awareness of cyber security that leaves plenty of room for enhancement.
CyberSecurity Malaysia head of business development Mohd Anwer Mohamed Yusoff said loss of information particularly that involving intellectual property was hard to quantify in terms of dollars and cents.
“When our prime minister was in the UK last year the prime minister of UK said UK had a cyber security loss over a period of five years that was totalled at 27 billion sterling pounds.
“When we talk about cyber security, it is no longer merely anti-virus. There is more to do to make people take cyber threat seriously,” he told a news conference after witnessing HeiTech Managed Services Sdn Bhd chief executive officer Abdul Halim Md Lassim sign a memorandum of understanding with Rama Resources Corporation Sdn Bhd managing director Pendi Said at Hilton Kuching here yesterday.
Anwer said there was no way to stop cyber security threats as predators and hackers were self-motivated to achieve what they aim for.
“Cyber criminals are using the latest technology and they do not need to acquire certification. Their motivation is more serious.”
Hence, he said critical national infrastructure industries such as financial, utility, telco and defence as well as private corporations must beef up their security systems and features to avert losses.
He pointed out that the corporate sector has to come forward to have their security system certified lest they put their companies at stake.
“A lot of critical infrastructure companies such as those of oil and gas industry are in the hands of private sector.”
Following the rising number of Internet users, Anwer advised Malaysians to observe and practise confidentiality as far as online activities were concerned.
He reminded that cyber crime had grown more complex and dynamic that everyone must adhere to a set of rules and standards to avoid falling prey to cyber predators.
“Many people use Facebook now and some friends share passwords.
“Well, what if you are not friends anymore. Many post their latest development on Facebook and they should ask, ‘How much is too much?’
“Do not put everything up on Facebook and make sure you do not display family pictures. When you get unknown emails requesting details like name and account number, do not reply.”
Noting that several savings account holders had their money stealthily transferred to an untraceable source, he assured that all banks had tight security but the problem was with users.
“I can assure you that all those services provided is definitely safe.
“But users need to follow guidelines to be safe.”
He added that Cybersecurity Malaysia has all the necessary guidelines on its website.