Malaysia accords priority to cyber security

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Madius addressing at the Singapore International Cyber Week (SICW) 2016  in Singapore. — Bernama photo

Madius addressing at the Singapore International Cyber Week (SICW) 2016 in Singapore. — Bernama photo

SINGAPORE: Cyber security will continue to be a priority for Malaysia in the next five years, particularly the development of home-grown cyber security products and services.

In his keynote address at the Singapore International Cyber Week (SICW) 2016 here, Malaysia’s Science, Technology and Innovation Minister Datuk Seri Madius Tangau said there was a need to develop a national cyber security innovation ecosystem.

“Cyber threats are evolutionary and we have seen how they are growing in sophistication, hence Malaysia’s approach towards cyber security must continue to be revolutionary and innovative,” he said.

About 1,000 delegates are attending the SICW launched by Singapore Prime Minister Lee Hsien Loong yesterday.

Citing the US Centre for Strategic and International Studies in 2014, Madius said cybercrime cost the global economy about US$445 billion yearly, with damage to business from theft of intellectual property exceeding US$160 billion.

“According to the World Economic Forum Global Risks Report 2016, data fraud or theft ranked among the top 10 global risks in terms of likelihood.

“Therefore countering the threat of attack in critical information assets and systems has emerged as key priority for governments and the private sector worldwide,” he said.

He stressed that cross-border jurisdictional matters deserved special attention by international community in order to effectively address legal challenges in cyber space.

As jurisdictional issues would remain a major cyber security challenge, any relevant effort to harmonise laws would take a long process due to various bureaucratic and tedious procedures that exist among states, he noted.

However, he added, through science diplomacy, states could emphasise on international cooperation in cyber security detection, response and recovery.

“This could be further strengthened through common consultative platforms such as the Asean Regional Forum and Asean Senior Official Roundtable in Cyber Crime which discuss cyber security governance and regulatory framework, resilience for economic growth and safeguard measures for regional security, he said. — Bernama