Friday, May 24

Cyber security law should tackle fraud data purchases

0

A Bitcoin (virtual currency) coin is seen in an illustration picture taken at La Maison du Bitcoin in Paris, France, June 23, 2017. REUTERS/Benoit Tessier/Illustration – RTS18BSL

 

KUALA LUMPUR: Malaysian cyber law, especially cyber security law should have more defined processes and regulations to track the purchase and dealings in Bitcoin among Malaysians in order to track fraudulent data purchases.

Regional cyber security services provider,  Quann Malaysia, said right now the identities of both the Bitcoin seller and buyer remained anonymous and could not be tracked despite the transparency in transactions.

General Manager Ivan Wen said it was time for a different approach to be adopted in dealing with the spiralling number of worldwide ransomware demands.

“Individuals or companies found purchasing these leaked data should be penalised. Only when the buying stops, then only will the hacking stop as there are no more buyers to fund these hackers,” he said in a statement.

Wen also said as one of the leading financial institutions in the world, Bank Negara Malaysia can lead by example and stop the fraudulent purchase of Malaysian data.

“The Malaysian Communications and Multimedia Commission is most well equipped to aid Bank Negara in drafting air tight regulations to stop fraudulent buying,” he explained.

It was previously reported that buyers anonymously purchased the data of 46.2 million Malaysian mobile users for merely RM32,000 (estimated at current price).

The warning followed the recent revelation that the data of 46.2 million Malaysian mobile users were on sale for merely 1 Bitcoin (RM32,000). – Bernama