THE initiative taken by the Government to put in place a new cybersecurity law is timely given how Malaysia is fast-tracking to become a fully digitised nation within the shortest possible time frame.
Moreover, the introduction of a specific law to address cybersecurity will keep Malaysia equally competitive while also able to tap potential cybersecurity businesses and other related opportunities, according to Serba Dinamik Holdings Bhd’s group managing director and CEO Datuk Dr Mohd Abdul Karim Abdullah.
“Through the introduction of this cybersecurity law, I hope we can build a resilient digital infrastructure; create a safer cyberspace environment; develop a vibrant cybersecurity ecosystem and strengthen international partnerships,” he pointed out in a media statement.
Abdul Karim was commenting on the recent statement by Minister in the Prime Minister’s Department (Special Functions) Datuk Dr Abdul Latiff Ahmad that the Government is in the process of preparing recommendations related to a new cybersecurity law.
At the winding up of the 12th Malaysia Plan (12MP) debate in Dewan Rakyat on Oct 7, Abdul Latiff was reported to have said that the Government planned to create a specific law to tighten cybersecurity in the country which will be tabled at a Cabinet meeting soon.
Speaking on behalf of the E-Security and Privacy Channel (ESPC) Cybersecurity Division of Serba Dinamik Group Bhd, a wholly owned subsidiary of the global integrated oil & gas (O&G) service provider, Abdul Karim welcomed the new law as it would make Malaysia one of the safest places in the world for consumers to use smart technology.
In his view, Malaysia has strong enforcement and effective cybersecurity law to ensure people get effective redress when they purchase devices, services and solutions that fail to meet security standards and leave them exposed to data breaches and scams.
“I am positive that these new law legislation on cybersecurity will tackle outstanding issues plaguing businesses and citizens and will present itself as a crucial step as there are a vast array of connected devices with security flaws, many of which are currently on the market, that put citizens at risk from cyber criminals,” he opined.
Serba Dinamik under ESPC, a cyber security news portal in Asian region, has taken the heat by engaging with 30 world and local speakers to benefit from learning how to be safe and responsible online during a recent two-day conference themed Cybersecurity Asia 2021.
Based on the statistics provided by Forbes, US$2.9 mil is lost to cybercrime every minute with top companies paying US$25 per minute.
It is noted that by the end-2021, cybercrime is expected to cost the world US$6 tril with the projected figure increasing to US$10.5 tril by 2025.
Abdul Karim noted that such numbers and data are scary since cyberattacks can cripple both businesses and countries.
“If governments do not have a robust cybersecurity governance, then the nation and its people are open to risks of cyberattacks. In fact, all it takes is social engineering to gain access to human vulnerabilities which could lead to security breaches,” he added. – Oct 14, 2021