Datuk Johan Idris, Managing Partner of KPMG in Malaysia, shared his views and insights on cyber security and the importance of being cyber resilient in this age of technology. In his commentary, Datuk Johan referenced the Bank Negara being a victim of a cyberattack in April last year, noting that it should serve as a wake-up call for businesses and governments at large. The vulnerabilities within cyberspace are real and as the rate of technology adoption continues to increase, so too do the risks.
He has also noted that it is an unfortunate fact that cybercrime is now a booming and self-sustainable global economy. According to a global study out of the US, the cybercrime economy has resulted in US$1.5 trillion in illicit profits being acquired, laundered, spent and reinvested by cybercriminals. A separate study by Microsoft and Frost & Sullivan predicted that Malaysia faces the possibility of incurring over US$12bil in economic losses due to cyber security incidents.
Today, cyber risk vigilance is a must and the good news is that governments and regulatory bodies are amplifying the conversations and actions through an increase in scrutiny.