SIDC Webinar 
Financial crime committed in cyber space causes more monetary losses than the entire illicit drug trade does worldwide. Therefore, it should come as no surprise that people and businesses that operate online constantly fear the possible hacking scenarios and data breaches. Such cyberattacks can result in reputational harm in addition to financial losses.
Malaysians consistently received news of personal information purportedly being offered for a mere sum, paid in bitcoin or other cryptocurrencies, on the dark web. And there were cases where personal data information involving millions of business users were compromised by hackers.
At the same time, cyberattacks on digital assets are also on the rise. The world of digital assets is full of risks especially with daily new protocols that promises big profits. These draw in new and inexperienced users, many of whom are eager to invest their money in the lucrative market for a completely new asset class with a brand-new set of hazards. As a result, it is crucial to understand how to safeguard one’s digital assets in this expanding field.
The concern for personal data security has highlighted the need for cybersecurity-dedicated laws. The government, the private sector and also consumers are encouraged to collaborate in sharing expertise and intelligence in order for the country’s cybersecurity to be effective. Cyberattacks not only pose a serious threat to businesses, but also impact revenue, brand reputation and consumer trust. Hence, the discussions is timely and highly relevant for greater cybersecurity awareness and oversight.
