Businesses unprepared as cybercrime on rise; future innovations at stake

SINGAPORE (May 7): More than two million malware attacks are launched every day across the world. And as cyberattacks continue to rise, so-called cybercriminals are getting increasingly sophisticated and are offering cyberattacks as a service, according to industry experts.  

In a recent report detailing the impact of cybercrime, think-tank Center for Strategic and International Studies and computer security firm McAfee highlight that cybercrime costs the global economy US$600 million ($802 million) annually, or about 0.8% of the world’s GDP. More than two billion people, or two-thirds of internet users, have had their personal information stolen or compromised. One survey found that 64% of Americans have been victims of fraudulent charges or loss of personal information.  

At a recent roundtable on cybersecurity hosted by The Edge Singapore, McAfee chief technology officer for Asia-Pacific Ian Yip notes that cybercrime is the third-highest crime committed globally, after corruption and narcotics trafficking. Cybercrime attacks, which include cyberespionage and the theft of intellectual property and confidential business information, are growing because criminals are quick in adopting new technologies. Many are also becoming more financially sophisticated and able to monetise cybertheft. At the same time, there are more internet users coming online, many of whom tend to be from developing countries with weak cybersecurity. What else should businesses know about cybercrime? How will attacks affect businesses, and indeed the economy, in the longer term? Are business owners prepared to deal with cyberattacks?  

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