The Malaysian government has taken significant steps to enhance cybersecurity in the country this year, including the passing of a new cyber security law. However, experts and businesses believe that financial resources are crucial in combating cyber threats and safeguarding businesses and individuals.
While there is consensus on the importance of public-private partnerships in addressing cybersecurity issues, there is uncertainty about the specific form these collaborations should take.
Datuk Michael Kang, the immediate past president of the SME Association of Malaysia, suggests that the government should work with cybersecurity solution providers to create a special package for Small and Medium Enterprises (SMEs) that includes government grants based on the number of employees.
Many SMEs with 20-30 staff members face annual costs of up to RM300,000 to adequately protect their operations and digital assets from cyber threats, which is often beyond their financial reach. The cost of protecting digital assets can vary based on the number of assets, ranging from RM30,000 to significantly higher amounts.
Despite the risks posed by cybercrime, some SMEs are hesitant to invest in cybersecurity services even after experiencing security breaches. This reluctance underscores the need for increased government support and financial assistance.
The recently passed Cyber Security Bill aims to enhance the protection of Critical National Information Infrastructure (CNII) in sectors such as government, banking, finance, transportation, national security, healthcare, water supply, energy, agriculture, and industry. The bill underscores the government’s commitment to strengthening cybersecurity measures.
Cybersecurity firms typically charge based on the number of digital assets owned by a company. While some companies opt to establish their own security operating centers, financial constraints often limit their ability to invest in comprehensive cybersecurity measures.
Government intervention, including offering cyber insurance to SMEs and individuals, could help mitigate financial burdens associated with cybersecurity. Additionally, such insurance should provide access to cybersecurity experts to support businesses in managing cyber threats.
While cybersecurity practices can be implemented at minimal costs, government assistance and regulations play a crucial role in promoting cybersecurity measures. Clear eligibility criteria and effective enforcement mechanisms are essential to ensure that financial assistance reaches those in genuine need of support.
Enhancing education and awareness around cybersecurity remains critical in combating cyber threats. However, experts emphasize the importance of robust enforcement measures to deter cybercriminals and recover assets obtained through illegal means.
Law enforcement agencies, including the police, are intensifying efforts to combat digital crimes and frauds, with a focus on cross-border collaboration to address cybercrime effectively. Continued vigilance and proactive measures are vital to safeguarding individuals and businesses from evolving cyber threats.
The misuse of artificial intelligence for illicit activities poses a growing threat, necessitating stricter enforcement measures and ethical guidelines for AI development. As cybersecurity risks evolve, stakeholders must remain vigilant and proactive in safeguarding digital assets and combating cybercrime.
Overall, addressing cybersecurity challenges requires a holistic approach that combines financial assistance, public-private partnerships, education, and enforcement to build resilience against cyber threats and protect individuals and businesses from cybercriminal activities.
