An early warning system to prevent cybercrime
By Seelan Nayagam, Managing Director, Asia Pacific
The 2020 disruptions have forced organisations to embrace new technologies and remote working, at a rate never seen before, and often without the correct cybersecurity measures in place. This has opened new gaps for cybercriminals to infiltrate, and left economies, businesses and communities vulnerable to cyber-attacks. According to recent statistics from Cybersecurity Ventures, it is estimated that cybercrime will cost the global economy a colossal $6 trillion per year by 2021.
In taking a proactive approach to security, action is required at three levels:
- Government
- Business
- Community
Government has to invest and support businesses and citizens
Australia is in the top ten most targeted countries for cyber-attacks primarily due to our incredible resource sector, well established university, health and government research programs, and our robust financial services entities. In June this year the Australian federal government announced ‘it will repurpose $1.35 billion of Defence budget toward enhancing the nation’s cybersecurity capabilities over the next decade through the Australian Signals Directorate and Australian Cyber Security Centre.’
By acknowledging the importance of cybersecurity, the government is helping to bridge the current security gap and protect critical infrastructure and systems of national significance, alongside essential services and households.
Businesses have to prepare and train employees
Now is the time for businesses, no matter what their size or scale, to move cybersecurity to the top of their priority list. According to DXC’s Beyond Disruption 2020 Business Pulse, nearly half (49%) of ANZ organisations are seeing an increase in cyber-attacks, yet only 33% are offering cybersecurity training for employees, indicating organisations need to take steps to ensure continued education to build resilience and protection. By delaying action, organisations remain vulnerable to future incidents and risks.
Executives also need to take into consideration the ramifications of a potential data breach. A single data breach alone can cost a Board millions of dollars to rectify. This is reason enough to identify the gaps now and build a cyber strategy which includes education and awareness for employees at all levels.
Community must be informed and empowered
Cybersecurity needs to start at the grassroots within the community. Providing citizens with the right information and guidance will help change online behaviours and position them to make informed online decisions. If the community is vigilant and aware of the types of possible cybercrimes, they can detect and report the crime; stopping it in its tracks and protecting all parties involved.
The need for an early warning system
The disruptions this year have indeed taught us the importance of preparing for the unexpected. The key to getting ahead is the development of an early warning system. We have warning systems for seismic, financial and extreme weather conditions, so why not for cybercrime? The evolution of our security monitoring systems needs to progress from:
- Description approach: “What happened?”
- Diagnostic approach: “Why has it happened?”
- Predictive approach: “What will happen?”
- Prescriptive approach: “How do we make it happen?”
Today the adversaries are people, and we have been able to counter the attacks to some degree. Before that morphs to machines, we have to hasten the collaboration between government, businesses and community. This will put us on the front foot with cybercrime.