PARLIAMENT was informed at its recent sitting that the nation stood to lose RM2.73bil in the next five years if cyber crime was not properly tackled. Deputy Science, Technology and Innovation Minister Datuk Fadillah Yusof disclosed the potential losses involving various costs, such as privacy protection and cyber security.
He said based on police reports, the Government suffered losses totaling RM22.3mil in 2009, rising to RM62mil last year. Cyber crime is obviously on the rise judging from media reports. There have been several cases of cheating through the Internet, with some victims losing all their hard-earned savings.
I attended an International Crime Prevention Conference in Singapore in November last year where cyber crime was the subject of a talk by Interpol. Interpol estimated that the losses resulting from cyber crime are larger than the global black market for marijuana, cocaine and heroin combined.
Clearly, the spate of cyber crime, not only in Malaysia but also worldwide, calls for more effective law enforcement and harnessing modern technology to combat it. The use of modern technology combined with traditional and non-traditional policing skills will significantly boost the capabilities of police forces around the world.
It is crucial for Malaysian police to stay one step ahead in the fight against cyber crime. Technology is an enabler, and this is as true for criminals as it is for law enforcers, businesses and individuals.
Criminals today are already using computer viruses to siphon money out of bank accounts. The Singapore Conference was also told that the Association of Banks in Singapore had in September issued a warning about malicious software, or malware, that was being modified to target the online applications of local banks.