KUALA LUMPUR: The looming danger of cyber threats is a big concern in today's world where we are all connected through the internet and rely more on digital technology.
World Economic Forum's Centre for Cybersecurity head of industry and partnerships Akshay Joshi emphasised the need for collaborative efforts to combat cyber threats, stating that it is not a challenge exclusive to Malaysia but a pervasive issue worldwide.
He added that it is important to understand the scale of the problem, which is huge.
"It's not just a problem targeting Malaysia; it's a global issue, and we're witnessing cyber incidents across the world. I think the Malaysian government, from what I know, has been investing significantly in cybersecurity.
"There is a Global Alliance for Financial Inclusion in Kuala Lumpur that is investing significantly in capacity-building efforts and the like.
"I would say that it's probably not a failing of anyone in terms of taking cognisance of the problem.
"So, everybody is doing a really good job; it's just that the problem is a very wicked problem to solve overall," he said in a recent interview.
Discussing the cybersecurity efforts within the financial services industry, Joshi stressed the importance of a holistic, ecosystem-wide approach.
He noted that individual investments by banks, even substantial ones, are insufficient in the absence of collaborative efforts.
With digital banks collaborating with third parties, the vulnerability lies in the weakest link within the entire chain, necessitating a collective approach to enhance industry-wide cyber resilience.
"I think cybersecurity needs to be a board-level agenda. It needs to be treated as a business risk overall," Joshi said, while emphasising the need for senior leadership involvement and a shift from technical discussions to strategic, board-level priorities.
Expanding on the theme of ecosystem-wide collaboration, Joshi recommended an emphasis on information sharing among industry players.
He cited a previous paper on information sharing as a business collective, highlighting the need to tear down institutional barriers and collaborate effectively in real-time to address emerging cyber threats.
"We need to be sharing information amongst ourselves if we are to be able to enhance the cyber posture of the industry as a whole.
"And you know, the adversaries, they tend to share information at scale in real time and don't have as many institutional barriers to collaboration as essentially the good guys do.
"So how can we tear down those barriers, bring them down, and then make sure that we are collaborating with each other, we are understanding some of the risks on the horizon. And then we can address them collectively," he added.
Joshi also addressed the intricacies of cybersecurity in the context of the supply chain.
He emphasised the importance of enhancing the cyber resilience of all actors within the supply chain, underlining the need for due attention in this domain.
Addressing the issue of reimbursement for cybercrime victims, Joshi acknowledged the complexity and called for public-private cooperation to define effective mechanisms.
He highlighted the need for awareness campaigns, focusing on educating consumers about safe online practices and behaviour.
Regarding the evolving landscape of artificial intelligence (AI) and its intersection with cybersecurity, Joshi acknowledged the short-term challenges of increased sophistication in attacks.
However, he expressed optimism about AI's potential to equip defenders and restore balance in the long term.
"Over the long term, I'm very optimistic that these technologies are going to provide a balance in the favour of defenders," he added.