Technology, like fire, can be a darling or a demon. Bad guys know this and are exploiting the duping duality of technology to the hilt. The advent of artificial intelligence (AI) and the invention of cryptocurrencies have put cybercrimes on steroids. The former helps dress up fiends as friends, while the latter makes it difficult to trace the cybercrooks behind the digital crimes, all aimed at defrauding individuals and companies.
Malaysians, especially those who are not tech-savvy, are particularly susceptible to these digital dangers. Pair this with their unusually high level of gullibility, they are a gold mine for the baddies. All it takes is a call purported to be from the police or the taxmen for them to empty their savings. Though AI makes the call appear as if it is being made by the police or the taxmen, neither go calling people issuing "pay up or else" threats. Begin with doubt, then pay a visit to the police station or the Inland Revenue Board's (LHDN) office to verify the call. The calls will invariably turn out to be untrue.
And AI is not even at its peak. As the race to harness AI continues, experts around the world say the technology will transform the world in new and unexpected ways. While the "new ways" aren't that much of a worry, the "unexpected ways" are. Does "unexpected" mean unplanned? If so, caution is called for in its development. We don't want it to be an enabler of fakes of all kinds. AI players and other experts have indeed been caution-peddling for some time now. A few have called for a world agency to be established to oversee its development. A timely call, we say.
The latest report on cybercrimes by McKinsey, a consultancy, is worth a deep think. Warning of cyberattack proliferation globally, the report predicts a US$10.5 trillion damage annually from cybercrimes by next year. An outcome of the growth of the digital economy and the soaring numbers of online and mobile interactions.
The cyber onslaught means three things must be made to happen. First, as was suggested, an international agency is needed to keep a watch over technology companies. This is a job for nations. Precedents for global cooperation are numerous. Malaysia will do well to marshal the rest of the world to set up such an agency. It is a three-in-one solution for the nation, people and businesses.
Until that happens, Malaysia must protect its people, the most vulnerable of the three, from cyberattacks. Education and training help. But in a fast-evolving industry such as technology, both will be many steps behind. Legislation with long reach is the second thing that must happen.
Finally, Malaysian businesses must become more mature in cybersecurity. This isn't the case now. According to the 2024 Cisco Cybersecurity Readiness Index, which ranks businesses from the mature stage of readiness (highest) to progressive to formative to beginners (lowest), only two per cent of Malaysian companies secured the highest rank. The bulk (58 per cent) were at the formative and progressive (32 per cent) stages. Eight per cent were still beginners.
Malaysian businesses must mind the gap if they don't want to become part of ransomware attack statistics.