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Key Points:
- The Covid-19 pandemic has resulted in a rise in cybercrime, with losses exceeding US$4.2 billion.
- Denmark, the US, Finland, South Korea, and the UK are the top five countries identified as the most cyber-secure.
The Covid-19 pandemic has had a significant impact on the digital world. As people have had to adapt to new ways of working, studying, communicating, and using online services, cybercriminals have seized the opportunity to exploit weaknesses and carry out cybercrimes. The 2020 Internet Crime Report estimates that losses from cybercrime exceeded US$4.2 billion.
Cybersecurity safeguards have become a major concern in light of the drastic changes brought about by the pandemic. Denmark, the US, Finland, South Korea, and the UK are the top five countries identified as the most cyber-secure. These rankings are based on factors such as infrastructure investment, online rules, international cyber agreements, and e-governance. Analyzing the practices of these countries can help other nations develop their own approaches to internet-related issues.
Research conducted in the US shows that internet usage rose by 17% during the pandemic. Additionally, the number of online visits to tutoring platforms significantly increased in various fields such as politics, television, and horticulture. This rapid increase in online activity puts companies at a higher risk of experiencing cyberattacks and financial failures if they do not proactively plan and take precautions.
The International Telecommunication Union (ITU) has stressed the need for strengthened cybersecurity measures in less developed countries to effectively combat escalating cyber threats. Interestingly, pre-pandemic records show that Australia had higher rates of cybercrime compared to Malaysia. However, during the pandemic, Australia saw a larger rise in cybercrime assaults compared to Malaysia, even though Malaysia outperformed Australia in the cybersecurity performance index. This suggests that developing nations are better equipped to reduce the risk of cybercrime and implement cybersecurity measures.
To enhance online security and privacy, it is important to invest in knowledge and competency programs to increase cybersecurity awareness among the public. Protecting against cyberattacks remains a priority as the digital landscape continues to evolve. Collaboration among all stakeholders is crucial in safeguarding the digital realm.
