Cybersecurity: Three lessons learnt in 2016

CYBERSECURITY remains a pressing concern today. As citizens, organisations and countries continue to evolve with an ever-changing digital landscape, the cost of cyberattacks continues to rocket exponentially, predicted to hit US$2 trillion by 2019 . From stolen intellectual property to matters of national security, security in the cybersphere has serious implications.

Governments are keeping pace. Singapore has recently announced an ambitious new cybersecurity strategy in October this year, aimed at building a resilient infrastructure, creating a safer cyberworld, developing a vibrant cybersecurity ecosystem, and strengthening international partnerships for collective global security. China, not far behind, has just passed a seemingly controversial cybersecurity law that requires Internet operators to cooperate with the government in the event of data breaches, granting full access to investigators during any suspected cybercrime. This has raised issues of censorship, privacy and surveillance .

While governments and organisations struggle to address the rising complexity of cyberthreats, the size, severity and complexity of each attack will continue increasing. This shows no sign of abating. From a cyberattack on the power grid in Ukraine to hackers using malware to siphon more than US$2 million from automated teller machines in Taiwan , we have learnt that cyberattacks can strike anytime and anywhere.