Switch to proactive approach in tackling cybercrime, protecting smart nation drive

CYBERSECURITY has gained a lot of attention in the last couple of years, thanks to the increasing number of high-profile cyberattacks across the globe. As more and more nations embark on Smart City projects, reliance on data and connectivity will continue to rise dramatically across geographies and industries, giving cybercriminals even more avenues to carry out malicious activities.

Today, cybercriminals are as sophisticated as ever and both governments and organisations are finding it hard to keep up. The recent outbreaks of WannaCry and Petya ransomware are testament to the damage that a single piece of malware can cause. Overall, cybercriminals are becoming more strategic at targeting vital data across the healthcare, finance, and public sector verticals, raising the costs and stakes involved. In fact, according to the World Economic Forum, the cost of cybercrime to the global economy is estimated at US$445 billion a year.

In this turbulent landscape, technology companies not only need to make cybersecurity a priority in the development of their solutions, but they also need to re-instil confidence in the market so that the progress of economies and smart cities or nations are not curtailed by the fear of cyberattacks. To do this, a multi-pronged strategy and concerted effort across governments and organisations are required.