The advent of the digital age has resulted in a deluge of digital data, paving the way for the Internet of Things – a smart world of computers that is growing all around us. The drawback with digitalization is that without appropriate security mechanisms and protection, data can represent a danger to users and there are many ways to misuse it. There have already been improvements in the technology used to protect digital data, but any feeling of security has a half life. Working on behalf of CyberSecurity Malaysia, the Steinbeis Malaysia Foundation has been conducting research to identify who can check and assess the value of a robust cyber security defense program.
Founded in August 2014, the Steinbeis Malaysia Foundation (STMY) promotes knowledge and technology transfer between science and business in Malaysia. The Steinbeis Malaysia Foundation has worked with a variety of organizations since it was set up, both in the private and public sector, and this has led to a number of project queries.
The 2011 attack on the Playstation network underscored the danger of insufficient network protection mechanisms. The information of 77 million customers was open to public access and many users had confidential data revealed, including details of the bank accounts and credit cards. The Ponemon Institute estimates the cost of such data breaches at around $318 per person. The overall potential cost of the Playstation network hack could have been in excess of $24 billion. But frequently, the more dramatic impact is not in financial terms but in terms of image loss.
CyberSecurity Malaysia is a cyber security agency belonging to the Malaysian Ministry of Science, Technology and Innovation. It was concerned with recent developments and turned to the experts at Steinbeis Malaysia. The goal at CyberSecurity Malaysia is to understand the potential consequences and losses if there is no or only insufficient cyber security on a national level.
Cyber security was not just developed and designed for use in the field of ICT, it is actually relevant to a countless number of areas and sectors of industry. Without robust cyber security, the financial institutions of a country, its stock exchange, exchange rates, Internet platforms and other targets are open to intruders and malware attacks. Hackers and data thieves can simply walk in and steal confidential information for their own criminal means and this could even result in a complete breakdown of the national network, with inconceivable implications.
The Steinbeis Malaysia Foundation took its project brief to several universities and research institutes. The experts at these organizations will now analyze the relevant information for CyberSecurity Malaysia and demonstrate just how important robust and intelligent cyber security is on a national level.