Cyberattack is Nothing New in Malaysia

The most used and well-developed payment gateway company in Malaysia, iPay88 has been BREACHED! Wait, so how about all of the cardholders data and information? Are we being robbed?!

The internet payment company that offers e-commerce, retail, online banking, and e-wallets to Malaysian consumers, iPay88 has recently confirmed that they have been breached by a “cyber security attack” that might have compromised data and private information of consumers. As all Malaysians are in a panic mode, the shocking truth is that all of our data might be showing up everywhere and maybe being sold on the dark web!

Malaysians have been seeing a shifting trend of using digital payments like iPay88 for a convenient digital wallet to carry around. Along with the upcoming hype of Apple Pay being available throughout the whole nation… Well all of us might want to re-think about using that too after this attack. (That’s a short-lived hype for the Apple Pay fans and news in Malaysia).

However, a joint statement from the banks and authorities have confirmed that they will be resolving this issue as soon as possible and ask consumers to remain calm as they assured all cardholders data and information is secure and safe. Banks in Malaysia are now stepping up their games to increase firewalls for cybersecurity, have preventions to similar attacks and increase real-time fraud monitoring to detect fraudulent and out-of-norm card usage behavior.

Phew… glad to know that they’re actually doing something to fix it soon. Well, now the important essence here is why do we see cyberattacks on banks as a normal thing as if they’re nothing new? Even though we know they’re highly risky and not safe for like… everyone in the nation?

Here’s what you need to know. According to Chubb based on research in 2017, cyberattacks could cause Malaysia economic losses of RM49.15 billion. While large organizations could potentially suffer an economic loss of US$22.8 million and medium-sized organizations could potentially suffer an economic loss of US$36,000. Despite the big numbers, a loss is still a suffering not only for the organization but also the stakeholders.

Need more facts? Here’s the list of the 75 cyber safe countries and their ranking;

As you can see, Denmark has been the safest country for the last two years and managed to perform well to prevent users from ransomware and cyberattacks. Since the two attacks back in 2015 and 2016, the Danish government has deemed the situation critical and has sought to increase its investment in cyber defense infrastructure to enable Danish citizens to defend themselves as well with a strategic plan.

Well countries in the SEA like Singapore are doing much better in protecting themselves rather than Malaysia and Indonesia. Ranked around the 50th place is actually not that bad from 200 countries in the world, but definitely Malaysia can do better! Instead of relying on big institutions to give their help, you can also protect yourself against most cyber threats on the internet – just use the right knowledge like the apps you use!

• Download VPN Services to mask your location, because hackers would need your digital location to get their hands on your data. List of best VPN Services
• Or back to the old ways, download an Antivirus software. Well, at least they do provide some protection against virus, which hackers tend to use it to break into your devices. List of Best Antivirus Software

Cyberattack and breach are no surprising news not only in Malaysia but also in most parts of the world that is experiencing it everyday. Financial institutions, governmental administration, and large corporations often face risks of being compromised. And that’s why, not only organization but also yourself as users cannot normalize these issues and must take your own precautions to save yourself from unpredicted attacks.

Remember: By failing to prepare, you are preparing to fail. – Benjamin Franklin.

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