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Malaysia lost US$880 million through BYOD cybercrime: ConZebra

AvantiKumar | March 21, 2013
In the past five years, US$880 million (RM 2.75 billion) was lost to cybercrime especially through BYOD, according to managed consulting service Condition Zebra.

Drew - ConZebra modified

Photo - Drew Williams, CEO,  Condition Zebra.

 

Malaysia has lost US$880 million [RM2.75 bilion] over the past five years due to cybercrime especially through the practice of bring-your-own-device (BYOD), according to managed consulting firm Condition Zebra (ConZebra).

ConZebra chief executive officer Drew Williams said an organisation's critical information infrastructures were constantly threatened by potentially risky access to vital data accessed via an employee's personal device, by intruders who may take advantage of website vulnerabilities to gain unauthorised access to the network, or by many other security threats.

"Today, Condition Zebra announced this extraordinary session to explore the hidden vulnerabilities that may hurt an organisation financially, reputation damage and losing customers' trust," said Williams, adding that the company's forum on Web Application Security & BYOD Risk Management brought together international industry experts, influencers and corporate leaders.

"With the growing threat of cyber attacks, both internally and from opposing nations, U.S. and Malaysian businesses, Condition Zebra's WhiteHat Security and WordWare event aligns to offer a one-day forum on 2nd April on Risk Management and Web Security," he said.

"Web security risks have gotten out of control," said Williams. "With the growing interdependencies, and with Malaysia having a wireless infrastructure to conduct business as well as secure its defense assets, it's time to provide ready-to-use solutions to help the nation remain protected and connected to the rest of the world."

"The principle speaker for the Forum on Web Application Security and BYOD Risk Management, which is co-sponsored by internationally recognized web application security assessment leader, Silicon Valley-based WhiteHat Security, will be WhiteHat co-founder and Security Architect, Jim Manico," he said.. "An award-winning software engineer, web security expert, and OWASP founder, Manico spoke on essential coding practices that developers need to master to build a low-risk, high-security web application.

"These attacks have dire consequences including financial loss, a tarnished brand and the loss of customer trust," said Wilson Wong, managing director of Malaysia-based technology training firm WordWare.

The CONZebra-hosted Forum on Web Application Security & BYOD Risk Management will be held in Kuala Lumpur on April 2.

 

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