Yahoo Finance Plugging the trillion dollar leak: Diving into uncharted digital waters
The Global Chain of Trust, in partnership with government services and telecoms, aims to pay the way for a safer digital future.
They say that space cannot be accurately measured due to its constant expansion. A similar challenge arises for another dimension that is becoming increasingly intertwined with our daily lives — the internet.
As of January 2023, over 5.18 billion people worldwide now use the internet, accounting for 64.6% of the global population. The majority of internet users, over 2.9 billion, are based in Asia.
This expansive number of internet users worldwide provides opportunities to foster collaborations and networks beyond borders. The ASEAN Smart Cities Network (ACSN) is a prime example of governments leveraging the power of technology to their advantage in improving the lives of ASEAN citizens.
While the digital world offers boundless opportunities, it’s also home to perilous uncharted territories teeming with cyber threats that can emerge from anywhere at any moment. Even with increased cybersecurity awareness and capabilities, the sophistication of cyber-attacks poses an immense risk to numerous industries.
The cost is staggering: Businesses are expected to lose a jaw-dropping US$10.5 trillion by 2025, with a harrowing estimated loss of US$19,977,168 per minute due to the constant onslaught of cybercrime.
National security at risk
As cybersecurity threats continue to escalate, the stakes for national security have never been higher. Governments and stakeholders are increasingly relying on technology for cross-border collaborations, but this comes at a cost. Sensitive and valuable information passing through the web is increasingly vulnerable to compromise, which puts national security at risk.
The Southeast Asia region is one of the prime targets for cybercrime due to its reputation as the world’s largest internet base. The region has been hit hard by security breaches, data theft, and cyber scams across various industries, from banking and airlines to the public sector. In recent years, the region has also seen a slew of high-profile cyber attacks, with even voter information being compromised.
As the world becomes more interconnected, robust cybersecurity measures are crucial to protect against the growing threat of cyber attacks. With the increasing volume of sensitive data being transmitted and stored online, it's essential to equip individuals, businesses, and governments with the necessary tools and strategies to safeguard critical infrastructure, personal information, and sensitive data.
To achieve this, governments and organisations must prioritise investment in cybersecurity initiatives, including education, training, and exploration of new technological solutions.
Leading the charge for a safer digital future
Let’s face it, protecting against the ever-evolving tactics of sophisticated cyber hackers may seem like a tall order. The prospect of having our private information compromised by these professional hackers is a frightening thought, and it's essential to take proactive measures to mitigate the risk.
Not to mention the ever-increasing and prevalent scourge of online sexual abuse and exploitation — the Global Chain of Trust (GCOT) was born out of these unsolved issues of the internet. The end goal of the GCOT is to protect vulnerable individuals and organisations from being exploited digitally.
Stepping up for the future of Southeast Asia
Largely decentralised, the use of the Internet brings about many benefits, including increased accessibility to knowledge and education. However, this same trait also leaves individuals, businesses and even governments extremely vulnerable to exploitation, and if left unchecked, may pose a large threat to national security.
As technology continues to rapidly evolve, we can expect to see increasingly sophisticated cyber attacks, especially with deep tech tools such as AI becoming more accessible.
As more governments turn to cloud-based systems for storage and management of sensitive data, enforcing robust cybersecurity measures on the national level has become more important than ever. This is especially important in Southeast Asia, which many experts believe is in the midst of its digital decade, with an increasing reliance on technology that's only expected to continue over the next 10 years.
Through advocating for a secure and stable cyberspace, the Global Chain of Trust (GCOT), in partnership with government services and telecoms, is aiming to pay the way for a safer digital future and protect against national cybersecurity threats. By leveraging advanced technologies and robust security measures, we can safeguard trillions of dollars in financial transactions and prevent potential cyber attacks.
Sir Angel Redoble, group chief information security officer at PLDT Group & Smart Communications
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