According to a survey by the World Economic Forum 2018, cyber attacks are listed as one of the key risks of doing business, while a study conducted by Accenture showed that a malware attack on a company will cost an estimated USD2.4 million, with an average time of recovery within 50 days.

It is also reported that within the period of a year, the average global cost of cybercrime will have increased by 27 per cent.

The growing concern on the threat to cyber-security was highlighted by Chief Executive Officer of the Royal Brunei Technical Services (RBTS) Colonel (Rtd) Muzri bin Haji Mokhsin, in his opening remarks at the Cyber Security Forum Brunei 2018 at The Empire Hotel & Country Club yesterday. 

Minister of Defence II Pehin Datu Lailaraja Major General (Rtd) Dato Paduka Seri Haji Awang Halbi bin Haji Mohd Yussof in his capacity as the Chairman of the National Security Committee was the guest of honour.

Colonel (Rtd) Muzri also said, “In his titah of September 2017, His Majesty Sultan Haji Hassanal Bolkiah Mu’izzaddin Waddaulah ibni Al-Marhum Sultan Haji Omar ‘Ali Saifuddien Sa’adul Khairi Waddien, Sultan and Yang Di-Pertuan of Brunei Darussalam recognised cyber threats as another form of threat to our national security, and called for a holistic approach in handling the issue.

“In August this year, His Majesty urged academic institutions to conduct research on areas of cybersecurity and include cybersecurity as part of their curricula, which emphasises his concern over this matter.

“Last week, in his ASEAN–China Summit speech, His Majesty recognised the regional commitment made by regional lawmakers focussed on the joint efforts to strengthen regional cyber resilience that provide greater confidence across the region. This commitment was made during the recent Prosecutors-General Conference in Brunei.”

Colonel (Rtd) Muzri cited the various challenges brought about by the rapid growth of technology.

“With societies and businesses increasingly becoming digitalised, cyber-security has shown to be important and deserving of collective attention,” he said.