A report on Cybercrime and the business opportunities they present

Computer Economics, an independent research institute, indicated that the dissemination of the "I Love You" virus, and subsequent copycat viruses, resulted in USD 6.7 billion in damages to businesses worldwide in 2000.

Cybercrime activities can be a very expensive experience for many businesses especially in countries where enforcement is not as robust as it should be. Such scenarios present strong business opportunities for entrepeneurs who are willing to take up the challenge of providing effective security solutions.

Cybercrime takes place in cyberspace - huge and unregulated . The offender is anonymous and has many hide-outs in cyberspace.

The ultimate goal of this study is to present various business opportunities that comes along with Cybercrime.

Highlights of this report:

  • Explanation and definition of Cyberspace, Cybercrime and Cyber Laws
  • Malaysian and Singaporean companies' experiences on Cybercrime
  • What are the common types of Cybercrime faced by the companies?
  • Does Cybercrime in a country affect an investor's investment decision?
  • How important are Cyber Laws in business decision making?
  • What do the legal experts think about Cyber Laws in Malaysia and Singapore?
  • The Cyber Law framework in Malaysia and Singapore
  • Loopholes of current Cyber Laws
  • How should the Cyber Law be further improved?
  • What are the opportunities emerging from Cybercrime?

Table Of Contents

Executive Summary
Methodology & Scope Of Study
Definition of Cyberspace, Cybercrime and Cyber Law
Cybercrime awareness and information security
Companies' Perspective
Respondents' Profile
Types of cybercrime identified
Respondents' perception on the disastrous level of various cybercrime
Most frequent attacts in the past 2 years
Damage caused by cybercrime
Security budget for year 2001
Precaution measures
If precautions are taken, why do cybercrime still happen?
Respondents' Awareness Of Various Acts
Suggestions for respective country's government to enhance cybercrime protection
Perspective Of Investors / Venture Capitals
Business opportunity in cybercrime
Perspectives From Legal Experts
The role of Cyber Law in a country
Cyber law in Malaysia and Singapore
Suggestions to improve Cyber Law
Reasons for cybercrime
Cybercrime impact in eBusiness
Overview Of Cyber Law In Malaysia
Multimedia Super Corridor (MSC)
Bill of Guarantees
The Cyber Law act in Malaysia
Perspective Of Malaysian Regulators, Enforcers And Advisors
Communications and Multimedia Commission (CMC)
Technology Crime Investigation Team (TCIT)
Malaysian Computer Emergency Response Team (MYCERT)
Reporting channel
Government reporting channel: Malaysian Administrative
Modernization and Management Unit (MAMPU)
Malaysian Cybercrime Issues
Types of cybercrime
Cybercrime cases
Cybercrime issues
Hacking: Internal or external network source?
Foreign hackers
Singapore IT Regulatory Infrastructure
Ministry of Communications and Information
Technology (MCIT)
Infocomm Development & Authority (IDA)
Singapore reporting channel
Conclusion: An Opportunity Profiling
Security products and consultation
Management consulting
Outsource IT functions
Infrastructure provider
Education institution
APPENDIX 1: Abbreviations
APPENDIX 2: Malaysian Cyber Law Acts

List Of Tables

Table 1: Cybercrime losses (USD) and number of cases under the Computer Crimes Act, 1997 in year 2000, Malaysia
Table 2: Number of cases for different type of cybercrime
Table 3: Top three 3 cybercrime cases
Table 4: Number of investigated cases

List Of Figures

Figure 1: Types of computer related crimes and law reporting enforcement agencies in Malaysia and Singapore
Figure 2: Respondents by country (N=25)
Figure 3: Category of respondents
Figure 4: Perceived seriousness of various cybercrime
Figure 5: Most popular attacks
Figure 6: Damages caused by cybercrime
Figure 7: Cybercrime losses (USD) under Computer Crimes Act, 1997 in Year 2000, Malaysia
Figure 8: Budget for Year 2001
Figure 9: Number of respondents (%) who took precaution measures before becoming a victim of a particular cybercrime
Figure 10: Respondents understanding of local country acts that protects them from cybercrime
Figure 11: Illustration of Malaysian Cyber Law
Figure 12: Relationship between CMC, TCIT and MyCert
Figure 13: Reporting channel for private companies or individuals
Figure 14: Reporting channel for government agency
Figure 15: Prosecution process involving foreign hackers
Figure 16: Reporting channel (Singapore)

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.