If you want a secure computer, leave it in the box: cybersecurity chief David Koch

SINGAPORE – Society will have to rethink its approach to cybersecurity to build trust in the digital ecosystem, according to the Cyber ​​Security Agency of Singapore (CSA).

This comes as criminals continue to evolve, eroding trust in the digital space, said CSA chief executive David Koch.

On the second day of the Global Anti-Fraud Summit Asia 2024 at Singapore’s Suntec Convention Centre, he said the trade-off between the convenience society has become accustomed to through digital experiences and the added layers of security is important.

He also confirmed that fraud continues to plague the global economy. According to the Global Anti-Scam Alliance, in 2023 the total cost of fraud worldwide was more than $1 trillion.

Speaking to participants on the sidelines of the two-day summit on October 22, Mr Ko acknowledged that it is impossible to achieve 100 per cent security on the Internet.

He said: “From a cybersecurity perspective, if you want a secure computer, leave it in a box. The moment you take it out, you take a risk. But if you leave it in the box, its usability will be zero.”

But the ever-increasing need for security will come with downsides such as more layers, which could impact what people are used to in the digital realm.

Mr Koch said: “Instead of one step or one click, you may now have to check, check or go through a delay in certain circumstances.”

In August, Singapore’s mid-year fraud and cybercrime statistics showed that fraud cases in the first half of 2024 rose 16.3% to 26,587 cases compared with the same period in 2023.

Victims lost more than $385 million during this period, up 24.6 percent from the same period in 2023.

In 86 percent of cases, the scammers did not gain control of the victims’ accounts, but manipulated them into transferring money to them.

To combat this scourge, the Ministry of Home Affairs (MHA) said on August 30 that it would introduce an Anti-Fraud Bill to Parliament in the coming months following a public consultation on the proposed legislation.

The proposed legislation aims to better protect the targets of fraud by allowing police to issue orders to banks to restrict an individual’s transactions if there is reason to believe that person will transfer money to fraudsters, the MHA said.

Said Mr Koh: “As more and more of our transactions move online. I think it’s important for us to build confidence and trust in the digital space. We want to be able to transact online with confidence and security.”