Entry 7: Cyber crime in the little red dot

Cyber crime in Singapore does exist. Not many of us think or want to believe so since we are so confident with the laws pass by the government and the security set up. With all the security measures and laws laid down, it does deter many a number of cyber crimes from even happening, but that does not mean that cyber crime in Singapore is non existent. In fact it’s the very opposite. Here’s an alarming statistic for you. According to Channel News Asia,

A new study, released by Symantec consumer division Norton, revealed that 70 per cent of Internet users in Singapore have fallen victim to cyber-crimes including computer viruses, online credit card fraud and identity theft. And, 71 per cent do not expect cyber-criminals to be brought to justice. Despite its prevalence, most victims are staying silent about cyber-crime. Internet safety advocates term this as the silent digital epidemic.

Symantec's head of consumer business, Effendy Ibrahim, said: "People don't really talk about it. People don't really report it. Because the way the cyber-criminals work today is they steal very little amounts from you such that that you don't feel the loss. When you don't feel the loss, you say, 'Well, I'd let it go. I won't report it to the authorities'. So there's a lot of cyber-crime going on around us that goes unreported.”

The first study to examine the emotional impact of cyber-crime, it showed that Singaporean victims' strongest reactions were anger (58 per cent), frustration (51 per cent) and feeling cheated (45 per cent). Although one in four Singaporeans blamed the criminals behind the cybercrime, one third felt highly responsible for cyber-criminal activities that resulted from their response to online scams (30 per cent) and phishing attacks (24 per cent). 



Solving cyber-crimes can be highly frustrating. According to the report, four in 10 of the victims in Singapore have never fully resolved cyber-crime. This, it said, is no surprise, considering that it takes an average 24 days and an average cost of S$1,660 to come to a resolution.

Close to three in ten of the respondents said the biggest hassle they faced when dealing with cyber-crime was the time it took to resolve an incident. And, more than half said their biggest fear when it comes to being a victim of cyber-crime was financial loss.

So why is Singapore such a prime target for cyber criminals? According to the Herald Tribune:

Singapore’s global profile and overall affluence inevitably attracts a lot of attention – and not all of this attention is good. Cyber-criminals see this vibrant nation as a lucrative target for their ever-evolving, increasingly noxious array of scams, tricks and deceptions.

The destructive potential of the threats developed and unleashed by today’s expertly organized cyber-crime ‘industry’ should never be underestimated. Any organization – big or small – can become a victim. And any victim can pay an enormous price as a result.

Loss of funds, leakage of sensitive data, compromised intellectual property, erosion of competitive edge, damaged reputation – these are some of the business-busting traumas that Singapore-based firms, like their counterparts worldwide, may suffer if just one virus, spyware or phishing attack, for instance, hits its target.

The attacks and the potential danger of cyber crime occurring are so high that MessageLabs, one of the leading internet security services in Singapore, on average, blocks visits to 15 malicious domains for every one of it’s Singapore clients from April to August 2009. This is three times the APAC average and four times the global average. Below shows a breakdown of statistics of Singapore compared to other countries.

With this, we have to be vigilant in preventing cyber crime from occurring. It doesn’t just happen to business and corporations. Cyber criminals can attack the average person as well. We can’t just depend on the laws and security services provided in Singapore. We have to ensure that our private information is protected and change every so often. That way we can deter cyber criminals from doing the unthinkable.