Jakarta, 24 October 2024: As countries continue to expand their digital economies, the urgency of addressing cyber threats has grown significantly. Statista projects that the global cost of cybercrime will surge from US$9.22 trillion in 2024 to US$13.82 trillion by 2028. In light of these alarming figures, a webinar as part of the Digital Policy Webinar Series, organised by AWS, ERIA, and ADB, explored the role of effective cybersecurity policies and cloud technology in bolstering the security and resilience of critical infrastructure.

The webinar focused on the roles and responsibilities of key stakeholders in the digital ecosystem in strengthening cybersecurity defenses. It included a practical demonstration showing how critical information infrastructure providers can leverage cloud technologies to enhance their security. The event was also part of the broader initiative to mark Cybersecurity Awareness Month.

The panel featured experts including Yuen Tsung (Terry) Wong, Senior IT Specialist in Information Security at ADB; Anastasia Putri, Partnerships Lead at Digital Prosperity Asia; and Steven Wu, Vice-President of Peris.ai. The discussion was moderated by Melissa Yoong, Head of Public Policy for Singapore and Malaysia at AWS.

Panelists delved into the core considerations for organisations when selecting computing infrastructure, including the resilience of cloud services against cyberattacks, scalability, cost-efficiency, and ensuring compliance with data governance regulations across borders. They also emphasised the security responsibility model for cloud environments, outlining steps for securing digital infrastructure, managing data, and responding to incidents to mitigate risks.

Additionally, the panel underscored the importance of a ‘secure by design’ approach. This approach focuses on establishing robust data security standards, system component safeguards, and conducting configuration and threat modeling exercises to proactively assess vulnerabilities. The conversation also highlighted the growing significance of data sovereignty and the development of policies to address it.

The Digital Policy Webinar Series, hosted by AWS (Amazon Web Services), ERIA, and ADB (Asian Development Bank), brings together policymakers, regulators, think tanks, academia, industry leaders, and other stakeholders. The series aims to explore how emerging technologies and progressive, innovation-driven policies can accelerate the digital transformation of nations.