Note from Publisher
This week, the world was hit by one of the most serious cyberattack it has ever seen. Hackers broke into computers and smartphones across the world to demand a Bitcoin ransom. In the UK, the WannaCry ransomware has caused havoc in hospitals, delaying appointments and vital operations, putting patient care at risk. In France, a Renault factory was closed for one day. According to Microsoft, the ransomware worm has over 200,000 victims in at least 150 countries.

Over the last few days, many security experts have issued various dos and don’ts steps to minimize ones exposure to cyberattacks. While this advice is helpful, they do not get to the root of the problem. The speed of technological advancement has clearly outpaced the regulatory development in the cyberspace. This opens up every critical systems of the modern day economy to possible cyberattacks which carry serious consequences for global businesses and security.

Given the increasing role of information technology in our day-to-day life, cyberspace cannot afford to be a wild wild west with no rule and regulation. However, in order to come up with an effective system to prevent and fight cybercrime, it is essential to have close international cooperation because criminal activity in the digital world is not confined to a single country and the victims are spread across the globe. The problem cannot be resolved by a single country. It is truly a global problem and politicians around the world need to take note and act fast.
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