The findings was released by NortonLifeLock, a leader in consumer Cyber Safety, based on a research on “Malaysian Cybercrime and Digital Life During COVID-19”.

When asked about their thoughts on online privacy, the survey reflected that 78% of Malaysians are concerned about their online privacy. The research involved 1,000 Malaysians and was commissioned by NortonLifeLock in collaboration with international research specialists, Ipsos.

“It is staggering to discover the potential extent of cybercrime in Malaysia, brought into the light by this research. Those all-important smartphones, laptops, PCs and even tablets hold huge amounts of personal data. It is so important to take steps to help avoid handing over your data, banking information or even your identity to cybercriminals,” said Mark Gorrie, Senior Director for Asia Pacific at NortonLifeLock.

Trillions of dollars lost globally

Given that over half of Malaysian cybercrime victims surveyed had suffered losses (58%) – including financial losses or loss of private information – the responses suggest Malaysians are aware of the potential severity of cyberattacks and measures needed to prevent it.

The majority of cybercrime victims (54%) in the Malaysian survey required over 12 hours to recover their devices. In a study conducted by Cybersecurity Ventures on the impact of cybercrime, it was also found that cybercrime is estimated to inflict damages totaling $6 trillion USD globally in 2021 and is expected to reach $10.5 trillion USD by 2025.

“While the results are certainly concerning, measures need to be taken to help protect our online safety,” added Mark Gorrie.

One of the most accessible ways to help identify and recover from cyberattacks, is by installing comprehensive security software.

When asked, Malaysians claim they use online security software to maintain their privacy (56%) and help prevent access to their files, photos and important documents (63%), while awareness of viruses (which can attack mobiles, tablets and PCs), was cited by 88% of respondents.

Awareness of online scams was shown to be high, with almost half (46%) of those surveyed citing this as a reason to use cyber security features across devices.

There are many ways one can keep themselves safe from cybercrimes including being more careful of websites and links they open, installing protection for the computer such as Norton 360 and more.