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Showing posts with label RetirementIncome. Show all posts
Showing posts with label RetirementIncome. Show all posts

Wednesday, December 11, 2024

Beef up cybersecurity now

 

Cyberattacks likely if action not taken, says bukit aman



KUALA LUMPUR: Companies and organisations must beef up cybersecurity to prevent breaches and cyberattacks, says Bukit Aman.

Bukit Aman Commercial Crime Investigation Department (CCID) director Comm Datuk Seri Ramli Mohamed Yoosuf (pic) said cyber attacks are quite prevalent worldwide with millions of attacks per year and tens of thousands daily.

“Thus, it is imperative for companies and organisations to beef up their cybersecurity systems such as firewalls to prevent breaches.

“If it is not done, sooner or later, an organisation or entity might face a cyberattack,” he told The Star recently.

Comm Ramli said the CCID is working closely with other agencies such as Cyber Security Malaysia and the Malaysian Communications and Multimedia Commission to take action on data breaches.

He said the CCID managed to bust a syndicate that attempted to sell stolen data in September.

“We detained five men, including a Pakistani, in an operation codenamed Ops Kapas, with other agencies, including Cyber Security Malaysia.

“The syndicate stole 400 million pieces of data of Malaysians, including names, MyKad, addresses, bank accounts and phone numbers.

ALSO READ: Smaller firms lack budget for cybersecurity

“They had hacked systems used by companies and agencies to obtain the data.

“Those who want access to the data are charged between RM200 and RM800 per month,” he said.

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Investigations showed the syndicate was operating for about a year.

“Two of those detained – a Malaysian and a Pakistani – were a web portal designer and a hacker.

“Three other individuals were agents and unlicensed debt collectors, who bought the stolen data,” he said.

Investigations showed the Pakistani man as the syndicate’s mastermind due to his hacking skills.

“We believe he entered Malaysia as a general worker 10 years ago,” he said.

Comm Ramli said syndicates are using the “shadow world” of the Internet to look for potential customers of the stolen data.

ALSO READ: Shields up around Malaysia’s cyberspace

“The syndicate would sell the stolen data on the dark web to other syndicates such as scammers as well as unlicensed debt collectors,” he said.

Meanwhile, checks by The Star on the dark web showed that transactions are made using cryptocurrency, particularly bitcoin, which makes following the money trail difficult.

Among the finds on the dark web was the alleged sale of staff members’ and customers’ data of a low-cost airline.

Another search result showed that hackers have sourced the login ID of users of different banks from different countries and were promoting their service which includes transferring any amount of money for a fee.

“We have gathered bank logins of different banks and countries as a result of automated Malware/Trojan we spread online once the individual logs into his/her online banking account, it grabs the person’s banking details, it is very powerful and can get access to accounts, bank database and bank server,” the promotional literature of the service read.

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“With these services, you just place an order to get any amount you need and we will look up the bank login we have available and make transfers to any account you provide.

Our services are efficient, reliable and safe,” it said, adding that bank transfers are available to countries such as Malaysia, the United States, the United Kingdom, the United Arab Emirates, Canada, Australia, Netherlands, China and Switzerland.

These hackers are charging US$450 (RM1,990) for bank transfers amounting to US$2,000-US$4,000 (RM8,848-RM17,696); US$750 (RM3,318) for bank transfers amounting to US$5,000-US$7,000 (RM22,122-RM30,969) and US$1,050 (RM4,645) for bank transfers amounting to US$8,000-US$10,000 (RM35,393 - RM44,241).

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Unlocking bond yields for retirement

 

A solution must be found to help retirees get hold of smaller portions of decent-yielding corporate bonds Retirees can also close the gap on their replacement rate through investment funds that pay out dividends monthly



ONE of the best ways for retirees to secure a good income replacement rate is by generating decent yields from their investments.

The replacement rate refers to the percentage of a person’s pre-retirement income that is replaced by retirement income.

A reliable source of this yield can come from corporate bonds.

However, for those looking to tap into such investment products, getting your hands on decent-yielding corporate bonds is not easy.

The reason for this is simple: access to these bonds often seems to be reserved only for the banks’ rich clientele through their private wealth management services.

For instance, bonds issued by local banks or blue-chip corporations that yield around 6% to 7% annually typically require a minimum investment of about RM250,000.

But why are these bonds not sliced and diced for the man on the street?

Some argue that banks, which manage the issuance and sale of these bonds (just like they handle initial public offerings), take all for themselves and their wealthy clients.

Banks, in turn, claim that there just isn’t enough corporate bonds coming into the market.

Incidentally, government debt papers, which are highly secure, typically do not provide sufficiently high yields to make a meaningful difference for retirees.

A solution must be found to help retirees get hold of smaller portions of decent-yielding corporate bonds.

Additionally, another way to boost yields for retirees and close the gap on their replacement rate is through investment funds that pay out dividends monthly.

This is a healthy, growing trend among issuers, and more unit trust and asset management companies should follow suit.

Finally, while the unit trust market has made strides in lowering fees – a thorny, ongoing issue – some players still charge too much.

Regulation should be introduced to ensure that the man on the street does not get unfairly charged for products that he or she relies on to provide income during retirement



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