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Global cybercrime expenses are expected to increase from $11 trillion USD by 2027 to $12.2 trillion by 2031 , according to Cybersecurity Ventures.
Despite the fact that cybercrime has no geographical boundaries, most legal systems are still designed to operate within national borders. As a result, investigating, prosecuting, and holding offenders accountable become much more difficult.
It is possible for a phishing scheme that targets bank customers in Sri Lanka to be developed in Eastern Europe, hosted on servers in South-East Asia, and funded via cryptocurrency wallets that are registered in offshore jurisdictions.
The Morning reports that Sri Lanka became the first country in South Asia to join the Budapest Convention on Cybercrime in 2015, marking an important step towards strengthening its legal framework for tackling cybercrime and improving international cooperation. However, despite this commitment, responding quickly to cybercrimes that cross national borders remains a challenge due to differences in legal systems and investigative procedures.
Cyberattacks can be carried out within seconds, but investigating them often takes much longer. When attacks involve multiple countries, law enforcement agencies must work across different legal systems and procedures. Limited resources, delays in sharing digital evidence, and slow international cooperation can all make it difficult to identify offenders and bring them to justice.
Looking ahead, Sri Lanka must adopt a proactive and resilience-driven approach to cybersecurity rather than relying primarily on reactive responses after incidents occur.
Sri Lanka is one of the most populated islands in the world with around 22 million people. But with an estimated 63 percent unfilled cybersecurity roles with necessary skills worldwide, the nation must make significant and immediate investments to develop talent domestically rather than just importing it.
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