"Many consider cybercrime to be a technical problem with technical solutions [and] to some extent the human factor has been forgotten," he said.

"The speed of the cyber technical evolution has been, and continues to be, astounding."

Despite the complex nature of cybercrime, Hay addressed last year's World Computing Congress in Brisbane .

Hay's presentation comes as Trusteer's CTO Amit Klein , saying that mobile banking malware was the next big threat to the industry.