Thursday 17 October 2019

Global cyber-crime costs ‘to hit $6trn by 2021’

DUBAI, June 16, 2019

Cyber-crime is one of the biggest risks to businesses to date and globally its estimated costs will reach $6 trillion by 2021, said a report highlighting data breaches or personal data theft from large organisations.

ACCA (Association of Chartered Certified Accountants) teamed up with Chartered Accountants Australia and New Zealand, Macquarie University and Optus to launch the report “Cyber and the CFO”. The global survey, which features views from almost 1600 ACCA and CA ANZ members, finds cyber security is not managed as a risk to businesses and is too often left to IT specialists to handle.

Highlights from the report:

•    Fifty-three per cent of CFOs and finance leaders rank cyber security as the most important or top five business risk
•    However, 16 per cent of finance professionals in the Middle East say only 32 per cent had a tested remediation plan in place should an attack take place.
•    A quarter of finance professionals admitted they had no involvement whatsoever in cyber security within their company.
•    And 10 per cent of respondents did not know who in the business was responsible day-to-day for cyber security. And only 18 per cent of those asked had cyber insurance.

Cyber-risk is becoming ever more complex with the integrated nature of supply chains.  Only 19 per cent of survey respondents said they regularly audited their supply chains.

ACCA’s head of business management, Clive Webb, said: ‘The increasing use of technology within businesses to create commercial advantage comes at a price and that price is cyber risk. The finance community cannot stand by and leave cyber security to others in the business to manage. It is very complex, but it is essential for finance leaders to familiarise themselves with the issue.

“The report highlights the changing nature of the cyber threat. It establishes the financial and operational risks that arise and in that regard the finance community needs to keep abreast of the evolving nature of the threat and ensure it is managed appropriately.”

ACCA’s head of Middle East, Fazeela Gopalani, said: “The Middle East is quoted as being the most targeted region in the world for cyber criminals. With increased investment in technology and government initiatives that are driving a digital economy, access to virtual data continues to rise. In turn, this increases the risk and opportunity for cyber criminals.

“It is fundamental that finance professionals mitigate this risk at the onset to ensure they are supporting a digitally safeguarded economy which can deliver robust fiscal growth.” – TradeArabia News Service


More Finance & Capital Market Stories

calendarCalendar of Events