Global cybercrime costs will grow from $3 trillion in 2015 to $6 trillion annually by 2021, which include damage and destruction of data, stolen money, lost productivity and theft of intellectual property, says a new report.

The damage will also extend to theft of personal and financial data, embezzlement, fraud, post-attack disruption to the normal course of business, forensic investigation, restoration and deletion of hacked data and systems, and reputational harm, explained the new report from Cybersecurity Ventures.

Commenting on the report, Muhammad Shahmeer, founder of Veiliux and an international cyber security expert, said that cyber-attacks are inevitable and companies have no option but to prepare themselves to respond to the attacks appropriately.

Addressing Chief Information Officers (CIOs) at the recent CIOMajlis, an initiative by Smartworld, an Etisalat and Dubai South joint venture company, Shahmeer, highlighted that cyber-attacks pose a massive threat to not only businesses but to safety and existence of people.

Cyber-attacks have become a serious concern for organizations worldwide. The recent Wannacry malware, which affected 150 countries and infected over 200,000 computers, is estimated to have caused an estimated $4 billion losses according to cyber risk modelling firm Cyence.

Saeed Al Dhaheri, chairman, Smartworld, said: “Companies need to reach the maturity level where the entire organization right from the leader to an employee are security aware. CIOs should convince their leadership to address security as a priority in the organization. The way organizations invest in other areas, they need to invest toward ensuring security within their organizations too, lest it come the weakest link that can cause serious damage. The UAE is making efforts and efforts at various levels need to be unified.”

Abdulqader Obaid Ali, CEO, Smartworld, said: “The world will have over 50 billion inter connected devices by 2020. And the UAE is a frontrunner in terms of adopting the latest technologies. This transformation also brings with it the responsibility and challenge of ensuring safety from cyber-attacks.”

Ahmed Al Mulla, chairman of CIOMajlis said: “Most companies are spending money toward preventing the attacks, but you really cannot prevent, it is a critical question of generating awareness and having a response plan.”

Addressing the CIOs, Shahmeer said: “Cybersecurity is the need of the era. Everything nowadays is online, which also means we are highly vulnerable to cyber-attacks. These could disrupt not only businesses but also affect our safety and existence.”

Quoting Kaspersky, he said each security incident could cause an estimated loss of $861,000. “Companies must train every employee and adopt a mindset of security in an organization, conduct cyber workshops. Security, if not adopted as a culture, could cost an organization everything.”

Among the key challenges that smart cities of the future will face are insecure products and insufficient testing, huge and complex attack surface, shifting mindsets and budgets and lack of oversight and organization. These challenges must be addressed at the earliest, the experts agreed. – TradeArabia News Service