‘Cyber-attacks are inevitable, companies must stay prepared’ Annual cybercrime costs predicted to rise to $6 trillion by 2021

56
  • Wannacry malware affected 150 countries and infected over 200,000 computers
  • Saeed Al Dhaheri: CIOs must convince their leadership of taking cybersecurity seriously
  • Abdulqader Obaid Ali: Organizations need to develop a culture of security
Chief Information Officers from the UAE at the recently held CIOMajlis in Dubai

DUBAI: Cyber-attacks are inevitable and companies have no option but to prepare themselves to respond to the attacks appropriately, an international cyber security expert has said.
Addressing Chief Information Officers (CIOs) at the recent CIOMajlis, an initiative by Smartworld, an Etisalat and Dubai South joint venture company, Muhammad Shahmeer, Founder of Veiliux and an international cyber security expert, said 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.

Cybersecurity Ventures predicts global annual cybercrime costs will grow from $3 trillion in 2015 to $6 trillion annually by 2021, which includes damage and destruction of data, stolen money, lost productivity, theft of intellectual property, 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.
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 $861000.

“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.

About CIOMajlis:

The UAE’s first ever CIOMajlis is a Smartworld initiative aimed at taking economic growth to the next level by bringing Chief Information Officers (CIOs) from public and private sector companies in the UAE on a common platform to share international best practices and explore business solutions in line with the UAE’s Innovation Strategy and the government’s goal to make it the world’s most innovative country by 2021.

About Smartworld:

Smartworld is a joint venture between Etisalat and Dubai South. The company’s growth is driven by the clear vision of being the top-of-the-league digital smart service provider to enable a futuristic digital economic growth. Established in 2008, Smartworld works closely with government entities, telecommunication operators, SMEs and large enterprises delivering them unique value using its state of the art next gen infrastructure, efficient processes and a top-notch team.