The Gulf Time Newspaper One of the finest business newspapers in the UAE brought to you by our professional writers and editors.
ABU DHABI / WAM
Digitisation has transformed crime and closer partnerships between government and private sector organisations are essential to successfully combat cyber criminals that are using increasingly sophisticated technologies and strategies to target companies and organisations according to a new report.
A Practical Method of Identifying Cyberattacks released by the World Government Summit in collaboration with PwC Middle East, highlights the urgent need for collaboration both to successfully identify and analyse the nature and origin of cyberattacks and to implement regulatory frameworks and technology systems that protect organisations.
Despite broad global economic optimism, PwC’s 2018 CEO survey shows that 40% of business leaders are now ‘extremely concerned’ about cyber threats – a level on a par with geopolitical uncertainty (40%) and terrorism (41%). In 2016, Cybersecurity Ventures, a US research firm, predicted that cybercrime will cost business and governments $6 trillion annually by 2021 – with the average cost to an organisation of a data breach running to $3.6 million. In 2017, the global cost of damage caused by ransomware attacks are expected to exceed $5 billion.