ABU DHABI: Information technology experts have warned that the GCC is one of the prime targets of cyber-criminals today estimating that the average cost to remediate data breaches is $5.4 million (Dh19.8 million).
Speaking to Gulf News on the sidelines of e-Crime and Information Security Congress in Abu Dhabi on Wednesday, Harry Sverdlove, the chief technology officer at Bit9+Carbon Black in the US said that the traditional prevention tools alone are not enough.
“There is a need to undertake robust measures in order to detect breaches and respond to them swiftly before a big damage is done. There is so much growth happening in the GCC region and cyber security is important,” he said.
Last year, a cyber attack on Saudi oil and Gas Company, Aramco, has wiped out a lot of information, he said.
“Awareness in the GCC region about cyber-security is growing. People have realized how serious the problem is and taking measures to prevent it. In the UAE, 35 per cent of people are affected by cyber security.”
Theft is related to intellectual property, legal documents, manufacturing formulas, credit card data, he said.
“The frequency of cyber attacks such as hacking is going to get worse as criminals use sophisticated methods to steal the data and cause huge financial loss to the institutions.”
Bit9+Carbon Black based in Boston, USA, is specialised in protecting network security and reduce the cyber attacks.
Last year Reuters quoting US prosecutors reported that in one of the biggest ever bank heists, a global cyber-crime ring stole $45 million from two Gulf-based banks by hacking into credit card processing firms and withdrawing money from ATMs in 27 countries.
In the UAE, a 2012 study showed that 1.5 million people were victimized by cyber-criminals, resulting in direct financial losses of $422 million.
Mohammad Aquib Aftab, regional director of the company in the Middle East, said his firm is in the process of expanding its operations in the region, including in Saudi Arabia and the United Arab Emirates.
“We are getting queries from UAE retail sector on how to protect their networks. The market is opening up. People have realized the importance of this issue.”
The UAE has already taken a strong stance on digital breaches. President His Highness Shaikh Khalifa Bin Zayed Al Nahyan established the National Electronic Security Authority to oversee the country’s cyberspace.
