Cybercrime costs UAE Dh5.1b this year

It has just been announced by an industry expert that the financial cost of cybercrime in the UAE has amounted to $1.4 billion. This shows an increment of 4.9% compared to last year. However, the global financial cost has decreased by 16%.

Tamiim Taufiq, head of Norton middle East, said in an interview that the rise of the financial cost was a result of a lot of factors but what is key is that the UAE has become the ideal target to many hackers and this is due to the high penetration rates of smartphones (which is over 83%). Also, another cause is the adoption of new technologies as well as the profile that the country has internationally.

He also added that about 2.53 million consumers were affected by cybercrime within the country (this figure was compared to that of last year, which is about 2 million). On a mathematical basics, this means that on an average, 31.5 hours per victim to deal with the consequences. Whilst globally, 689.4 million consumers are affected and on an average, 19.7 hours per victim.

Taufiq projects that the UAE consumer’s era likely to continue facilitation risky transactions online which would have them vulnerable to attacks.

Report states that close to 7/10 people know they must actively protect their information online and yet, they’re still willing to click on links.

“Consumer complacency and risky online behaviours are helping hackers reap rewards from their efforts as they continue to hone their craft and adapt scams. Millennials are the most commonly affected by the crime, with 53 per cent having experienced it within the past year. Our findings show that people are growing increasingly aware of the need to protect their personal information online, but aren’t motivated to take adequate precautions to stay safe” Taufiq added.

Leave a Reply

Your email address will not be published. Required fields are marked *