The cost of cybercrime in 2021 has exceeded 6 trillion dollars – Moroccan depth

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When the mass resort of people to the internet was an escape from the psychological pressure imposed by the Corona pandemic and the restrictions of the accompanying security measures, it was an exceptional opportunity for the pirates of the blue world to their criminals perform identities.

Therefore, it is not surprising that the year 2021 will set a major record for the cost of cybercrime around the world, and an accelerated growth in terms of number, complexity and impact. Nor will it be surprising that the phenomenon will worsen in light of the repercussions of the Russian invasion of Ukraine.

According to Forbes Middle East, the global cost of cybercrime exceeded $ 6 trillion ($ 6 trillion) last year as the Covid-19 virus pandemic caused an increase in online activity, according to the head of the Italian defense on Tuesday, security and airline Leonardo.

collateral damage

According to the same source, Alessandro Profumo said at the opening of the Cybertech Europe 2022 conference in Rome: “The new threats to cyber security over the past two years have been collateral damage to the Covid-19 pandemic and the acceleration of its digital transformation. brought about. ”

“Cyberattacks have grown in number, complexity and impact, and by 2021 the global cost of cybercrime has exceeded $ 6 trillion,” he added.

The figures were obtained from Clusit, the Italian association for information security, and I compared them to an estimate of $ 1 trillion in losses in 2020.

europe target

Profumo said a fifth of all attacks were aimed at Europe, but the continent did not have at least 200,000 cyber security personnel.

Speaking to foreign journalists in Rome last month, he said cyber security issues had increased after the start of the Russo-Ukrainian war, with Leonardo, the head of a specialized cyber security branch, saying: “We are noticing additional pressure. ”

The third largest economy in the world

Measured by the output of a country, the losses caused by cybercrime in 2021 amount to nearly $ 6 trillion worldwide, making it the third largest economy in the world after the United States and China, according to the “statement. “

According to the same source, a recent study by the American company “Cyber ​​Security Ventures” expects the cost of global cybercrime to increase by 15% annually over the next five years, to $ 10.5 trillion annually by 2025 Achieved, compared to $ 3 trillion in 2015. Which represents the largest transfer of economic fortune in history, the greatest threat to innovation and investment, and even more profitable than the global trade of all major illicit drugs combined.

The costs of cybercrime include data corruption and destruction, theft of funds, lost productivity, theft of intellectual property, theft of personal and financial data, embezzlement, fraud, business interruption, the cost of criminal investigation, repair and deletion of hacked data and systems, and reputational damage.

Market size in the Middle East and North Africa

Recent expectations, according to the same source, suggest that the size of the cybersecurity market in the Middle East today is about $ 3 billion (11 billion dirhams) in the public and private sectors, while the UAE and Saudi Arabia stand out as the largest cyber security markets in the region. Fadi Kanafani, general manager of NetApp in the Middle East, confirms that data protection will be a determining factor for the continuity of companies in the future, pointing out that data is a key driver to meet the aspirations of the rational government in the UAE reach and the growth of many sectors in the medium and long term.

He pointed to the increasing proliferation of cyber security applications based on artificial intelligence and capable of identifying abnormal processes, particularly in the banking, manufacturing, retail and marketing sectors. The expert points out the importance of spreading awareness of the need to handle data securely, which he says is the new fuel for growth, and stresses the importance of protecting and preventing such data for artificial intelligence applications. prepare.

Among the many measures, measures and initiatives taken by the UAE to improve its cyber security, represented by the Communications Regulatory Authority and the Digital Government, is the implementation of the Federal Electronic Network (FEDNET) that facilitates interconnection and data exchange between all local and federal agencies in the country, and improve communication channels between them by using unified and secure technological architecture. This network provides a multi-tiered security environment that ensures the highest levels of security in the infrastructure, based on Multi-Protocol Labeling (MPLS), and provides a secure connection to the Internet for all federal government agencies through a dual Internet service provider, enabling make for higher productivity. This service also provides a unified Internet connection in federal entities, which reduces the possibility of intruder attacks by limiting loopholes.

The Federal Electronic Network team also monitors and monitors the events and processes of the Federal Electronic Network infrastructure 24 hours a day, to ensure that the necessary measures are taken in the event of errors or violations, regardless of their level.

Kelly Ambriz, Director of Business Development and International Markets in Government Sectors at Casey Technologies, expects, in exclusive statements to Al-Bayan, that in 2022, local organizations and government agencies will continue to view cyber security as a major pivot in their strategies with greater confidence in technology, thereafter cyber security threats, attacks and vulnerabilities have become a concern for local organizations and governments as hackers and actors shift their attention to the target of IoT technologies and other critical infrastructure targets.

surface attack

“Every connected device or terminal is an ‘attack surface’ and hackers exploit it to carry out their operations,” Ambrize explains. Consequently, the performance challenges posed by increased network speed and the high demand for monitoring have prompted many network engineers to consider a visibility architecture that can meet their visibility and security requirements, as well as facilitate and provide forensic tools for required information without too fine. performance or security within their network.

While new security tactics will be needed in an increasingly interconnected world, where trust and security are paramount, identifying and addressing vulnerabilities before actors can exploit them will be a competitive advantage for each individual organization, and by regional organizations a key priority. to make. we see how she is increasing her training in a cyber security approach, sharpening security audits and simulations to look for threats to prepare her against cyber attacks and how to act to prevent this from happening again.

Furthermore, the concept of cross-functional collaboration between IT and security teams is becoming increasingly important in the region as IT operations and security teams work together and integrate tools, processes and technology to keep organizations secure.

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