Cybercrime is projected to cost a whopping $8 trillion to the businesses globally in the next five years, a UAE-based cybersecurity expert told the participants of a regional internal audit conference in Abu Dhabi.
Speaking at the recent 19th Annual Regional Audit Conference at the Jumeirah Etihad Towers, Dr. Karim Sabbagh, Chief Executive Officer of DarkMatter Group, said irreparable reputational damages are on the rise with the escalating regulations increasingly penalising failures to tackle cybercrime.
Quoting a Cybersecurity Report done by his company in November last year, he said the threat landscape is becoming increasingly complex and hyper connected as more and more data and services becomes reachable through the internet. Referring to a survey of 136,000 UAE websites, he said it identified 276055 vulnerabilities with 93 per cent using outdated software, the most common of the vulnerabilities. Over 83 percent had unsupported software while 77 percent had weak credentials. Information leak represented 40 per cent of vulnerabilities and exposures to outdated software.
Abdulqader Obaid Ali, Chairman, UAE IAA, said cybersecurity has become…
