As organisations become increasingly dependent on digital technology, the opportunities for cyber criminals continue to grow.
The annual global cost of cyber crime is estimated to reach $6 trn by 2021 as attacks increase in quantity and sophistication annually.
The surge in data generated by digital technology, combined with a new degree of connectedness among organisations and individuals, means that there is ripe opportunity for the technologically savvy and criminally minded taking advantage.
Cyber attacks are more focused, skillful, and ambitious. Geographical borders are meaningless. Regulators and stakeholders are increasing the pressure on organisations to manage these risks, hence cyber security is now a priority in boardrooms, specifically during times of crisis.
Whilst global spending on security-related hardware, software and services will grow at a compound annual growth rate (CAGR) of 9.2% between 2018 and 2022, to a total of $133.8 bn in 2022 , organisations will still be exposed to risk as the prevalence of cybercriminals increases, specifically as the crime is often quick and difficult to trace.
As businesses increasingly expand their online presence in the wake of the crisis, the exposure of their client base will also increase. It is estimated that over 2bn people who have used online services have had their data stolen. Such exposure will deter online consumers, hampering e-commerce sales, unless businesses can mitigate risks through effective strategies.
Closer to home, the Kingdom of Saudi Arabia (KSA or Saudi Arabia) has recently been identified as one of the top countries who have been the most effected by ransomware, followed by Turkey and China. In order to manage this trend, companies across Saudi Arabia are urged to employee professionals or attract talent who have expert cyber-skills in order to manage and mitigate risk.
As the Kingdom continues to progress towards its Vision2030 ambition, the need to increase capability and knowledge of cyber crime will become prominent, particularly as the exposure of such risk will continue to rise year-on-year, which will have a crippling effect on businesses, stakeholders and its consumers.
Read the full Navigating cyber crime during a crisis [ 1016 kb ] report here.
