USD 5.4 million is the average cost to remediate data breaches, as traditional security solutions fail to stop escalating attacks
September 9, 2014
Bit9 + Carbon Black, the leader in endpoint threat prevention, detection and response, will discuss cyber security breaches and advanced threat protection at the upcoming ‘e-Crime & Information Security Congress’ taking place on September 10, 2014 at the St. Regis Abu Dhabi Hotel, Saadiyat Island, Abu Dhabi. Harry Sverdlove, the company’s Chief Technology Officer, will explain the need for foolproof and reliable information security strategies to protect systems from potential dangers of data leaks and online intrusions. Such measures are crucial amidst alarming reports of growing digital attacks against individuals and enterprises in the GCC region.
The congress comes at a time when cybercrimes are on the rise and traditional security measures such as antivirus software are no longer sufficient to fight off threats. Information technology (IT) experts have warned that the GCC is one of the prime targets of cybercriminals today, estimating that the average cost of data breaches is USD 5.4 million. In the UAE, a 2012 study shows that 1.5 million people were victimized by cybercriminals, resulting in direct financial losses of USD 422 million. Experts are seeing no letup in online attacks and digital hacking as a large number of people in the region are now becoming more dependent on smartphone and internet services.
“We cannot allow ourselves to be vulnerable to today’s online threats,” Sverdlove said. “The frequency of cyber attacks such as hacking is only going to get worse as cybercriminals are now getting more sophisticated. This fact should serve as a wake-up call for us to do our level best to protect ourselves from online breaches. Nowadays, traditional prevention tools alone are not enough. We have to be more proactive by ensuring that our security systems are strong enough to ward off any possible threat. We have to make sure that robust measures are in place that can effectively detect breaches and respond to them swiftly before any irreparable damage or leak takes place.”
It is also important, Sverdlove added, for cyber security practitioners to be armed with the necessary skills and knowledge in order to effectively and immediately respond to digital attacks.
The UAE is one of the GCC states that have already taken a strong stance on digital breaches. H.H. Sheikh Khalifa bin Zayed Al Nahyan, President of the UAE and Ruler of Abu Dhabi, established the National Electronic Security Authority (NESA) through Decree No. 3 of 2012 to oversee the country’s cyberspace. Furthermore, the government is also encouraging its nationals to actively participate and get involved in cyber security as part of its intensified initiatives to prevent online attacks.
The holding of the 6th e-Crime and Information Security Congress is aligned with the government’s campaign to reinforce digital security. The event is the region’s largest gathering of information risk and security professionals who are tasked with safeguarding digital assets, protecting sensitive data and coordinating security and risk strategy. This year’s event will deliver critical information and examples of best practices and practical case studies that detail how to proactively reduce risk in a changing business and technology environment. The congress will also discuss how to defend IT systems or data against emerging threats, identify sophisticated cyber attacks, and comply with relevant legal, compliance, or regulatory requirements. Complete details of the event are available at http://www.e-crimecongress.org/event/ecabudhabi14/