The costs of cybercrime damage will hit $6 trillion annually by 2021, and the number of people at risk is poised to reach about four billion by 2020, according to a report by Cybersecurity Ventures.
The report, which attributed the development to the rapid evolution of online piracy and other cyber-attack techniques, also estimates that cyber security spending is expected to exceed $1 trillion between 2017 and 2021, and the number of unfilled cyber security jobs is set to more than triple, with a projected increase to 3.25 million by 2021.
Details of this report were unveiled at a cyber security conference for finance professionals hosted by the Emirates Institute for Banking and Financial Studies (EIBFS) in the UAE at the weekend.
Convening local and global consultants, the event examined the challenges of cyberattacks and explored ways for financial institutions to build effective and comprehensive security strategies to combat real and potential threats.
The experts discussed the cyberthreat landscape in the region, shared best practices for protecting the region’s banking and financial IT infrastructure, and suggested solutions to the challenges cybercrime presents.
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