Cyber criminals stole Dh5 billion from UAE internet users last year

Internet users in the UAE lost close to Dh5 billion last year as a result of cybercrime and online phishing attacks, a new report from Norton by Symantec has revealed.

The report says almost 2 million internet users from the UAE have been victimised with many of them being direct victims of ransomware. A large majority of them have admitted to paying up ransom to cybercriminals.

The findings of the Norton report that has gone into in-depth analysis of cybercrime across 17 markets including the UAE points out that worldwide the amount lost to cybercriminals last year sands at $150 billion (Dh550.5 billion), more than the combined GDP of Bulgaria, Lebanon and Jordan.

The latest incident in the UAE involves a cybercriminal demanding ransom of almost $3 million from a bank in Sharjah.According to a local media report, hackers have accessed confidential information from the bank and have threatened to release them unless they are paid a ransom of $3 million.

The Norton report also points out that last year UAE consumers lost almost 30 working hours dealing with the consequences of online crime. Putting a value to the loss the report says that It also cost an average of Dh2,331 per person – with UAE respondents losing just under Dh5 billion in total.

More interestingly, the report also co-relates the approach to cybercrime where online users from the UAE appear to be less affected by a cybercrime compared to their global counterparts.

Compared to global counterparts, UAE consumers feel less of an emotional impact – with 42 per cent stating they felt ‘frustrated and annoyed’ following a cyber-breach, compared to the global average of 52 per cent.

“Our findings demonstrate that the reality of cybercrime still hasn’t led to widespread adoption of simple, yet secure protection measures.  As the UAE becomes increasingly mobile savvy, this should be reflected in the approach all generations make to safe-guarding their personal information and their loved ones,” says Tamim Taufiq, Middle East Manager, Norton Business Unit.

The report also compares the cyber behaviour, perception vulnerability and its impact on the younger generation or the Millennials, comparing them to the middle aged Generation X and slightly older generation.

While Millennials are more prone to cyberattack, they appear to be less worried and indifferent compared to the middle aged population.

(Image via Shutterstock)

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