Cybercrime is sabotaging emerging economies

In recent years, a criminal gang pulled off a series of bank robberies without having to walk into any bank. According to International Business Times, the Carbanak crime syndicate — made up of computer hackers from Russia, Ukraine, elsewhere in Europe, and China — used malware to steal around US$1 billion from approximately 100 financial institutions over a two-year period starting in 2013. These thefts continue today, and are part of a global plague of cybercrime with annual costs that are estimated to range from $445 billion to more than $1 trillion.

Although cybercrime is a visible concern for companies and governments in industrialized countries, one of its most pernicious effects is still largely unrecognized: It could hamper the growth of emerging economies around the world. Digitization in most emerging countries has become a key business enabler for public and private organizations. In Middle East countries that are not in the Organisation for Economic Co-operation and Development  (OECD), for instance, digital markets are expanding at an overall compound annual growth rate of 12 percent and are expected to be worth $35 billion by 2015. But wherever digitization takes hold, vulnerability to cyber-attack also emerges. It diminishes the confidentiality, integrity, and availability of information that governments, businesses, and individuals alike rely on heavily.

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Source: Stretegy-business


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