Asharq Al-awsat English Middle-east and International News and Opinion from Asharq Al-awsat Newspaper

Cybercrime Damages to Cost $6 Trillion by 2021

Cybercrime Damages to Cost $6 Trillion by 2021

Wednesday, 13 November, 2019 - 13:30
A magnifying glass is held in front of a computer screen in this picture illustration taken in Berlin May 21, 2013. REUTERS/Pawel Kopczynski

CEO and Co-founder of Cyex, specialized in cybersecurity in Hungary, Daniel Berzsenyi estimated the losses by cyberattacks to reach $6 trillion by 2021.

Berzsenyi is a known figure in this field and is participating at Misk Global Forum in Riyadh.

He told Asharq Al-Awsat newspaper that $6 trillion is the total loss expected as a result of cyberattacks by 2021, and this loss exceeds the cost of natural disasters on an annual basis.

Berzsenyi added that in five years the global expenditure on raising cyber awareness will reach $10 billion to become a key global player. More developments in this field should be applied, he stressed, while highlighting the importance of automating the operation of producing full simulation based on the user’s attitude.

He noted that this platform provides various electronic attitudes for taking decisions instead of electronic education.

Further, Berzsenyi showcased the possibility of launching a new application during the Misk Global Forum. The application would enable cyber awareness and work on improving.

During adaptive learning the users can feel like heroes of a crime movie, he added. The labor force quickly feels like they have to deal with a cyberattack whether in commercial affairs or personal life.

Moreover, the business owner has the right to access the employee’s risks map. At the same time, it helps abide by the cybersecurity of the organization.

He continued that there is an interest expressed by other organizations in Europe and the MENA that wish to negotiate with firms planning to expand their portfolio through applications of Cyex.

Berzsenyi pointed out that there are modern applications that help non-technical employees as well.

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