By Andrei Skvarsky.
Cybercriminals across the world are technologically “a step ahead” of cybersecurity firms as the latter are handicapped by bureaucratic formalities and legal requirements, according to the head of a cybersecurity subsidiary of Russia’s biggest lender Sberbank.
“Cybercriminals use the same technologies that we do. But they don’t have any bureaucracy, they don’t have any laws to obey, and they are a step ahead of us so far,” Dmitry Samartsev, chief executive of Moscow-based company BI.Zone, told an international cybersecurity conference in the Russian capital last week.
“The pace at which the volume of the global digital business is growing is one quarter of the speed of growth of damages caused by cybercrime,” he said.
He called for more efficient regulatory mechanisms.
In a joint study, BI.Zone and Sberbank cite World Economic Forum estimates that cybercrime inflicted total damages of $1 trillion on the world economy in 2017 and is expected to rob it of another $8 trillion in the next couple of years.
But only about 20 per cent of cyberattacks on businesses become public knowledge, the two Russian companies say in their study, because firms that have been attacked “often do not want to share this information for fear that it might damage the company’s reputation resulting in the loss of clients”.
Last week’s conference, the two-day International Cybersecurity Congress, whose attendees represented 51 countries and more than 680 companies and organisations, provided little reason for optimism.
What was said during the event suggested that cybercrime is going to grow in scale in the foreseeable future.
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