KACST President: $ 445 Billion Cyber-Attacks Losses Annually

Riyadh, Jumada II 20, 1437, Mar 29, 2016, SPA — Prince Dr. Turki bin Saud bin Mohammed, President of King Abdulaziz City for Science and Technology (KACST), has said that the cost of losses due to cyber- attacks per year was estimated at $ 445 billion globally, and the damage bill of such attacks is expected to rise in the future as a result of the expansion of electronic services and the entry of new technology concepts, reinforcing the need to develop scientific research efforts in the field of information security in support of national interests through the transfer and localization of technology, building capabilities and innovation of national algorithms that can be used safely to protect data.
This came during his opening activities of the Third Saudi International Conference on Information Technology entitled “Cyber Security”, which is organized by KACST at its headquarters here today, under the patronage of the Custodian of the Two Holy Mosques King Salman bin Abdulaziz Al Saud in the presence of the Minister of Communications and Information Technology, Dr. Mohammed bin Ibrahim Al-Suwayel, and the participation of specialists from inside and outside the Kingdom of Saudi Arabia.

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14:35 LOCAL TIME 11:35 GMT