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.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 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. The hackers have accessed confidential information from the bank and have threatened to release them unless they are paid a ransom of $3 million.The report also points out that last year UAE consumers lost almost 30 working hours dealing with the consequences of online crime.