Cybercrime costs Saudi Arabia SR 2.6 bn a year

Updated 19 October 2012
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Cybercrime costs Saudi Arabia SR 2.6 bn a year

RIYADH: Consumer cybercrime has cost the Kingdom SR 2.6 billion in the past 12 months, according to a report released by Symantec yesterday. Symantec released the findings of its annual Norton Cybercrime Report, one of the world’s largest consumer cybercrime studies.
The study was aimed at understanding how cybercrime affects consumers, and how the adoption and evolution of new technologies impact people’s security.
With findings based on self-reported experiences of more than 13,000 adults across 24 countries, the 2012 edition of the Norton Cybercrime Report calculates the direct costs associated with global consumer cybercrime at $ 110 billion over the past 12 months.
In the Kingdom, it is estimated that more than 3.6 million people fell victim to cybercrime in the past 12 months, suffering an average of $ 195 (SR 730) in direct financial losses.
Every second, 18 adults become victims of cybercrime, resulting in more than 1.5 million cybercrime victims each day on a global level. With losses totaling an average of $ 197 per victim across the world in direct financial costs, cybercrime costs consumers more than a week’s worth of nutritional food necessities for a family of four. In the past 12 months, an estimated 556 million adults across the world experienced cybercrime, more than the entire population of the European Union. This figure represents 46 percent of online adults who have been victims of cybercrime in the past 12 months, on par with the findings from 2011 (45 percent).
In Saudi Arabia, 40 percent of the country’s social networking users have fallen victim to cybercrime on social networking platforms. Of the social networking users, 20 percent have been victims of social or mobile cybercrime in the past 12 months in the Kingdom compared to 21 percent globally.
This year’s survey showed an increase in “new” forms of cybercrime compared to last year, such as those found on social networks or mobile devices — a sign that cybercriminals are starting to focus their efforts on these increasingly popular platforms.
One in five online adults (21 percent) has been a victim of either social or mobile cybercrime, and 39 percent of social network users have been victims of social cybercrime. Specifically, 15 percent of social network users reported someone had hacked into their profile and pretended to be them; a 10th of social network users said they had fallen victim to a scam or fake link on social network platforms.
While 75 percent believe that cybercriminals are setting their sights on social networks, less than half (44 percent) actually use a security solution that protects them from social network threats, and only 49 percent use the privacy settings to control what information they share and with whom.
Nearly one-third (31 percent) of mobile users received a text message from someone they didn’t know requesting that they click on an embedded link or dial an unknown number to retrieve a “voice-mail”. “Cybercriminals are changing their tactics to target fast-growing mobile platforms and social networks, where consumers are less aware of security risks,” said Marian Merritt, Norton Internet safety advocate. “This mirrors what we saw in this year’s Symantec Internet Security Threat Report, which reported nearly twice the mobile vulnerabilities in 2011 from the year before.”
The 2012 report also reveals that most Internet users take the basic steps to protect themselves and their personal information, such as deleting suspicious e-mails and being careful with their personal details online. However, other core precautions are being ignored: 40 percent don’t use complex passwords or change their passwords frequently, and more than a third do not check for the padlock symbol in the browser before entering sensitive personal information, such as banking details, online.
In addition, this year’s report also indicates that many online adults are unaware as to how some of the most common forms of cybercrime have evolved over the years, and thus have a difficult time recognizing how malware, such as viruses, act on their computer. In fact, 40 percent of adults do not know that malware can operate in a discreet fashion, making it hard to know if a computer has been compromised, and more than half (55 percent) are not certain that their computer is currently clean and free of viruses.
“Malware and viruses used to wreak obvious havoc on your computer,” Merritt continued.


Saudi Arabian Military Industries to build five corvettes with Spain’s Navantia

Updated 19 July 2018
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Saudi Arabian Military Industries to build five corvettes with Spain’s Navantia

  • The program will start this autumn with the last unit to be delivered by 2022
  • The contract will generate 6,000 direct and indirect jobs for five years

RIYADH: Saudi Arabian Military Industries (SAMI) has announced the signature of a Joint Venture (JV) Agreement for the design and construction of five Avante 2200 corvettes with the Spanish state-owned shipbuilding company Navantia. The program will start this autumn with the last unit to be delivered by 2022.
In line with the contract, Navantia and SAMI have agreed on the establishment of a JV in Saudi Arabia, which will provide an exceptional opportunity to consolidate the position of the integrated systems and technologically advanced solutions provided by Navantia in the Saudi market and area of influence, perfectly aligned with the Kingdom of Saudi Arabia’s Vision 2030 by localizing 50% of the total military spending by 2030.
The contract will generate 6,000 direct and indirect jobs for five years, as follows: 1,100 direct jobs, more than 1,800 from the auxiliary industry, and more than 3,000 indirect jobs generated by other suppliers.
In this respect, the JV will focus on program management and combat system integration and installation, system engineering, system architecture, hardware design, software development, testing and verification, prototyping, simulation, modelling, and through-life support.
Ahmed Al-Khateeb, Chairman of Saudi Arabian Military Industries, said: “SAMI remains committed to being a key enabler of the Saudi Vision 2030, and the establishment of this Joint Venture with Navantia will localize more than 60% of ship combat systems work including, installation, and integration, which contribute to the Kingdom’s objective to be at the forefront of shaping the local military industries ecosystem. We will continue to explore collaborations and leverage partnerships that meet our key mandate to localize more than half of the Kingdom’s total military spending.”
Esteban Garcia Vilasanchez, Chairman of Navantia, said: “Navantia is very happy with the signature of this contract that means a starting point for the collaboration with Saudi Arabia. Navantia is committed to contributing to Saudi Vision 2030 and will support the country in this endeavour. The JV between SAMI and Navantia is an opportunity to develop capabilities in the country and jointly explore future opportunities.”
For the Avante 2200 contract, the JV will be responsible, among others, of supplying the Combat System of all five ships. Corvettes 4th and 5th will be finalized and delivered to the Kingdom of Saudi Arabia, where the JV will do the installation, integration and test of the complete Combat System.