NASSAU — The Minister of National Security Marvin Dames says last year there were eight leading cyber security threats which encompassed both fraud and ransom, the Bahama Journal reported on May 11.
Explaining that cybercrime includes damage and destruction of data and stolen money, Dames said it is estimated that cybercrime costs approximately $600 billion worldwide in a year.
“In 2017 nearly 90 per cent of companies were targeted by businesses email compromise, and in turn American businesses lost half a billion dollars a year as a result of this,” Dames said. “So sophisticated are some of the viruses used, that law enforcement officials told victims that they were better off just paying the criminals. Believe it or not, cyber hacking has become such a way of life, that those who commit this crime live comfortably from this lifestyle. Since 2013, cybersecurity and associated threats were the leading strategic charges outpacing terrorism for the first time since 9/11.”
The Minister spoke at a Cybersecurity Forum held at the Island House, Lyford Cay.
