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Cybercrime, corporate fraud costing global economy $11 tn each year

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Global cybercrime costs to grow by 15% per year over the next five years

Cybercrimes, corporate fraud is costing the global economy around $11 trillion each year, according to reports. While cybercrime is resulting in losses of around $6 trillion each year, corporate fraud is inflicting damages amounting to $5 trillion.

According to Cybersecurity Ventures, global cybercrime costs are expected to grow by 15 percent per year over the next five years, reaching $10.5 trillion annually by 2025.

Cyberattacks in the UAE increased by around 250 percent in 2020, amid a global recession and a pandemic.

Abdulqader Obaid Ali, chairman of UAE IAA Board of Governors said that that corporate fraud is growing substantially in the MENA region as well.

He told the media, “The UAE is number one in the Middle East in terms of corporate governance and transparency, according to Transparency International. Internal auditors are contributing to enhance the image of the country that it is a region of good governance and transparency.”

“If you do not keep abreast of technology, you will become obsolete as technology has changed all our lives and changed every single profession. In order to be a good internal auditor you have to do three things: Know your business, ask questions and be flexible. At the same time, you should know how technology works.”

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