McAfee: Cybercrime costs the global economy $600bn annually
McAfee, in partnership with the Center for Strategic and International Studies (CSIS), has conducted a study revealing that cybercime costs $600bn to the businesses annually, equating to 0.8% of global GDP.
This is up from the $445bn in global losses that were recorded in 2014, highlighting the growing threat of cybercrime to businesses.
McAfee attributes this growth to the increasing sophistication of attacks, with cyber criminals continuing to adopt new technologies that are able to overcome traditional and stagnant cybersecurity frameworks.
“The digital world has transformed almost every aspect of our lives, including risk and crime, so that crime is more efficient, less risky, more profitable and has never been easier to execute,” said Steve Grobman, Chief Technology Officer (CTO) for McAfee.
In terms of region, Russia, North Korea, Iran and China are the most active in cybercrime, largely targeting financial institutions with their hacks.
As expected, the report shows that cybercrime losses are greater in richer countries, whilst countries with a greater loss proportionally as a percentage of national income are countries that are increasingly digitising but have not yet established the capabilities to offer adequate cybersecurity defences.
“Cyber-attacks, without doubt, represent one of the most critical threats to businesses today,” said Bryan Campbell, Senior Security Researcher at Fujitsu UK & Ireland.
“As we have seen in the past year, cyber-attacks can set out to completely paralyse organisations at a national and international scale, creating havoc, and resulting in a complete shutdown of services. Organisations need to continue to invest in technical and security controls, whilst doing more to proactively identify and manage threats instead of waiting for breaches to happen.”
Future-tech and IXAfrica: Full Life Cycle Expertise
Future-tech is unique among data centre consultancies for a number of reasons. Not only does the Reading-based firm have high levels of expertise in markets ranging from Helsinki to Johannesburg, but Future-tech offers services across the complete life cycle of a facility.
“We are involved with projects from the initiation to completion,” explains James Wilman, Future-tech’s CEO. “We go from initiation phase - which could mean the site selection process or technical due diligence for a merger or acquisition - all the way through establishing the brief, the various design stages, construction oversight, commissioning, operation, end of life cycle replenishment, and can start right back at the beginning with refurbishment.”
While some factors, like the facility requirements for major tenants, remain the same no matter where you are, Wilman explains that “it's the environmental conditions, construction methodologies, supply chain, and skill sets available in different locations that vary, and that makes this a very interesting job.”
Future-tech was selected by IXAfrica as the life cycle design strategic partner for its hyperscale campus project in Nairobi, Kenya. Wilman explains that, over the past year, Future-tech has been leveraging its strong local knowledge, working closely with Kenyan architects and engineers, and collaborating with both Guy Wilner and Clement Martineau, to help IXAfrica successfully deliver Kenya’s largest hyperscale data centre.
“Future-tech did its first project on the African continent in 2012 in Kenya. I've been involved in the data centre space there for a long time, and have known Guy for a number of years through projects and interaction in Europe,” says Wilman. “As the IXAfrica project came into being, Guy and I spoke about it as he knew that we were already quite familiar with the area. We assisted out with the initial planning and project design, and the relationship really grew from there.”
Wilman adds that the experience helping Future-tech support the IXAfrica project has been hard-won. “It's been a steep learning curve, figuring out how to work in Africa. Some of our earlier projects were quite challenging, but we're fortunate to be at a point now where working throughout the region feels really comfortable,” he explains. “One of the things about Nairobi - which we found out when we were working on our first project in the city back in 2012 - is that, because it's about 1,200 metres above sea level, the altitude actually de-rates the onsite equipment. Having your equipment perform less well because of the altitude can massively impact the whole facility.” Understanding the factors that define a local environment can be the difference between success and disaster for a data centre, and Future-tech’s extensive experience in Kenya is a key supporting factor for IXAfrica’s success in Nairobi.
Wilman has also developed a strong collaborative relationship with Guy and Clement. “We've got over a gigawatt of design projects going through our office at the moment with different clients, which means that we're always learning new things. What is refreshing about working with Guy and Clement is that when we bring them a new idea, they listen to us,” says Wilman. “We've had a good run in Nairobi with IXAfrica built off of a long relationship, and I hope we get to continue working with them on their future projects.”