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    Food Africa and pacprocess MEA attract over 25,000 trade visitors to the trade fair duo in Egypt

    Pacts worth over OMR 33 million signed to establish agricultural, fisheries projects

    Pacts worth over OMR 33 million signed to establish agricultural, fisheries projects

    Egypt’s food industries contribute 24.5% of GDP

    Egypt’s food industries contribute 24.5% of GDP

    $36mln contract for construction of Duqm fisheries complex

    $36mln contract for construction of Duqm fisheries complex

    Ministry signs agreement to support Oman’s honey industry

    Ministry signs agreement to support Oman’s honey industry

    Local, Italian companies partner up to establish food retail chain in Egypt

    Local, Italian companies partner up to establish food retail chain in Egypt

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      Food Africa and pacprocess MEA attract over 25,000 trade visitors to the trade fair duo in Egypt

      Egypt’s food industries contribute 24.5% of GDP

      Egypt’s food industries contribute 24.5% of GDP

      Profits at top Saudi banks jump 17.6% in Q1

      Profits at top Saudi banks jump 17.6% in Q1

      GCC can create 600,000 tech jobs and add US$255 billion to GDP by 2030

      GCC can create 600,000 tech jobs and add US$255 billion to GDP by 2030

      What will Qatar do with its World Cup infrastructure after FIFA 2022 ends?

      What will Qatar do with its World Cup infrastructure after FIFA 2022 ends?

      New study reveals that UAE is most competitive economy in the Arab world

      New study reveals that UAE is most competitive economy in the Arab world

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      Oman Construction Equipment Industry to 2028

      Oman Construction Equipment Industry to 2028

      $36mln contract for construction of Duqm fisheries complex

      $36mln contract for construction of Duqm fisheries complex

      What will Qatar do with its World Cup infrastructure after FIFA 2022 ends?

      What will Qatar do with its World Cup infrastructure after FIFA 2022 ends?

      Madayn working on major Oman industrial city projects

      Madayn working on major Oman industrial city projects

      Foundation stone laid for new 700-bed hospital is Salalah, Oman

      Foundation stone laid for new 700-bed hospital is Salalah, Oman

      Iraq set to award new Faw Port deals

      Iraq set to award new Faw Port deals

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        Suez Canal expects US$3.5 billion in revenues in H1

        Suez Canal expects US$3.5 billion in revenues in H1

        UAE and Egypt’s consortium to buy African renewables firm Lekela Power

        UAE and Egypt’s consortium to buy African renewables firm Lekela Power

        Fitch revises Saudi Aramco’s outlook to positive from stable

        Fitch revises Saudi Aramco’s outlook to positive from stable

        Investments in renewables in Egypt reach LE6 bn: Official

        Investments in renewables in Egypt reach LE6 bn: Official

        Egypt signs 8 gas exploration contracts worth $934mn over 15 months

        Egypt signs 8 gas exploration contracts worth $934mn over 15 months

        JGC lands $3.7bn Iraq refinery upgradation project deal

        JGC lands $3.7bn Iraq refinery upgradation project deal

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        • Hospitality

          Food Africa and pacprocess MEA attract over 25,000 trade visitors to the trade fair duo in Egypt

          Qatar has ‘solid’ line-up of infrastructure, hospitality projects to prepare for large influx of visitors in 2022: OBG

          Qatar has ‘solid’ line-up of infrastructure, hospitality projects to prepare for large influx of visitors in 2022: OBG

          Saudi to be among world’s big leisure tourism hubs by 2030

          Saudi to be among world’s big leisure tourism hubs by 2030

          Qatar’s hospitality sector peaks despite turbulent 2020

          Qatar’s hospitality sector peaks despite turbulent 2020

          Accor inks deal to manage first Swissôtel-branded hotel and residential project in Qatar

          Accor inks deal to manage first Swissôtel-branded hotel and residential project in Qatar

          Staycations to stimulate Qatar’s hospitality sector

          Staycations to stimulate Qatar’s hospitality sector

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        • Agrofood
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          Food Africa and pacprocess MEA attract over 25,000 trade visitors to the trade fair duo in Egypt

          Pacts worth over OMR 33 million signed to establish agricultural, fisheries projects

          Pacts worth over OMR 33 million signed to establish agricultural, fisheries projects

          Egypt’s food industries contribute 24.5% of GDP

          Egypt’s food industries contribute 24.5% of GDP

          $36mln contract for construction of Duqm fisheries complex

          $36mln contract for construction of Duqm fisheries complex

          Ministry signs agreement to support Oman’s honey industry

          Ministry signs agreement to support Oman’s honey industry

          Local, Italian companies partner up to establish food retail chain in Egypt

          Local, Italian companies partner up to establish food retail chain in Egypt

          Trending Tags

          • Business & Economy
            • All
            • Business
            • Economy
            • Finance
            • Industry
            • Technology
            • Trade
            • Transport & Logistics

            Food Africa and pacprocess MEA attract over 25,000 trade visitors to the trade fair duo in Egypt

            Egypt’s food industries contribute 24.5% of GDP

            Egypt’s food industries contribute 24.5% of GDP

            Profits at top Saudi banks jump 17.6% in Q1

            Profits at top Saudi banks jump 17.6% in Q1

            GCC can create 600,000 tech jobs and add US$255 billion to GDP by 2030

            GCC can create 600,000 tech jobs and add US$255 billion to GDP by 2030

            What will Qatar do with its World Cup infrastructure after FIFA 2022 ends?

            What will Qatar do with its World Cup infrastructure after FIFA 2022 ends?

            New study reveals that UAE is most competitive economy in the Arab world

            New study reveals that UAE is most competitive economy in the Arab world

            Trending Tags

            • CES 2017
            • Election Results
            • eSports
          • Construction
            • All
            • Infrastructure
            • Real Estate
            Oman Construction Equipment Industry to 2028

            Oman Construction Equipment Industry to 2028

            $36mln contract for construction of Duqm fisheries complex

            $36mln contract for construction of Duqm fisheries complex

            What will Qatar do with its World Cup infrastructure after FIFA 2022 ends?

            What will Qatar do with its World Cup infrastructure after FIFA 2022 ends?

            Madayn working on major Oman industrial city projects

            Madayn working on major Oman industrial city projects

            Foundation stone laid for new 700-bed hospital is Salalah, Oman

            Foundation stone laid for new 700-bed hospital is Salalah, Oman

            Iraq set to award new Faw Port deals

            Iraq set to award new Faw Port deals

            Trending Tags

            • Energy
              • All
              • Oil & Gas
              • Power & Electricity
              • Renewable Energy
              Suez Canal expects US$3.5 billion in revenues in H1

              Suez Canal expects US$3.5 billion in revenues in H1

              UAE and Egypt’s consortium to buy African renewables firm Lekela Power

              UAE and Egypt’s consortium to buy African renewables firm Lekela Power

              Fitch revises Saudi Aramco’s outlook to positive from stable

              Fitch revises Saudi Aramco’s outlook to positive from stable

              Investments in renewables in Egypt reach LE6 bn: Official

              Investments in renewables in Egypt reach LE6 bn: Official

              Egypt signs 8 gas exploration contracts worth $934mn over 15 months

              Egypt signs 8 gas exploration contracts worth $934mn over 15 months

              JGC lands $3.7bn Iraq refinery upgradation project deal

              JGC lands $3.7bn Iraq refinery upgradation project deal

              Trending Tags

              • Hospitality

                Food Africa and pacprocess MEA attract over 25,000 trade visitors to the trade fair duo in Egypt

                Qatar has ‘solid’ line-up of infrastructure, hospitality projects to prepare for large influx of visitors in 2022: OBG

                Qatar has ‘solid’ line-up of infrastructure, hospitality projects to prepare for large influx of visitors in 2022: OBG

                Saudi to be among world’s big leisure tourism hubs by 2030

                Saudi to be among world’s big leisure tourism hubs by 2030

                Qatar’s hospitality sector peaks despite turbulent 2020

                Qatar’s hospitality sector peaks despite turbulent 2020

                Accor inks deal to manage first Swissôtel-branded hotel and residential project in Qatar

                Accor inks deal to manage first Swissôtel-branded hotel and residential project in Qatar

                Staycations to stimulate Qatar’s hospitality sector

                Staycations to stimulate Qatar’s hospitality sector

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              Fighting cybercrime gets into the construction industry

              Construction Machinery ME

              January 11, 2017
              in Infrastructure, IT & Telecom
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              Cybercrime comes with significant cost. It was been estimated that the global economic cost of combating cybercrime could reach $400 billion, according to a report entitled “Net Losses: Estimating the Global Cost of Cybercrime”, published by the McAfee Centre for Strategic and International Studies a couple of years ago.
               
              The study suggested most countries, governments and companies underestimate how much risk they face from cybercrime and how quickly this risk can grow, claiming that potential global losses caused by cybercrime are estimated at $375 billion annually, while the maximum could be as much as much $575 billion.

              The challenges of cybercrime are more than economic; they are compounded by the networked nature of the issue. Today’s interconnected business environment increases an organization’s vulnerability to security attacks, as security is no longer confined by the boundaries of a single company but transcends them to be dependent on all those operating on the same network, claim Zhao et al in the Journal of Management Information Systems.

              Last year, Construction Machinery ME obtained an interview with Joe Lahoud, general manager Construction Machinery Centre Co LLC (CMC) in the UAE, who had recently been the victim of fraud. He acknowledged an “increasing trend” whereby hackers are creating email addresses and website domains similar to those used by genuine company representatives and communicating with customers and suppliers directly.

              Lahoud referenced a particular case in which a hacker accessed a customer’s private email account and developed an online correspondence impersonating a CMC representative. CMC happened to be expecting an authentic five-digit euro transfer from the customer. Believing the hacker’s messages to be genuine, the customer’s accounting personnel initiated the transfer to a new bank account advised by the hacker.

              This instance of cybercrime took on a new dimension. Instead of taking advantage of a deficiency in a security system, as mentioned in the Journal of Management Information Systems, the fraudulent individuals were actively developing websites and email accounts realistic enough to fool customers into transferring large funds. This tactic is known as social engineering, with con artists concocting ingenious schemes to trick people into giving up personal information or visiting websites that download viruses.

              “I strongly advise you to review your security measures and money transfer procedures. We need better data protection, both at the individual corporate level as well as societal government level, but we also need better detection and response,” said Lahoud.

              This type of cybercrime demonstrates the levels of ingenuity criminals possess, but perhaps the most common and most worrying security risks come from within the organization itself, suggests Mark Button, director of the Centre for Counter Fraud Studies, University of Portsmouth, UK.

              “It takes a lot more sophistication to actually hack into a company website, and of course, out there in the world there are very many skilled computer operatives capable of doing such work. However, there are a lot of very simplistic security issues that can cause equally traumatic threats to a company. These include simple measures such as changing default passwords – an easy way to prevent unauthorized people entering and making changes without detection. Another simple online security threat is a corrupt staff member or disgruntled employee who gives away confidential cyber information, thus highlighting the need to regularly change all passwords.”

              Having a thorough awareness of online security strategies, combined with vigilance, is the key to preventing cybercrime, suggests Button.

              “I think organizations are waking up to the possible risks and attacks. This realization will bring much greater interest in developing the best strategy to counter the present threats. Equally, you have lots of individuals who are of a corrupt nature, and they are realizing that there is a large potential in these type of criminal attacks. Not all require high levels of education or skill. If you can just get one corrupt insider to allow you access into a laptop or computer system, to share a password or ID numbers, you simply don’t need extensive or significant hacking skills to earn big rewards.”

              Reports of similar incidents in the construction industry are at not uncommon. Finnish crane maker Konecranes experienced a fraud when $19.2 million was stolen from one of its foreign subsidiaries. Konecranes said perpetrators used identity theft and other methods to induce the subsidiary to make unwarranted payments. A similar attack was targeted at Komatsu, when a fraudulent website was created posing as a Komatsu Group Company asking people to provide them with their personal information in order to apply for false employment opportunities.

              Ultimately, preventing cybercrime comes down to strategy. If an organization has the resources, then they need to be investing in someone appropriate for the task of protecting their assets online.

              “This is all about organization and strategy. The person who really understands the full range of risks is able to help the firm develop the most resilient strategy,” Button continues. “An organization can go to the best, most expensive IT company that provides very technical skills to detect and block attacks, but then, if they don’t cover the staff, who can be turned or tricked, then they’re missing out on a much more vulnerable point of entry.

              “This is what I mean by a strategy. This is what will prevent cyber criminals from conducting successful attacks.”
              Construction Machinery ME
              11 January

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