Author: Fri, 2020-02-07 02:54 RIYADH: The key to cybersecurity is constant research and development to ensure that the latest technology is as safe as it can be, said Mike Loginov, chief information security officer at Neom. In an interview with Arab News on the sidelines of the Global Cybersecurity Forum in Riyadh, Loginov spoke about global concerns and their economic aspects. He said: “Cybersecurity is not the issue, cybercrime is. Cybercrime continues to be a large-scale global concern. “Over the next 4 to 5 years, an estimated $5 trillion in global value will be at risk from cyberattacks, think what good causes this money could be used for and you get a sense of the waste, lost opportunity and economic impact.” Loginov said that cybersecurity-related spending will likely surpass an estimated $130 billion by 2023. The cybersecurity market is booming, growing by 30 times over the past 12 years, he added. According to Loginov, the expenditure on cybersecurity is highly justified. “As the sophistication of cyberattacks, ransomware and adversarial compromises increases, some in the industry might argue we are not spending nearly enough on this issue,” he said, adding: “The key to cybersecurity is constant research and development to ensure the latest technology is as safe as it can be.” On the risks facing smart cities, Loginov said: “Smart megacities are large, complex ecosystems, and, as the level of connectivity to the digital airwaves increases within the city and beyond, the risk of compromise also increases. “New smart megacities, such as Neom, have the advantage of no legacy systems. When you start from scratch, you can build in security functionality from the very beginning in every element that you need.” Driven by a huge growth in connected systems and devices, advances have already been made in nano sensors with the ability to capture more relevant details and data designed to improve the management, efficiency, effectiveness and, crucially, the safety of the supporting city infrastructure. “We will play a key role in helping develop cybersecurity skills in the Kingdom and the wider world through our living laboratory approach in Neom,” he adding: “We will also be looking to hire and attract, as residents, highly skilled technologists in cybersecurity.” Asked about the link between 5G and cybersecurity, he said: “5G marks the beginning of a new era of network security with the introduction of enhanced encryption techniques. All data traffic sent over the 5G radio network is encrypted, integrity protected and subject to mutual authentication. So while the security risks are, in theory, higher, the protective measures being deployed are also improving.”Main category: Saudi ArabiaTags: NEOMSaudi Arabia New term starts for NEOM applicants at Prince Fahad bin Sultan University next Sunday Saudi Arabia’s Neom ‘is the land of the future’