Your cyber security requires awareness


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We live in a digital age, where technology has been accelerating a rapid transition from normal interaction to online communication, from print to online publishing, and from cash to computer transactions. While this has made our everyday activities easier and speedier, reliance on the internet has opened the doors to fraud and cyber attacks.

As The National reported yesterday, the Dubai Police department of anti-economic crimes said that there were 133 cases of fraud in the first five months of this year, costing the emirate's economy up to Dh609 million. These figures don't even include cyber fraud. The department pointed out a greater number of fraud cases have been carried out online amid the growing use of the internet to make deals. Overall, more than 1,400 cybercrime cases were recorded in the emirate last year, ­almost double the number of cases in the previous year.

Experts have warned that our dependence on social media increases cybersecurity risks, particularity because many companies are reluctant to invest more on their software's security. As Robert Bigman, a former official from the US Central Intelligence Agency, told the paper, commercial decisions always win out over security in many software companies, so most personal and professional computers lack good security systems.

While it’s true that software companies have a responsibility to design software around the needs of people and their security, individuals should also be more aware of the negative consequences that can result from their increasing cyber activities, when they are interacting and purchasing products and services online. Putting one’s life on the internet can cause serious harm as criminals take advantage of digital technologies to carry out their illicit activities.

Dubai Police launched an awareness campaign last year to educate people about potential online dangers, including fraud and defamation. Taking security measures to protect personal accounts, such as changing passwords regularly and not exchanging sensitive or secret information with other people online, is important to prevent getting into such situations. When facing potential crime, it is always better to act proactively before it’s too late.

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Classification of skills

A worker is categorised as skilled by the MOHRE based on nine levels given in the International Standard Classification of Occupations (ISCO) issued by the International Labour Organisation. 

A skilled worker would be someone at a professional level (levels 1 – 5) which includes managers, professionals, technicians and associate professionals, clerical support workers, and service and sales workers.

The worker must also have an attested educational certificate higher than secondary or an equivalent certification, and earn a monthly salary of at least Dh4,000. 

Leap of Faith

Michael J Mazarr

Public Affairs

Dh67
 

Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.

Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.

Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.

Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.

“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.

Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.

From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.

Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.

BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.

Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.

Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.

“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.

Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.

“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.

“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”

The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”

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