Governments, businesses and individuals should form a united front to tackle the “cyber pandemic” as the world goes through an accelerated digital transformation, according to a top cyber security official.
The call came as Dubai prepares to host the second Cybertech Global Conference next year.
The event, to be held on June 13-14, will gather executive-level decision makers and provide a platform for corporate entities, government entities, start-ups and investors to collaborate in dealing with dangerous technological and economic threats.
“Cybertech is a very important platform. It is not only for communicating and interacting with businesses, but also for the research and development and academia sectors to come together and meet many internationally experienced people. This is what we are aiming to bring at the event,” Dr Mohamed Al Kuwaiti, the UAE government's head of cyber security, told The National on Monday.
“That's our goal: bringing many of those stimulating [factors] into the economy as well as securing that digital economy we are aiming at.”
Cyber security spending has picked up in recent months amid a rise in cyber attacks across the world. Almost 69 per cent of organisations expect to increase cyber spending in 2022, compared with 55 per cent last year, according to PwC.
The year 2021 is also “shaping up to be one of the worst on record for cyber security”, with organisations aware that risks are increasing, the study found. More than 50 per cent expect a surge in reportable incidents next year above 2021 levels.
Governments are also poised to counter rising cyber threats as they formulate adequate legislation. The percentage of nation states passing legislation to regulate ransomware payments, fines and negotiations could rise to 30 per cent by the end of 2025, compared to less than 1 per cent in 2021, according to Gartner.
Earlier this month, the UAE Central Bank also established a new Networking and Cyber Security Operations Centre to help protect the IT infrastructure of the nation's financial system against cyber attacks.
Cybertech is a very important platform. It is not only for communicating and interacting with businesses, but also for the research and development and academia sectors to come together and meet many internationally experienced people. This is what we are aiming to bring at the event
Dr Mohamed Al Kuwaiti,
head of cyber security at the UAE government
Next year's Cybertech Global will also be an opportunity to create new business avenues, with sessions highlighting the applications of artificial intelligence, the Internet of Things, Big Data, the cloud and blockchain in key economic sectors such as finance, health, communications and smart mobility.
“We are all aware of the global cyber pandemic and the only way to stand in the face of this is to be together. We are now living in a world without boundaries; we don't know who is the attacker and what is the attack,” said Amir Rapaport, founder and chief editor of Cybertech.
Dubai hosted the region's first Cybertech Global, which was the largest security networking event to be held outside the US, in April. More than 60 countries were represented, with 40 per cent of participants from the UAE and 20 per cent from Israel.
Ten tax points to be aware of in 2026
1. Domestic VAT refund amendments: request your refund within five years
If a business does not apply for the refund on time, they lose their credit.
2. E-invoicing in the UAE
Businesses should continue preparing for the implementation of e-invoicing in the UAE, with 2026 a preparation and transition period ahead of phased mandatory adoption.
3. More tax audits
Tax authorities are increasingly using data already available across multiple filings to identify audit risks.
4. More beneficial VAT and excise tax penalty regime
Tax disputes are expected to become more frequent and more structured, with clearer administrative objection and appeal processes. The UAE has adopted a new penalty regime for VAT and excise disputes, which now mirrors the penalty regime for corporate tax.
5. Greater emphasis on statutory audit
There is a greater need for the accuracy of financial statements. The International Financial Reporting Standards standards need to be strictly adhered to and, as a result, the quality of the audits will need to increase.
6. Further transfer pricing enforcement
Transfer pricing enforcement, which refers to the practice of establishing prices for internal transactions between related entities, is expected to broaden in scope. The UAE will shortly open the possibility to negotiate advance pricing agreements, or essentially rulings for transfer pricing purposes.
7. Limited time periods for audits
Recent amendments also introduce a default five-year limitation period for tax audits and assessments, subject to specific statutory exceptions. While the standard audit and assessment period is five years, this may be extended to up to 15 years in cases involving fraud or tax evasion.
8. Pillar 2 implementation
Many multinational groups will begin to feel the practical effect of the Domestic Minimum Top-Up Tax (DMTT), the UAE's implementation of the OECD’s global minimum tax under Pillar 2. While the rules apply for financial years starting on or after January 1, 2025, it is 2026 that marks the transition to an operational phase.
9. Reduced compliance obligations for imported goods and services
Businesses that apply the reverse-charge mechanism for VAT purposes in the UAE may benefit from reduced compliance obligations.
10. Substance and CbC reporting focus
Tax authorities are expected to continue strengthening the enforcement of economic substance and Country-by-Country (CbC) reporting frameworks. In the UAE, these regimes are increasingly being used as risk-assessment tools, providing tax authorities with a comprehensive view of multinational groups’ global footprints and enabling them to assess whether profits are aligned with real economic activity.
Contributed by Thomas Vanhee and Hend Rashwan, Aurifer
Moon Music
Artist: Coldplay
Label: Parlophone/Atlantic
Number of tracks: 10
Rating: 3/5
Dhadak 2
Director: Shazia Iqbal
Starring: Siddhant Chaturvedi, Triptii Dimri
Rating: 1/5
Key products and UAE prices
iPhone XS
With a 5.8-inch screen, it will be an advance version of the iPhone X. It will be dual sim and comes with better battery life, a faster processor and better camera. A new gold colour will be available.
Price: Dh4,229
iPhone XS Max
It is expected to be a grander version of the iPhone X with a 6.5-inch screen; an inch bigger than the screen of the iPhone 8 Plus.
Price: Dh4,649
iPhone XR
A low-cost version of the iPhone X with a 6.1-inch screen, it is expected to attract mass attention. According to industry experts, it is likely to have aluminium edges instead of stainless steel.
Price: Dh3,179
Apple Watch Series 4
More comprehensive health device with edge-to-edge displays that are more than 30 per cent bigger than displays on current models.
Greatest of All Time
Starring: Vijay, Sneha, Prashanth, Prabhu Deva, Mohan
