UAE ranks fifth in global cybersecurity index

The UAE jumped 33 places to rank fifth in the Global Cybersecurity Index 2020 owing to its advanced awareness about the importance of cyber security, state news agency Wam reported.

The index is issued by the International Telecommunication Union (ITU), a United Nations-backed internet and telecoms agency, and ranks 193 countries on their commitment to cybersecurity.

Each country's pace is measured within five categories, namely legal measures, technical measures, organisational measures, capacity building and co-operation.

The UAE’s position in the index is "the fruit of the UAE's digitisation strategies and policies, and the integrated and smart operational ecosystem, which helped bolster performance across all sectors", Wam cited Mohamed Al Kuwaiti, Head of Cybersecurity at the UAE government, as saying.

Cybersecurity has increasingly become an imperative of governments and companies as digitisation gathers pace as a result of the pandemic, with digital criminal activity increasing.

The cybersecurity market is forecast to be worth $363.05 billion in 2025, almost 125 per cent more than the amount spent in 2019, according to Mordor Intelligence, a research consultancy. The market is projected to grow at an annual 14.5 per cent over the next five years.

The UAE has taken various steps to strengthen its cyber security framework, particularly within the government entities. The country formed a new council last year to develop a comprehensive cybersecurity strategy and help create a safe and strong cyber infrastructure in the UAE.

The council will help develop a legal and regulatory framework to cover all types of cyber-crimes, secure existing and emerging technologies and establish a robust National Cyber Incident Response Plan to enable a swift and co-ordinated response to cyber incidents in the country.

Last year, Sheikh Hamdan bin Mohammed, Crown Prince of Dubai, also launched the Dubai Cyber Index – an initiative aimed at encouraging government entities to adopt the highest standards of cyber security.

The index, created by Dubai Electronic Security Centre, is aimed at promoting healthy competition among government entities in applying information security standards. Its aim is to make Dubai the city 'with the safest cyberspace in the world', Dubai government media office said at that time.

The National's picks

4.35pm: Tilal Al Khalediah
5.10pm: Continous
5.45pm: Raging Torrent
6.20pm: West Acre
7pm: Flood Zone
7.40pm: Straight No Chaser
8.15pm: Romantic Warrior
8.50pm: Calandogan
9.30pm: Forever Young

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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.”