Cyber criminals will weaponise operational technology environments to harm or kill humans in the next four years, according to the US consultancy Gartner.
Operational technology is a type of computing and communication system – including both hardware and software – that controls industrial operations, mainly focusing on the physical devices and processes they use. They are used to gather and analyse data in real time, which is further used to monitor a manufacturing unit or to control equipment.
Various industries, such as telecommunications and oil and gas, use operational technologies to ensure different devices work in co-ordination. For example, in the oil and gas industry, operational technology ensures that all safety systems are in place; in the telecoms sector, it alerts engineers beforehand if there is a potential snag in the network.
Attacks on operational technology environments have evolved from “immediate process disruption” such as shutting down a plant – for example, the recent Colonial Pipeline ransomware attack – to compromising the “integrity of industrial environments” with intent to cause physical or reputational harm, Gartner said.
Employees at each facility must be trained to recognise security risks, the most common attack vectors and what to do in case of a security incident
Gartner
“In operational environments, security and risk management leaders should be more concerned about real-world hazards to humans and the environment, rather than [the] information theft,” said Wam Voster, senior research director at Gartner.
The research firm predicts that the financial impact of cyber-physical systems (CPS) attacks resulting in fatalities will reach more than $50 billion by 2023.
The security-breach incidents in the operational technology and other CPS cases have three main motivations – actual harm, reduced output and reputational damage that makes a manufacturer mistrusted or unreliable, Gartner said.
Even without taking the value of human life into account, the costs for organisations in terms of compensation, litigation, insurance, regulatory fines and reputation loss will be significant, Gartner added. It predicts that most chief executives will be held “personally liable” for such incidents.
“Inquiries with Gartner clients reveal that organisations in asset-intensive industries like manufacturing, resources and utilities struggle to define appropriate control frameworks,” Mr Voster said.
Gartner said appropriate policies must be in place for automated logging and reviewing of potential and actual security events to minimise the damage from operational-technology attacks.
“Create a policy to ensure all portable data storage media such as USB sticks and portable computers are scanned, regardless whether a device belongs to an internal employee or external parties such as subcontractors or equipment manufacturer representatives,” Mr Voster said.
“Only media found to be free from malicious code or software can be connected to the OT [operational technology].”
All operational-technology staff must have the required skills for their roles, Gartner said, adding that employees at each facility must be trained to recognise security risks, the most common attack vectors and what to do in case of a security incident.
Ensure each facility implements and maintains an operational technology-specific security incident management process that includes four phases – preparation, detection and analysis, containment and recovery, and post-incident activity, Gartner said.
The increased risk of cyber threats has also boosted the cyber security market, which is forecast to be worth $363.05bn in 2025 – almost 125 per cent more than the amount spent in 2019, according to Mordor Intelligence, a research consultancy. The industry is projected to grow at an annual 14.5 per cent rate over the next five years.
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The specs
- Engine: 3.9-litre twin-turbo V8
- Power: 640hp
- Torque: 760nm
- On sale: 2026
- Price: Not announced yet
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Skoda Superb Specs
Engine: 2-litre TSI petrol
Power: 190hp
Torque: 320Nm
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Available: Now
In numbers: PKK’s money network in Europe
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Revolutionary tax: Investigators say about $2 million a year raised from ‘tax collection’ around Marseille
Extortion: Gunman convicted in 2023 of demanding $10,000 from Kurdish businessman in Stockholm
Drug trade: PKK income claimed by Turkish anti-drugs force in 2024 to be as high as $500 million a year
Denmark: PKK one of two terrorist groups along with Iranian separatists ASMLA to raise “two-digit million amounts”
Contributions: Hundreds of euros expected from typical Kurdish families and thousands from business owners
TV channel: Kurdish Roj TV accounts frozen and went bankrupt after Denmark fined it more than $1 million over PKK links in 2013
The Saudi Cup race card
1 The Jockey Club Local Handicap (TB) 1,800m (Dirt) $500,000
2 The Riyadh Dirt Sprint (TB) 1,200m (D) $1.500,000
3 The 1351 Turf Sprint 1,351m (Turf) $1,000,000
4 The Saudi Derby (TB) 1600m (D) $800,000
5 The Neom Turf Cup (TB) 2,100m (T) $1,000,000
6 The Obaiya Arabian Classic (PB) 2,000m (D) $1,900,000
7 The Red Sea Turf Handicap (TB) 3,000m (T) $2,500,000
8 The Saudi Cup (TB) 1,800m (D) $20,000,000
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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.”
The schedule
December 5 - 23: Shooting competition, Al Dhafra Shooting Club
December 9 - 24: Handicrafts competition, from 4pm until 10pm, Heritage Souq
December 11 - 20: Dates competition, from 4pm
December 12 - 20: Sour milk competition
December 13: Falcon beauty competition
December 14 and 20: Saluki races
December 15: Arabian horse races, from 4pm
December 16 - 19: Falconry competition
December 18: Camel milk competition, from 7.30 - 9.30 am
December 20 and 21: Sheep beauty competition, from 10am
December 22: The best herd of 30 camels