The UAE plans to boost its cyber security expertise and “export” its knowledge in the industry, the government’s head of cyber security said.
The Emirates’ partnerships with global technology companies has helped spread this vision overseas and top cyber agencies will continue efforts to build a “cyber security coalition”, Mohammed Al Kuwaiti said at the Gulf Information Security Expo and Conference in Dubai on Monday.
“The plan is to definitely export the UAE’s cyber security model [globally]; our goal is to spread that cyber security culture. Their security is our security; the more secure they are, the more secure we are,” Mr Al Kuwaiti said.
“All of those [cyber] attacks do not know borders [or] geographical areas. This is the importance of actually working with them [international partners] and leveraging that relationship at private and government levels is an important thing for us.”
The UAE has invested heavily in building its cyber security infrastructure to protect the integrity of its government and economic systems even as the country pursues its digital economy ambitions.
Several initiatives and public-private partnerships have been signed to support these efforts. In January, Abu Dhabi Digital Authority teamed up with the UAE’s biggest telecom operator Etisalat Group — now known as e& — and security software company Trend Micro to launch a programme aimed at strengthening the cyber security capabilities of government entities in the emirate.
Last November, the Central Bank of the UAE established a new Networking and Cyber Security Operations Centre to help defend the financial system’s IT infrastructure against cyber attacks.
Cyber attacks can be costly for organisations: the average cost of an attack peaked in 2016, amounting to about $4 million, according to data from IBM’s security arm.
Corporate users were the prime target of financial malware attacks in the UAE during the first half of 2021, according to a study by Kaspersky. In the same period, ransomware attacks surged 151 per cent globally, the World Economic Forum said.
Mr Al Kuwaiti stressed that the world was facing a “cyber pandemic”, a term he previously used in November, saying that with remote work and online learning set to continue for a long time, there will always be threats, requiring organisations and individuals to remain vigilant.
He acknowledged that the onset of the Covid-19 pandemic caught security systems off-guard, paving the way for cyber criminals to perpetuate attacks. But lessons have been learnt and the world is better prepared to fend off bad actors in the cyber space, he said.
“We did not have that readiness for many infrastructure [systems at that time]. Fast forward to today, many technologies have evolved and with the zero-trust aspect ... we learnt that the cyber pandemic is here to stay,” Mr Al Kuwaiti said.
“This pandemic is not something bad; it is an opportunity that we actually need to leverage so we can innovate” to build resilience against future challenges, he said.
The UAE also has advanced cloud ecosystems that allow businesses of all sizes and government enterprises to operate safely, Mr Al Kuwaiti told The National during the Intersec event in January.
But the global challenge remains. Cyber attacks have been “breaking down boundaries” and are affecting the lives of more than 4.5 billion people around the world, Stephen Kavanagh, executive director of police services at Interpol, said at Gisec.
“It’s not a surprise that Covid-19 showed the ability of criminals to adapt quickly online,” he said. This needs to be countered in an equally paced way, “through models of cyber security co-operation in ways we haven’t seen,” he said.
“It is unrealistic to think law enforcement can recruit and retain the best brains, so that is where they turn to the private sector.”
The plan is to definitely export the UAE’s cyber security model [globally]; our goal is to spread that cyber security culture. Their security is our security; the more secure they are, the more secure we are
Mohammed Al Kuwaiti,
UAE government head of cyber security
The massive number of devices connected to the internet today, and the many more in the future, also pose huge opportunities for cyber criminals, forcing businesses to reassess their priorities to prevent large attacks, said MK Palmore, former head of the FBI’s San Francisco cyber security investigative branch.
“By 2025, 42 billion devices will be connected to the internet. This is a huge expanded digital surface area to protect. It is no surprise then that, from an infrastructure and security standpoint, our reliance on digital services as we look to maintain society and business operations has become the number one issue for organisations,” he said.
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.”
Cricket World Cup League 2
UAE results
Lost to Oman by eight runs
Beat Namibia by three wickets
Lost to Oman by 12 runs
Beat Namibia by 43 runs
UAE fixtures
Free admission. All fixtures broadcast live on icc.tv
Tuesday March 15, v PNG at Sharjah Cricket Stadium
Friday March 18, v Nepal at Dubai International Stadium
Saturday March 19, v PNG at Dubai International Stadium
Monday March 21, v Nepal at Dubai International Stadium
WHAT IS A BLACK HOLE?
1. Black holes are objects whose gravity is so strong not even light can escape their pull
2. They can be created when massive stars collapse under their own weight
3. Large black holes can also be formed when smaller ones collide and merge
4. The biggest black holes lurk at the centre of many galaxies, including our own
5. Astronomers believe that when the universe was very young, black holes affected how galaxies formed
How to register as a donor
1) Organ donors can register on the Hayat app, run by the Ministry of Health and Prevention
2) There are about 11,000 patients in the country in need of organ transplants
3) People must be over 21. Emiratis and residents can register.
4) The campaign uses the hashtag #donate_hope
Avatar: Fire and Ash
Director: James Cameron
Starring: Sam Worthington, Sigourney Weaver, Zoe Saldana
Rating: 4.5/5
Company%20Profile
%3Cp%3E%3Cstrong%3EName%3A%3C%2Fstrong%3E%20HyveGeo%3Cbr%3E%3Cstrong%3EStarted%3A%3C%2Fstrong%3E%202023%3Cbr%3E%3Cstrong%3EFounders%3A%3C%2Fstrong%3E%20Abdulaziz%20bin%20Redha%2C%20Dr%20Samsurin%20Welch%2C%20Eva%20Morales%20and%20Dr%20Harjit%20Singh%3Cbr%3E%3Cstrong%3EBased%3A%20%3C%2Fstrong%3ECambridge%20and%20Dubai%3Cbr%3E%3Cstrong%3ENumber%20of%20employees%3A%3C%2Fstrong%3E%208%3Cbr%3E%3Cstrong%3EIndustry%3A%20%3C%2Fstrong%3ESustainability%20%26amp%3B%20Environment%3Cbr%3E%3Cstrong%3EFunding%3A%20%3C%2Fstrong%3E%24200%2C000%20plus%20undisclosed%20grant%3Cbr%3E%3Cstrong%3EInvestors%3A%20%3C%2Fstrong%3EVenture%20capital%20and%20government%3C%2Fp%3E%0A
If you go
The flights
Return flights from Dubai to Santiago, via Sao Paolo cost from Dh5,295 with Emirates.
The trip
A five-day trip (not including two days of flight travel) was split between Santiago and in Puerto Varas, with more time spent in the later where excursions were organised by TurisTour.
When to go
The summer months, from December to February are best though there is beauty in each season