The Middle East, home to some of the fastest growing economies in the world, has made strides in technology adoption but is still vulnerable to cyber attacks, according to experts.
The level of protection against external attackers was assessed extremely low for 43 per cent of companies, which may facilitate a rise in attacks, according to a report released by Kaspersky Lab based in Moscow. The survey, which evaluates data collected from Middle East enterprises until the end of 2017, revealed that three-quarters (73 per cent) of successful perimeter breaches were achieved by penetrating vulnerable web applications.
"Qualitative implementation of simple security measures like network filtering and password policy would significantly increase the security stance," said Sergey Okhotin, a senior security analyst of security services at Kaspersky Lab.
The high incidence of cyber attacks in the region is creating a boom in the cybersecurity industry, which is worth $11.4 billion (Dh42bn), and is expected to double in size by 2022, according to consultants Fircroft.
The danger of these attacks were highlighted in several high-profile incidents in the region. The Shamoon virus that first appeared in Saudi Arabia in 2012 crippled 35,000 computers at Saudi Aramco, the world's biggest oil producing company.
The same year, a virus was also found in the computer network of Qatar's RasGas, a producer of liquefied natural gas.
Cyber attacks in 48 per cent of the Middle East and Africa companies resulted in damage of more than $500,000, while 58 per cent of the businesses had to manage an outage of more than five hours due to a breach, according to the Cisco 2018 Security Capabilities Benchmark Study.
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Time to start future-proofing your job prospects
UAE tops Arab world in competitiveness
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There were 1.7 billion ransomware attacks detected globally in the first quarter of 2018, according to Trend Micro, a Japanese multinational cyber security and defence company. Out of these, 2.4 million were in the UAE, followed by Kuwait and Bahrain with 1.9 million and 1.2 million respectively.
One reason for the higher number of attacks in the UAE is the continued use of password-only authentication.
At a time when security professionals are recommending next-generation identity-management techniques such as facial recognition and biometric identification, just over 80 per cent of large Gulf enterprises still use usernames and passwords as the exclusive means of log-in, according to Microsoft's 2018 Digital Transformation survey.
“The findings clearly show that many of the region’s enterprises have a long way to go to create secure environments for their customers, employees and their intellectual property,” said Mohammed Arif, regional director of modern workplace and security at Microsoft Gulf.
Cyber criminals prowling the web plundered almost Dh4bn from victims in the UAE in 2017, according to security experts. More than half of the adult population in the UAE fell victim to cybercrime in 2017, with the latest Norton Cyber Security Insights Report revealing each lost an average of Dh669.
According to cyber experts, in the coming months, there could be a surge in the number of crypto-jacking (the unauthorised use of someone else's computer to mine cryptocurrency) attempts and malware attacks in the Middle East. Besides, the region's Operational Technology ecosystem will be more prone to cyber attacks.
"OT environments in the region such as oil and gas and utilities industries will be more at risk with the rise in sophisticated cyber attacks," said Kalle Bjorn, a director of systems engineering at cybersecurity software developer Fortinet in Dubai. "Cyber criminals are becoming smarter and faster in how they leverage exploits to their advantage, and organisations in the Middle East are at high risk of being targeted."
There is also a growing concern about data security among regional organisations.
“As per the Gartner study, by 2022, cyber security rating of an enterprise will be equally important as credit rating. Therefore, it becomes very essential to safeguard your (enterprises’) data from cyber criminals,” said Samina Rizwan, senior director of business analytics and big data for MEA at Oracle.
RESULTS
5pm Wathba Stallions Cup Maiden (PA) Dh70,000 (Dirt) 1,400m
Winner Munfared, Fernando Jara (jockey), Ahmed Al Mehairbi (trainer)
5.30pm Handicap (PA) Dh70,000 (D) 1,600m
Winner Sawt Assalam, Szczepan Mazur, Ibrahim Al Hadhrami
6pm Maiden (PA) Dh70,000 (D) 1,800m
Winner Dergham Athbah, Pat Dobbs, Mohamed Daggash
6.30pm Handicap (PA) Dh70,000 (D) 1,800m
Winner Rajee, Fernando Jara, Majed Al Jahouri
7pm Conditions (PA) Dh80,000 (D) 1,800m
Winner Kerless Del Roc, Fernando Jara, Ahmed Al Mehairbi
7.30pm Handicap (TB) Dh70,000 (D) 2,000m
Winner Pharoah King, Pat Dobbs, Doug Watson
8pm Conditions (PA) Dh85,000 (D) 2,000m
Winner Sauternes Al Maury, Dane O’Neill, Doug Watson
What are NFTs?
Are non-fungible tokens a currency, asset, or a licensing instrument? Arnab Das, global market strategist EMEA at Invesco, says they are mix of all of three.
You can buy, hold and use NFTs just like US dollars and Bitcoins. “They can appreciate in value and even produce cash flows.”
However, while money is fungible, NFTs are not. “One Bitcoin, dollar, euro or dirham is largely indistinguishable from the next. Nothing ties a dollar bill to a particular owner, for example. Nor does it tie you to to any goods, services or assets you bought with that currency. In contrast, NFTs confer specific ownership,” Mr Das says.
This makes NFTs closer to a piece of intellectual property such as a work of art or licence, as you can claim royalties or profit by exchanging it at a higher value later, Mr Das says. “They could provide a sustainable income stream.”
This income will depend on future demand and use, which makes NFTs difficult to value. “However, there is a credible use case for many forms of intellectual property, notably art, songs, videos,” Mr Das says.
How to avoid crypto fraud
- Use unique usernames and passwords while enabling multi-factor authentication.
- Use an offline private key, a physical device that requires manual activation, whenever you access your wallet.
- Avoid suspicious social media ads promoting fraudulent schemes.
- Only invest in crypto projects that you fully understand.
- Critically assess whether a project’s promises or returns seem too good to be true.
- Only use reputable platforms that have a track record of strong regulatory compliance.
- Store funds in hardware wallets as opposed to online exchanges.
TEACHERS' PAY - WHAT YOU NEED TO KNOW
Pay varies significantly depending on the school, its rating and the curriculum. Here's a rough guide as of January 2021:
- top end schools tend to pay Dh16,000-17,000 a month - plus a monthly housing allowance of up to Dh6,000. These tend to be British curriculum schools rated 'outstanding' or 'very good', followed by American schools
- average salary across curriculums and skill levels is about Dh10,000, recruiters say
- it is becoming more common for schools to provide accommodation, sometimes in an apartment block with other teachers, rather than hand teachers a cash housing allowance
- some strong performing schools have cut back on salaries since the pandemic began, sometimes offering Dh16,000 including the housing allowance, which reflects the slump in rental costs, and sheer demand for jobs
- maths and science teachers are most in demand and some schools will pay up to Dh3,000 more than other teachers in recognition of their technical skills
- at the other end of the market, teachers in some Indian schools, where fees are lower and competition among applicants is intense, can be paid as low as Dh3,000 per month
- in Indian schools, it has also become common for teachers to share residential accommodation, living in a block with colleagues
UAE currency: the story behind the money in your pockets
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
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Fanney Khan
Producer: T-Series, Anil Kapoor Productions, ROMP, Prerna Arora
Director: Atul Manjrekar
Cast: Anil Kapoor, Aishwarya Rai, Rajkummar Rao, Pihu Sand
Rating: 2/5
SPEC%20SHEET%3A%20SAMSUNG%20GALAXY%20S23%20ULTRA
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UAE currency: the story behind the money in your pockets
THE%20FLASH
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Profile of Bitex UAE
Date of launch: November 2018
Founder: Monark Modi
Based: Business Bay, Dubai
Sector: Financial services
Size: Eight employees
Investors: Self-funded to date with $1m of personal savings
liverpool youngsters
Ki-Jana Hoever
The only one of this squad to have scored for Liverpool, the versatile Dutchman impressed on his debut at Wolves in January. He can play right-back, centre-back or in midfield.
Herbie Kane
Not the most prominent H Kane in English football but a 21-year-old Bristolian who had a fine season on loan at Doncaster last year. He is an all-action midfielder.
Luis Longstaff
Signed from Newcastle but no relation to United’s brothers Sean and Matty, Luis is a winger. An England Under-16 international, he helped Liverpool win the FA Youth Cup last season.
Yasser Larouci
An 18-year-old Algerian-born winger who can also play as a left-back, Larouci did well on Liverpool’s pre-season tour until an awful tackle by a Sevilla player injured him.
Adam Lewis
Steven Gerrard is a fan of his fellow Scouser, who has been on Liverpool’s books since he was in the Under-6s, Lewis was a midfielder, but has been converted into a left-back.
Company%C2%A0profile
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The Dictionary of Animal Languages
Heidi Sopinka
Scribe
Things Heard & Seen
Directed by: Shari Springer Berman, Robert Pulcini
Starring: Amanda Seyfried, James Norton
2/5
The%20specs
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Ticket prices
- Golden circle - Dh995
- Floor Standing - Dh495
- Lower Bowl Platinum - Dh95
- Lower Bowl premium - Dh795
- Lower Bowl Plus - Dh695
- Lower Bowl Standard- Dh595
- Upper Bowl Premium - Dh395
- Upper Bowl standard - Dh295
Brief scores:
QPR 0
Watford 1
Capoue 45' 1
More from UAE Human Development Report:
STAY%2C%20DAUGHTER
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Our family matters legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
Infiniti QX80 specs
Engine: twin-turbocharged 3.5-liter V6
Power: 450hp
Torque: 700Nm
Price: From Dh450,000, Autograph model from Dh510,000
Available: Now
PROFILE OF HALAN
Started: November 2017
Founders: Mounir Nakhla, Ahmed Mohsen and Mohamed Aboulnaga
Based: Cairo, Egypt
Sector: transport and logistics
Size: 150 employees
Investment: approximately $8 million
Investors include: Singapore’s Battery Road Digital Holdings, Egypt’s Algebra Ventures, Uber co-founder and former CTO Oscar Salazar
MATCH INFO
Uefa Champions League semi-final, first leg
Bayern Munich v Real Madrid
When: April 25, 10.45pm kick-off (UAE)
Where: Allianz Arena, Munich
Live: BeIN Sports HD
Second leg: May 1, Santiago Bernabeu, Madrid