UAE law enforcement officials have called for stricter penalties, new legislation and more tech training for their officers to fight a rise in cyber attacks as criminals use innovative ways to steal data and exploit victims.
Lt Gen Dhahi Khalfan Tamim, deputy chief of police and public security in Dubai, said it's crucial for legal amendments to address the rapid evolution of non-traditional electronic crimes, using AI and deepfakes.
Speaking at the 'Future Crimes and the Role of Cybersecurity in the Age of the Fourth Industrial Revolution' seminar held at Dubai Police Officers Club on Thursday, he stressed how criminals are using “artificial intelligence to steal data, attack critical infrastructure and carry out cyber espionage”.
Such acts “knows no physical or geographical boundaries”, he added.
Mohammed Hamad Al Kuwaiti, head of UAE Cybersecurity Council, also backed the call for stricter penalties.
While the UAE cyber law is among the best globally, chief prosecutor for electronic crimes at Dubai Prosecution, Khaled Al Junaibi, stressed that “continuous updates are necessary”.
“It is essential to establish specialised courts with dedicated prosecutors to handle these types of cases,” he added.
Mr Al Kuwaiti said there are 50,000 daily attacks in the UAE, with “75 per cent of cyber threats involving extortion” and “49 per cent of institutions facing ransomware attacks”.
“In the first quarter of this year alone, we thwarted 71 million attacks in the UAE,” he added.
Specialised training for officers
Extensive training of “police officers handling electronic cases, prosecutors and also judges” is also vital to keep tech-savy criminals at bay, highlighted Lt Gen Tamim.
Conducting “intensive courses and workshops” by experts in the field of cyber security and technology will help “ensure a comprehensive understanding of the issues like deepfakes and ransomware”.
The senior officer said there is a need to leverage what UAE educational institutions, especially those that specialise in AI, have to offer.
It would help if students who are specialising in the field of AI can team up with us and share their insights to help “devise innovative security solutions” to fight cyber crime.
Lt Gen Tamim emphasised the need to be armed with “well-studied plans that are continuously updated to keep pace with developments”.
Globally, Mr Al Kuwaiti said the “total projected losses due to cyber attacks by 2025 will touch $10.5 trillion, with ransomware losses alone expected to reach $265 billion by 2031 “.
“In 2021, the global cost of data breaches was around $4.45 billion, with 64 per cent of institutions worldwide experiencing cyber security incidents that year.”
Criminals target critical infrastructure such as power and communication networks, and the banking sector, with institutions facing a ransomware attack every 11 seconds.
“These attacks include personal data and identity theft, financial fraud, social security number theft, home addresses and financial information,” Mr Al Kuwaiti said, adding that “other attacks involve using chatbots to spread misinformation to manipulate elections, promote violence and social instability”.
Company%20profile
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The specs: 2018 Nissan Altima
Price, base / as tested: Dh78,000 / Dh97,650
Engine: 2.5-litre in-line four-cylinder
Power: 182hp @ 6,000rpm
Torque: 244Nm @ 4,000rpm
Transmission: Continuously variable tranmission
Fuel consumption, combined: 7.6L / 100km
Results
5pm: Al Maha Stables – Maiden (PA) Dh80,000 (Turf) 1,600m; Winner: Reem Baynounah, Fernando Jara (jockey), Mohamed Daggash (trainer)
5.30pm: Wathba Stallions Cup – Maiden (PA) Dh70,000 (T) 1,600m; Winner: AF Afham, Tadhg O’Shea, Ernst Oertel
6pm: Emirates Fillies Classic – Prestige (PA) Dh100,000 (T) 1,600m; Winner: Ghallieah, Sebastien Martino, Jean-Claude Pecout
6.30pm: Emirates Colts Classic – Prestige (PA) Dh100,000 (T) 1,600m; Winner: Yas Xmnsor, Saif Al Balushi, Khalifa Al Neyadi
7pm: The President’s Cup – Group 1 (PA) Dh2,500,000 (T) 2,200m; Winner: Somoud, Adrie de Vries, Jean de Roualle
7.30pm: The President’s Cup – Listed (TB) Dh380,000 (T) 1,400m; Winner: Haqeeqy, Dane O’Neill, John Hyde.
David Haye record
Total fights: 32
Wins: 28
Wins by KO: 26
Losses: 4
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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.”
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