People should consider obtaining personal insurance to protect against online scams, experts say.
They are warning that a rise in the amount of fake emails, bogus calls and duplicitous text messages aimed at tricking people into divulging personal details, stealing their money and even their identities warrants such measures.
The UAE's Etisalat is the latest company to offer personal cyber crime insurance to safeguard against online banking fraud, credit card scams, loss of internet purchases, cyber extortion and identity theft.
The policies offered by Etisalat for personal insurance start from Dh63 for a single device, which covers a potential payout of $5,000 if funds are stolen.
Etisalat customers can purchase cyber crime insurance from the provider's website. A policy can usually be set up directly on the website by sharing contact details and providing photo identification, such as an Emirates ID.
Few companies are willing to cover personal losses
Morey Haber,
chief security officer, BeyondTrust
Cyber crime is a broad term and includes everything from financial theft to data breaches. The rise of remote working and rapid digital transformation because of the Covid-19 pandemic resulted in an increase in cyber crime globally, experts say.
“The demand for insurance against cyber threats has grown over the past five years,” said Vitaliy Trifonov, creative technical director for cyber security company Group-IB.
“As the number of cyber threats increases, many individuals will prefer not to devote their time to self-protection, thus creating a growing need for simpler and more accessible solutions. This is precisely where personal insurance will play a crucial role.
“While it may not become as ubiquitous as car insurance, it is possible that certain types of financial transactions or services could eventually require proof of cyber crime insurance to mitigate risk for both customers and financial institutions.”
Surge in threats facing the public
In the UAE, 64 per cent of businesses suffered at least one ransomware attack last year, a report by US-based cyber security company Proofpoint said.
Ransomware attacks involve stealing files and demanding money to release them. Also this year, the Telecommunications and Digital Government Regulatory Authority, warned the UAE public about cyber criminals sending messages that appeared to be from reputable courier companies.
The fraudsters then dupe unsuspecting people to hand over money. Research in 2021 by UK technology website Comparitech estimated that UAE residents lose $746 million a year to cybercrime.
The amount of cyber threats on individuals is only going to increase in the coming years, said another expert.
“I expect to see an increase in personal cyber security related incidents that will target the identity of the individual and their financial posture,” said Morey Haber, chief security officer, with cyber firm BeyondTrust.
“These attacks will most likely be conducted using social engineering such as email, text messages, and phone calls or malware in rogue applications, that compromise a user’s assets and maliciously influence social media or directly conduct financial thefts through banking or online purchasing.”
Mr Haber said users of crypto currencies are at a heightened risk for these attacks and it is not clear whether cyber insurance would cover attacks against digital wallets or not unless provided by a regulated bank.
He said US-based NortonLifeLock was an example of how companies can offer insurance against cyber theft. That model offers to monitor your personal identity, internet use and banking activity, and pinpoints possible threats.
“But few [companies] are willing to cover personal losses,” he said.
“This alone creates a market that Etisalat is willing to provide coverage for, and may be driven by the frequency of cybercrimes targeting mobile devices for exploitation.”
Mr Haber said personal cyber insurance is likely to pay out for losses associated with fictitious online banking charges, credit card theft as well as purchases through the internet using payment services, such as PayPal or Venmo.
“End users should consider purchasing a personal cyber insurance policy, or a personal identity threat-monitoring service, that provides coverage, if they are worried about electronic identity theft that can have a financial impact,” said Mr Haber.
Who would benefit from cybercrime insurance?
Mr Haber said those who might benefit from such insurance include people who travel frequently and use foreign mobile phone carriers and Wi-Fi networks that could be compromised; those with multiple credit cards and financial investments that are not monitored weekly; people who use credit cards for purchasing online merchandise locally or from foreign locations; and those who have properties locally or abroad that could be a victim of title deed theft.
However it is not simply a case of paying out for insurance and then relaxing. Mr Trifonov cautioned people would still need to remain on guard because often people do not use proper security measures or send money to manipulative fraudsters voluntarily.
“The policy may not pay out if the insured person fails to follow reasonable security practices or if the loss is caused by the policyholder’s deliberate actions,” he said.
“This may reduce the appeal of this type of insurance.”
UAE currency: the story behind the money in your pockets
UAE currency: the story behind the money in your pockets
If you go
Where to stay: Courtyard by Marriott Titusville Kennedy Space Centre has unparalleled views of the Indian River. Alligators can be spotted from hotel room balconies, as can several rocket launch sites. The hotel also boasts cool space-themed decor.
When to go: Florida is best experienced during the winter months, from November to May, before the humidity kicks in.
How to get there: Emirates currently flies from Dubai to Orlando five times a week.
Who's who in Yemen conflict
Houthis: Iran-backed rebels who occupy Sanaa and run unrecognised government
Yemeni government: Exiled government in Aden led by eight-member Presidential Leadership Council
Southern Transitional Council: Faction in Yemeni government that seeks autonomy for the south
Habrish 'rebels': Tribal-backed forces feuding with STC over control of oil in government territory
25%20Days%20to%20Aden
%3Cp%3EAuthor%3A%20Michael%20Knights%3C%2Fp%3E%0A%3Cp%3EPages%3A%20256%3C%2Fp%3E%0A%3Cp%3EAvailable%3A%20January%2026%3C%2Fp%3E%0A
Ten tax points to be aware of in 2026
1. Domestic VAT refund amendments: request your refund within five years
If a business does not apply for the refund on time, they lose their credit.
2. E-invoicing in the UAE
Businesses should continue preparing for the implementation of e-invoicing in the UAE, with 2026 a preparation and transition period ahead of phased mandatory adoption.
3. More tax audits
Tax authorities are increasingly using data already available across multiple filings to identify audit risks.
4. More beneficial VAT and excise tax penalty regime
Tax disputes are expected to become more frequent and more structured, with clearer administrative objection and appeal processes. The UAE has adopted a new penalty regime for VAT and excise disputes, which now mirrors the penalty regime for corporate tax.
5. Greater emphasis on statutory audit
There is a greater need for the accuracy of financial statements. The International Financial Reporting Standards standards need to be strictly adhered to and, as a result, the quality of the audits will need to increase.
6. Further transfer pricing enforcement
Transfer pricing enforcement, which refers to the practice of establishing prices for internal transactions between related entities, is expected to broaden in scope. The UAE will shortly open the possibility to negotiate advance pricing agreements, or essentially rulings for transfer pricing purposes.
7. Limited time periods for audits
Recent amendments also introduce a default five-year limitation period for tax audits and assessments, subject to specific statutory exceptions. While the standard audit and assessment period is five years, this may be extended to up to 15 years in cases involving fraud or tax evasion.
8. Pillar 2 implementation
Many multinational groups will begin to feel the practical effect of the Domestic Minimum Top-Up Tax (DMTT), the UAE's implementation of the OECD’s global minimum tax under Pillar 2. While the rules apply for financial years starting on or after January 1, 2025, it is 2026 that marks the transition to an operational phase.
9. Reduced compliance obligations for imported goods and services
Businesses that apply the reverse-charge mechanism for VAT purposes in the UAE may benefit from reduced compliance obligations.
10. Substance and CbC reporting focus
Tax authorities are expected to continue strengthening the enforcement of economic substance and Country-by-Country (CbC) reporting frameworks. In the UAE, these regimes are increasingly being used as risk-assessment tools, providing tax authorities with a comprehensive view of multinational groups’ global footprints and enabling them to assess whether profits are aligned with real economic activity.
Contributed by Thomas Vanhee and Hend Rashwan, Aurifer
Know your camel milk:
Flavour: Similar to goat’s milk, although less pungent. Vaguely sweet with a subtle, salty aftertaste.
Texture: Smooth and creamy, with a slightly thinner consistency than cow’s milk.
Use it: In your morning coffee, to add flavour to homemade ice cream and milk-heavy desserts, smoothies, spiced camel-milk hot chocolate.
Goes well with: chocolate and caramel, saffron, cardamom and cloves. Also works well with honey and dates.
EA Sports FC 26
Publisher: EA Sports
Consoles: PC, PlayStation 4/5, Xbox Series X/S
Rating: 3/5
Five hymns the crowds can join in
Papal Mass will begin at 10.30am at the Zayed Sports City Stadium on Tuesday
Some 17 hymns will be sung by a 120-strong UAE choir
Five hymns will be rehearsed with crowds on Tuesday morning before the Pope arrives at stadium
‘Christ be our Light’ as the entrance song
‘All that I am’ for the offertory or during the symbolic offering of gifts at the altar
‘Make me a Channel of your Peace’ and ‘Soul of my Saviour’ for the communion
‘Tell out my Soul’ as the final hymn after the blessings from the Pope
The choir will also sing the hymn ‘Legions of Heaven’ in Arabic as ‘Assakiroo Sama’
There are 15 Arabic speakers from Syria, Lebanon and Jordan in the choir that comprises residents from the Philippines, India, France, Italy, America, Netherlands, Armenia and Indonesia
The choir will be accompanied by a brass ensemble and an organ
They will practice for the first time at the stadium on the eve of the public mass on Monday evening
Email sent to Uber team from chief executive Dara Khosrowshahi
From: Dara
To: Team@
Date: March 25, 2019 at 11:45pm PT
Subj: Accelerating in the Middle East
Five years ago, Uber launched in the Middle East. It was the start of an incredible journey, with millions of riders and drivers finding new ways to move and work in a dynamic region that’s become so important to Uber. Now Pakistan is one of our fastest-growing markets in the world, women are driving with Uber across Saudi Arabia, and we chose Cairo to launch our first Uber Bus product late last year.
Today we are taking the next step in this journey—well, it’s more like a leap, and a big one: in a few minutes, we’ll announce that we’ve agreed to acquire Careem. Importantly, we intend to operate Careem independently, under the leadership of co-founder and current CEO Mudassir Sheikha. I’ve gotten to know both co-founders, Mudassir and Magnus Olsson, and what they have built is truly extraordinary. They are first-class entrepreneurs who share our platform vision and, like us, have launched a wide range of products—from digital payments to food delivery—to serve consumers.
I expect many of you will ask how we arrived at this structure, meaning allowing Careem to maintain an independent brand and operate separately. After careful consideration, we decided that this framework has the advantage of letting us build new products and try new ideas across not one, but two, strong brands, with strong operators within each. Over time, by integrating parts of our networks, we can operate more efficiently, achieve even lower wait times, expand new products like high-capacity vehicles and payments, and quicken the already remarkable pace of innovation in the region.
This acquisition is subject to regulatory approval in various countries, which we don’t expect before Q1 2020. Until then, nothing changes. And since both companies will continue to largely operate separately after the acquisition, very little will change in either teams’ day-to-day operations post-close. Today’s news is a testament to the incredible business our team has worked so hard to build.
It’s a great day for the Middle East, for the region’s thriving tech sector, for Careem, and for Uber.
Uber on,
Dara
BUNDESLIGA FIXTURES
Saturday, May 16 (kick-offs UAE time)
Borussia Dortmund v Schalke (4.30pm)
RB Leipzig v Freiburg (4.30pm)
Hoffenheim v Hertha Berlin (4.30pm)
Fortuna Dusseldorf v Paderborn (4.30pm)
Augsburg v Wolfsburg (4.30pm)
Eintracht Frankfurt v Borussia Monchengladbach (7.30pm)
Sunday, May 17
Cologne v Mainz (4.30pm),
Union Berlin v Bayern Munich (7pm)
Monday, May 18
Werder Bremen v Bayer Leverkusen (9.30pm)
