For the United Arab Emirates (UAE), an aggressive push for a more digitalized economy has generated much interest and subsequent investment, but also made it a prime candidate for relentless cyberattacks.
With almost 50,000 cyberattacks would be thwarted dailyThe UAE has spent the last year strengthening its digital frontiers and leveraging key partnerships to stay ahead of attackers.
Hit the banks
The financial sector is a prime candidate for cyberattacks around the world, and in 2023 the UAE has reached out to other countries to help strengthen their defenses in this sector. In particular, his partnership with the US Treasury Department allows both countries to share the latest cybersecurity threats affecting the financial services sector and develop a contingency plan accordingly.
Similar security partnerships with Morocco and Chad have also been established, further strengthening digital ties between the countries. Dubai, in particular, has ambitious plans to become the world leader in artificial intelligence (AI) by 2031 – a feat that brings many digital opportunities and risks.
But security is a priority for the UAE, which is working hard to put effective policies and systems in place to minimize cyberattacks. Dr Mohamed Al Koweiti, head of cybersecurity for the UAE government, has been a leading advocate for bringing more skilled cybersecurity talent to the country, particularly in the area of AI. In a white paper published with CPX HoldingAl Kuwaiti highlighted the dramatic growth that AI has seen in 2023 and how AI is poised to become an essential tool – for both defense and attack – in the country’s security landscape.
Transformative technologies
In fact, AI has been a hot topic this year in various Middle Eastern countries, with generative AI (GenAI) in particular which is the most promising. The GenAI industry should exist $23.5 billion per year by 2030 in the Arab Gulf region, according to Strategy&, while research from Gartner found that 45% of executives are testing GenAI.
With this kind of financial outlook at stake, countries are aggressively moving forward with AI projects in a variety of uses, from data analysis and threat detection to customer service. Sujoy Banerjee, Managing Partner of ManageEngine, echoes the importance of AI in the region and how the UAE was one of the first to realize its true potential.
“2023 has been a transformative year in the UAE, with emerging technologies such as AI and ML gaining a foothold and taking the lead, especially on the cybersecurity front,” Banerjee said. “Businesses in the Middle East have recognized its value and must adopt these emerging technologies in order to unlock their business potential, which also helps improve their productivity, security, efficiency, competitive advantage, as well as meet the needs changing customers. “
The takeaway from 2023 for the UAE is that with AI adoption, risks and returns are equal. Cybercriminals are increasingly using AI tools for identity theft, generating phishing emails impersonating relatives, friends or colleagues in order to steal information.
Chester Wisniewski, global chief technology officer at Sophos, says the threat landscape of 2024 will look a lot like that of 2023, but hackers will have more effective ways to penetrate networks, either by exploiting vulnerabilities in zero day, or using stolen credentials to access victims. networks.
Experts say that while AI adoption is a good talking point for the UAE in 2024, the country still needs to close a persistent technology gap that exists in many organizations. Whether it’s outdated systems still running or a lack of qualified professionals fluent in new technologies, most organizations could have avoided a critical cyberattack if these issues had been addressed.
“Trellix”The Mind of the CISO: Behind the Breach“The report shows the damage this technology gap can cause: almost 64% of respondents in the UAE said an attack was missed either due to a lack of resources or a lack of skills to manage a complex incident in a timely manner.
