Experts see cybercrime causing $10.5trn in annual damages by 2025

Dubai|| Ransomware, crypto crime and risks associated with Generative AI are some of the key threats that Chief Information Security Officers (CISOs) and security professionals need to tackle in the digital era.

This is because the world’s leading cybersecurity experts who convened at GITEX GLOBAL 2023 in Dubai to address the urgent challenges of cybercrime, projected it to cause $10.5 trillion in annual damages by 2025.

Mohamed Al-Kuwaiti, Head of Cybersecurity, UAE Government, gave a keynote address at GITEX GLOBAL, highlighting how digital transformation across all sectors in the UAE has made it a catalyst for improved collaboration. Al-Kuwaiti also highlighted UAE’s Cybersecurity Council’s work across the UAE and how it collaborates with partners to protect and defend people and organizations against threats. “We strive to continuously innovate and form partnerships with entities, nations, and governments. Our vision is to create a great place to collaborate, work, and serve the entire world,” he added.

At the event, Huawei is demonstrating its leading-edge cybersecurity capabilities and solutions to address the evolving threats faced by organisations and nations hopping onto the digital transformation bandwagon.

Aloysius Cheang, Chief Security Officer, Huawei Middle East & Central Asia, highlighted some cybersecurity risks associated with the rapidly advancing AI industry. “While generative AI can enhance cyber security, it can also introduce potential vulnerabilities and risks. There is a need for businesses, governments, and society to proactively address the possible risks, regulate the ethical use of generative AI in cybersecurity, and establish robust governance frameworks.”

Aloysius advocated for greater collaboration and information-sharing among organisations to combat cyber threats effectively. “We must pivot and focus our efforts on building Data Security Governance and adopting the ‘follow the data’ model as an abstraction to address any new technology that comes our way, whether it be cloud or AI.”

Read also: Cybercrime networks under fire as Trend Micro, Interpol co-operate to fight scourge

A panel discussion titled “Cybersecurity at the Heart of Digital Transformation” featured Mohamed Al-Kuwaiti along with Amer Sharaf, Executive Director of Cyber Security Systems and Services Sector, Dubai Electronics Security Centre, Nathan Swain, former Senior Security Advisor to the U.K. Government, His Excellency Pengiran Dato Shamhary Mustapha, Minister of Transport and Infocummunications, Brunei and Hon. Ousman Bah, Minister of Communications and Digital Economy, Gambia. The panellists shared their insights on balancing security and innovation in the digital age. Together, they collectively emphasised the importance of collaboration with both public and private entities, underscoring the need to sustain investments in cybersecurity.

GITEX GLOBAL 2023 marked the global debut of the year’s most anticipated cybersecurity showcase, GITEX Cyber Valley, hosted by the UAE Cybersecurity Council. The Cyber Valley hosts various hackathons with over 500 white hackers participating across five challenges to solve global tech issues. Cyber Valley participants can also explore X-Labs Security, a cutting-edge platform for technical talks and the latest product demos.

GITEX GLOBAL and Expand North Star comprise a combined 41 halls spanning 2.7 million sq. ft of exhibition space, a 40percent growth year-on-year attracting 1,800 start-ups across the two mega-events. GITEX GLOBAL and Expand North Star converge the best minds and most visionary companies to scrutinise, challenge, define, and empower the digital agendas of the world.

Leading cybersecurity organisations including Huawei, Netscout, ESET, Kaspersky, Norton, Palo Alto, Fortinet, and more, are exhibiting at GITEX GLOBAL to showcase how their solutions are helping organisations protect their most precious assets.

Autonomy is advancing at a remarkable pace, with the power to redefine mobility. Today, the Advanced Technology Research Council (ATRC) unveiled the Super Formula Dallara model at GITEX ahead of the first autonomous race at the Abu Dhabi F1 track in April 2024.

Tom McCarthy, Executive Director of ASPIRE, the technology transition arm of ATRC, said, “The Dallara Super Formula car has been adapted with an autonomy stack, allowing the vehicle to perceive its environment and race autonomously at the Abu Dhabi Yas Marina Circuit. A2RL marks a significant milestone for Abu Dhabi and the wider UAE, setting the stage for disruptive innovations in mobility through extreme sports.”