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DAVOS: The risk of catastrophic cyberattacks is soaring because of geopolitical instability, according to a report launched at the World Economic Forum’s annual meeting in Davos on Wednesday.
More than 93 percent of cybersecurity experts and 86 percent of business leaders, who were interviewed for the report, believe that “a far-reaching, catastrophic cyber event is likely in the next two years,” and that there is a critical skills gap threatening societies and key infrastructure.
The “Global Cybersecurity Outlook 2023” report is based on polls, workshops and interviews with more than 300 experts and senior executives. Half of the companies surveyed said the current landscape is making them reevaluate the countries in which they do business.
Despite challenges, organizations are improving cyber resilience, one of the key priorities of the WEF’s Centre for Cybersecurity.
The report said that awareness and preparation would help organizations balance the value of new technology against the cyber risk that comes with it.
It highlighted the need to address the shortage of talent and skilled experts. A significant 34 percent of cybersecurity experts said they lacked some skills in their team, while 14 percent said they lacked critical skills.
The problem is more pronounced in key sectors such as energy utilities, where nearly 25 percent of the cybersecurity experts surveyed said they lacked the necessary critical skills to protect their organizations’ operations.
Expanding the cybersecurity talent pool is needed to solve this problem, according to “Global Cybersecurity Outlook 2023,” which was written in collaboration with Accenture.
Several successful cybersecurity skills programs are underway around the world, but many have difficulty scaling to large numbers. Greater cross-industry collaboration and public-private partnerships are needed to overcome this challenge.
Geopolitics is reshaping the legal, regulatory and technological environment. “As global instability increases cyber risk, this report calls for a renewed focus on cooperation,” Jeremy Jurgens, managing director of the WEF, said.
“All stakeholders from public and private sectors who are responsible for our common digital infrastructure must work together to build security, resilience and trust.”
A WEF news release that accompanied the launch of “Global Cybersecurity Outlook 2023” highlighted the views of leading industry figures on a range of topics.
“The research shows that business leaders are now more aware of their organizations’ cyber risks. However, there is the need to go further to assessing and translating the business risk into actionable next steps across the entire organization,” Paolo Dal Cin, global lead of Accenture Security, said.
“Long-term cyber resilience requires a closely coordinated team effort across the C-suite to gain a clearer view of the cyber risks so security can be embedded in all strategic business priorities and protect the digital core. As our digitally connected world expands, now is the time to build cyber resilient businesses for customers, employees and supply chain partners.”
Commenting on the skills gap, Ken Xie, chairman of the board and CEO of Fortinet, said: “The threat landscape continues to expand and evolve with cyber adversaries targeting organizations of all sizes, locations and industries around the world.
“The disruption of operations or services and the compromise of data due to cyberattacks against the backdrop of a global skills gap places every individual, organization and even nation at risk. When we work together to encourage best practices we see greater progress in the fight against cybercrime.
“Shared data and trusted global partnerships can enable more effective responses and better predict future attack strategies to deter adversary efforts.”
Leaders are now more likely than one year ago to see data privacy laws and cybersecurity regulations as an effective tool for reducing cyber risks across a sector. But speed is clearly an issue.
On the question of regulation, Hoda Al-Khzaimi, director of the Center for Cybersecurity and founder and director of Emartsec at New York University, Abu Dhabi, said: “Standardization can take 18 months but a cyberattack takes seconds. The speed at which emerging technologies are implemented often outpaces our ability to build security measures around them. We need to go beyond simple compliance with regulations if organizations are to be cyber-resilient.”
Underscoring the importance of investing in cybersecurity, Nikesh Arora, CEO and chairman of Palo Alto Networks, said: “Cyberattackers don’t rest with macro-economic challenges, they double down on them. There is no path to success that is not heavily driven by AI and automation.
“As companies accelerate their digital transformation journeys, the time for reimagining and investing in cybersecurity architectures — intelligent platforms — is now. Boards and the C-suite must embrace a strategy whereby cybersecurity is deeply embedded across the enterprise from operations to innovation. Only then will organizations be able to create a state of resilience that enables, not inhibits, their strategic business outcomes.”
A lingering, vexing challenge is how to price cybersecurity, according to the “Global Cybersecurity Outlook 2023” report. It quoted one survey respondent as saying: “Board members are interested in risk, opportunities and investment in cost.
“We need to better respond to the question(s), What is the return? How do I know this is a good investment across the myriad of things that I could potentially be invested in? How can we improve at making effective metrics to help boards make better-informed decisions?”
Cybersecurity is also influencing strategic business decisions, with 50 percent of participants in the research saying that it was a consideration when they evaluated which countries in which to invest and do business.
Compared with last year, the report found that board-level executives are more likely to prioritize cyber risk and are more aware of their own role in addressing it. This has led to increased interaction with cybersecurity leaders, “cyber leaders, business leaders and boards of directors are now communicating more directly and more often.” The bad news is that they “continue to speak different languages.”
All too often, according to the report, when security and business leaders discuss cybersecurity, the rapidly evolving contours of cyber risks get lost in translation. Chief information security officers may fail to convey the complex data they have gathered — on risk points, threat actors, mapping of criminal campaigns — into an accessible story that results in specific mitigating actions in their organizations.
Instead, they need to tell stories that align with their corporate and business priorities. “Boards should be presented with a cyber posture that resonates with customers’ and authorities’ expectations and helps address sectorial ecosystem challenges,” said Christophe Blassiau, senior vice-president of cybersecurity and global chief information security officer at Schneider Electric.
Despite this challenge, “Global Cybersecurity Outlook 2023” reports that the disconnect between cybersecurity managers and business executives has begun to close. Both increasingly perceive the elevated degree of risk exposure and are allocating more resources to coordinate responses in an effective manner, it said, adding that the priority today is on speed.
RIYADH: Bilateral trade between the UAE and Israel more than doubled in 2022 after the countries signed a free trade agreement in May to reduce tariffs on the majority of goods.
“Trade in goods (excluding software) between Israel and the UAE reached a new record in 2022 and stands at $2.56 billion compared to $1.22 billion in 2021,” Israel’s Ambassador to the UAE Amir Hayek stated in a tweet.
He added this is an increase of 109.7 percent, which places the UAE at 16th position out of 126 countries with which Israel trades.
This comes as the governments of the UAE and Israel ratified a comprehensive economic partnership agreement last month with an aim to remove or reduce tariffs on 96 percent of goods traded between the nations.
The UAE and Israel have been working to strengthen their business ties even since both countries signed the Abraham Accord in September 2020.
The comprehensive deal signed last year was in continuation of that effort to provide economic benefits for both nations by eliminating tariffs on 99 percent of the value of trade. The deal is expected to enhance market access for exporters, attract new investment, and create new opportunities as both countries look to increase their bilateral trade to over $10 billion in the coming years.
Earlier this month, the UAE held its first financial dialogue meeting with Israel in a bid to boost cooperation ties and encourage innovation between the two countries, Emirates News Agency WAM reported.
The meeting, which was held virtually, saw discussions around financial services developments, cyber-financial cooperation, and opportunities and potentials for cooperation between the two countries at regional and global levels, such as the World Bank and the Financial Action Task Force.
Younis Haji Al Khoori, under-secretary of the Ministry of Finance, headed the UAE delegation, while the Israeli side was led by Shira Greenberg, chief economist and director of state revenue, research, and international affairs from the country’s Ministry of Finance.
Speaking at the opening of the financial dialogue meeting, Al Khoori said the platform is a testament to the strength of the relationship between both countries.
“The UAE-Israel Financial Dialogue brings together the ministries of finance and central banks, as we believe it is important to keep an open dialogue between both countries to discuss issues that impact our financial systems and potential areas of bilateral and regional cooperation,” he added
Al Khoori also mentioned that the recently signed comprehensive economic partnership Agreement between the UAE and Israel will further solidify the bilateral relations between both countries and create new opportunities to develop priority sectors such as agri-tech, renewable energy, and advanced technology.
CAIRO: Saudi Arabia has announced the formation of a space entrepreneurship alliance to achieve growth and sustainability as well as develop a solid foundation for the sector.
The announcement was made by the Communications, Space & Technology Commission, also known as CST, during the entity’s participation in the seventh edition of The Garage Disrupt event.
The Deputy Governor of the Space Department at CST, Frank Salzgeber, explained the alliance is set to create an entrepreneurial ecosystem in the sector.
“It will be a platform to gather stakeholders to support Saudi entrepreneurs in innovation, as the Garage is the first to join this alliance,” he added.
Salzgeber said the alliance aims to create a strong foundation for innovation and entrepreneurs in the Saudi space sector by providing access to resources and services, such as shared workspaces and technical labs.
The alliance will also support entrepreneurial initiatives including accelerator programs, workshops, and hackathons, as well as connect entrepreneurs with investors and experts.
In November, Saudi Arabia’s Cabinet approved the creation of the Supreme Space Council, comprising various high-profile Saudi government officials including the Minister of Communications and Information Technology and the Minister of Foreign Affairs.
In line with Vision 2030, the Saudi Space Commission also announced the launch of the Saudi Space Accelerator Program in December.
This aims to address the current state of the Kingdom’s space sector and proposes proactive space solutions that will ignite the local ecosystem and determine its maturity level.
This aligns with the Kingdom’s announcement back in 2020 to invest $2.1 billion in its space sector to leverage the positive outlook of a global industry that is estimated to be worth $1 trillion by 2040.
The CST is a governmental agency founded in 2001 that was first established under the name of the Saudi Communications Commission and was amended to its current name in November.
The Garage Disrupt is a monthly gathering of tech startups and investors with the presence of representatives from the public and private sectors to promote growth and sustainability for startups.
RIYADH: Real estate deals worth more than SR10 billion ($2.66 billion) were signed on the opening day of an industry gathering in Saudi Arabia.
The cooperation memorandums and agreements were inked at the second edition of the Real Estate Future Forum in Riyadh, which is being held from Jan. 23 to 25.
The deals were focused on real estate development and construction techniques, and the establishment of four investment funds to develop commercial, tourism and residential projects.
The event was opened by the Minister of Municipal and Rural Affairs and Housing Majed bin Abdullah Al-Hogail, who used his inaugural speech to emphasize the importance the real estate sector has in the government’s development plans for the economy, according to the Saudi Press Agency.
He said that the forum will deal with 10 strategic areas, including the role of regions, governorates, ministries and secretariats in harmonizing the empowerment of the real estate sector, and regional efforts and their impact on the growth of the real estate sector in the region.
More than 150 speakers from the Kingdom and abroad are set to address the forum, as well as an exhibition of 60 participating pavilions.
A report from S&P Global published in December set out Saudi Arabia’s real estate ambitions as part of its Vision 2030 program for economic diversification.
According to the report, the Kingdom has $1 trillion slated for real estate and infrastructure projects, with at least eight new cities planned predominantly along the coast of the Red Sea.
The government is also working to ensure that home ownership among Saudi families increases to 70 percent by 2030.
Riyadh is also earmarked to become one of the 10 largest cities in the world, as its population is projected to exceed 15 million by 2030 from around 8 million.
On the business side, the report said: “Growing demand for office space has been supported by the post-COVID recovery and government-led economic stimulus. The surge in office leases is being driven by demand from abroad; the Ministry of Investment reported 9,400 new licenses issued to foreign companies in Q1 2022, about 19x the previous year.”
It went on to say that average office rents have been “steadily growing”, especially as tenants switch to prime offices.
“We expect this positive momentum to continue amid strong occupancy rates and limited new additions in the next three years,” stated the report.
CAIRO: Egypt has signed a $1.5 billion financing agreement with the International Islamic Trade Finance Corp. to fund its trading, including imports of energy products and essential commodities, CNBC Arabia wrote on Twitter, citing the head of the corporation.
Last year Egypt signed a similar agreement also worth $1.5 billion with the ITFC, which is headquartered in Jeddah in Saudi Arabia and often funds Egypt’s commodities imports, including grains and petroleum.
Egypt’s Planning Minister Hala al-Saeed said at a signing ceremony in Cairo that the financing cooperation portfolio between Egypt and the corporation totals $14.5 billion so far, according to a statement by the Planning Ministry posted on its account on Facebook.
She added that the latest signing comes within the framework agreement concluded between Egypt and the ITFC in 2018 that was renewed last year for an additional five years, with an amendment to the credit limit of the agreement from $3 to $6 billion.
Egypt recently agreed to a $3 billion International Monetary Fund support package as it faces a currency crunch exacerbated by Russia’s war in Ukraine, pushing up its bills for wheat and oil while dealing a blow to its tourist numbers from both nations. Tourism is a key source of hard currency for Egypt.
IMF earlier this month said Egypt is facing overall an estimated financing gap of $17 billion that will need to be closed with official financing, including from the Fund. It said that Egypt will need to mobilize funds from its global partners to close this financing gap in the coming years.
The World Bank and other multilateral institutions have continued to be strong supporters of Egypt’s reform program. In addition, the Gulf Cooperation Council countries have assured to roll over deposits at the Central Bank of Egypt through the end of the IMF-promoted program.
IMF said its proposed Extended Fund Facility arrangement with its underlying economic program is intended to help Egypt alleviate immediate economic challenges, strengthen policy frameworks and deepen structural reforms. As a result, growth is expected to recover gradually and inflation, anchored by data-dependent monetary policy, is expected to converge to around 7 percent, IMF said in a report.
A return to a sustained primary surplus of above 2 percent of gross domestic product over the medium term would reduce general government debt to around 78 percent of GDP by 2027, it added.
RIYADH: Oil prices drifted lower in early trade on Monday, thinned by the Lunar New Year holiday in east Asia, but held on to most of last week’s gains on the prospect of an economic recovery in top oil importer China this year.
Brent crude futures were down by 25 cents, or 0.29 percent, to $87.38 at 08.20 a.m. Saudi time, while US West Texas Intermediate crude futures fell 21 cents, or down 0.26 percent, to $81.43 a barrel.
Last week Brent rose 2.8 percent, while the US benchmark logged a 1.8 percent gain.
Pakistan could start importing Russian oil after March
Russia could start exporting oil to energy-starved Pakistan after March if terms are agreed, and is discussing with Islamabad whether the payment could be made in the currencies of “friendly” countries, Russia’s energy minister said.
Pakistan has been battling a balance of payment crisis with foreign exchange reserves falling to $4.6 billion, barely enough to cover three weeks of imports — mostly for oil.
It said in October it was considering buying discounted Russian crude, citing neighboring India, which has been purchasing from Moscow.
Pakistani officials and Russian Energy Minister Nikolay Shulginov, who is in Islamabad for an annual inter-governmental commission on trade and economy, said the key elements of the deal had yet to be agreed upon.
“As for the supply of crude oil and petroleum products, we conceptually agreed on the development and signing of an agreement that will determine and resolve all issues of logistics, insurance, payment, volumes,” Shulginov told reporters in Russian, according to the Russian state news agency RIA Novosti.
Shulginov also said “negotiations are going on” about settlement in the currencies of “friendly” countries, meaning non-Western countries that have not imposed economic sanctions on Russia in response to its invasion of Ukraine. Oil is generally paid for in dollars.
Shulginov said the two sides had “established a timeline of this agreement in our joint statement — which is late March,” according to RIA.
Pakistan junior oil minister Musadik Malik told local Geo News TV separately that Islamabad wanted to import 35 percent of its total crude oil requirement.
G7 agrees to review level of price cap on Russian oil in March
Group of Seven officials have agreed to review the level of the price cap on exports of Russian oil in March, later than originally planned in order to give time to assess the market after more caps are placed on oil products from Russia, the US Treasury said on Friday.
The G7 economies, the EU and Australia agreed on Dec. 5 to ban the use of Western-supplied maritime insurance, finance and brokering for sea-borne Russian oil priced above $60 per barrel as part of Western sanctions on Moscow for its invasion of Ukraine.
The coalition plans on Feb. 5 to set two caps on Russian oil products, one on products that trade at a premium to crude, such as diesel or gas oil, and one for products that trade at a discount to crude, such as fuel oil.
“The Deputies agreed that this approach will better calibrate the price cap policy for refined products, given the wide range of market prices at which these products trade,” Treasury said after US Deputy Treasury Secretary Wally Adeyemo met virtually with coalition officials on Friday.
The coalition had initially planned to review the level of the cap sometime in February, two months after its implementation.
Treasury officials have said the oil price cap has two goals: cutting Russia’s revenues by institutionalizing heavy discounts on its oil bought by big consumers like China and India, and ensuring global oil markets are well supplied.
“As long as the price cap continues to meet the Coalition’s dual goals, the Deputies agreed to undertake a review of the level of the crude price cap in March,” Treasury said.
The March date allows the coalition to assess developments in global markets after the implementation of the refined products caps, and to be briefed on an EU technical review of the crude price cap, it said.
(With input from Reuters)
