GoDubai
  
  
  
  
Citylife > Press Release
  Home Contact us Add to Favourites
Most Recent Postings
More Press Releses
Featured Sections

Event Finder
A daily roundup of exhibitions, promotions and other events in Dubai and the rest of the Emirates.
Submit an Event
Latest Dubai Press Releases >> Technology

 
  Share

Cyber-attacks are becoming increasingly sophisticated and are affecting nearly 90% of large organisations around the world. According to speakers at a panel discussion, organised by ICAEW's Corporate Finance Faculty in the UAE, the most effective organisations at safeguarding their assets are those that continually gather intelligence on new cyber threats emerging in their industries. They also proactively investigate breaches and review their overall risk management plans regularly.

ICAEW members and guests gathered at Jumeirah Emirates Towers in Dubai on Sunday 24th January, to discuss the threat of cyber-attacks on organisations. Panellists included Patrick MacGloin, Middle East Cyber Risk and Privacy Leader at PwC; Nick O'Connell, Partner, Technology, Media and Telecommunications at Al Tamimi and Company; Darren Mullins, Director, Forensic Technology at Deloitte Corporate Finance; Simon Dodsworth, SVP, MENA Regional Head, Financial and Professional Risks at Marsh; and Ben Downton, Principal Consultant at MWR InfoSecurity and Control Risks. The discussion was moderated by David Petrie, Head of Corporate Finance at ICAEW.

The Right Honourable the Lord Mayor of the City of London, Alderman The Lord Mountevans, delivered the keynote address. He said, “The digital age, which brought the world ever closer to trade, innovation and accountability, has also brought new and dangerous cyber threats – these are unseen, intangible and largely unmeasured.

“Cyber-attacks don't recognise borders and cost businesses as much as £400 billion every single year. In order to fight cyber-attacks, cyber-security has to be globally ambitious and must work internationally with all parties.”

Panellists agreed that there is no easy solution to respond to cyber-attacks; they are becoming more focused, innovative and global. Cyber-risk is a business risk that must be managed within an overall information and risk-management framework.

Michael Armstrong, FCA and ICAEW Regional Director for the Middle East, Africa and South Asia (MEASA), said: “The fight against cybercrime has created a market for cyber-security practitioners, which is expected to grow from $75 billion in 2015 to $170 billion by 2020. Cyber-security criminals are more sophisticated, bold and resilient than ever. Understanding your risk profile is essential for protecting your business. Organisations must know the assets that need protection from cyber-attacks and the various threats that might hit their business.”

Speakers agreed that among the simple measures businesses can take are:
• Identifying where the value lies in what their business is doing
• Knowing the weak points of the business
• Understanding to whom data is given
• Understanding what needs to be done to mitigate risks
• Asking if they have a plan in place for cyber-attacks

Regarding mergers and acquisitions, panellists encouraged advisors to keep their communications as simple as possible and minimise the number of people involved in each deal. They also suggested protecting communications, the devices used, and implement cyber-security assessment with each M&A deal.

David Petrie said “No organisation or transaction is immune to the challenges posed by cyber security. As with any risk, the key to effective management is identifying and understanding the threats, level of the risks involved and putting in place security measures that are appropriate and proportionate to address them”

Speakers debated the benefits of stimulating attacks as part of a business' cyber-security strategy. While some speakers recommended running such attacks to evaluate the level of response of the cyber-security systems, other speakers were anxious about the negative effects such attacks could have on businesses.

The event was attended by almost 100 ICAEW members and senior business representatives from the major global and regional financial organisations.


Posted by : GoDubai Editorial Team
Viewed 10998 times
Posted on : Saturday, January 30, 2016  
Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of GoDubai.com.
Previous Story : A fast changing trend for the tourism industry
Next Story : du congratulates 18 winners from its #UAEisHome Social Media Competition
Email this article Print this article

Share this article with your friends and followers
NewsVine

Comments

Back to Top  
Most Viewed Press Release posted in the last 7 days
Bourjois Healthy Mix
Prada Luna Rossa Carbon
Kids Get Groovy in COÉGA Sunwear Spring/Summer 2017 collection
Bourjois: Blow a Kiss for Mother's Day
Introducing NEW Olay Regenerist Microsculpting Cream SPF30
Paul Marciano and Al-Futtaim Celebrate GUESS' 35 Year Anniversary with Spectacul...
Elizabeth Arden: White Tea fragrance
Elizabeth Arden: Eight Hour® Miracle Hydrating Mist
Celebrate Life's Key Moments with Mouawad Jewelry
Gucci Eyewear Spring/Summer 2017
Cocktail and Bridal Couture by International Brand Label based in Dubai, Kara by...
Browz's Lip Blush Treatment is Perfecting the Pout
Burberry Eyewear: His and Hers
Ulysse Nardin Jade “Grand Feu”
Lose the Back Pain at Work
IKEA Spreads Cheer on International Day of Happiness
Doha Bank named ‘Best Trade Finance Bank' in Qatar at Global Finance Awards 2017
Clearly Corrective Brightening and Smoothing Moisture Treatment
World's Best Family SUV – the All-New Land Rover Discovery Makes its Debut in th...
Danube Dubai Fashion League showcases stunning designs amidst UAE's fashion elite
Re - Salons and Spas celebrate Women's Wellness on International Women's Day
Sharjah Museums to Open Unique Photographic Exhibition of Muslim Communities in China
SAINT HONORE introduces the first watch made out of steel from the Eiffel Tower
Hassan Al Qayedi, Afra Al Badi emerge champions in Fazza Championship for Shooti...
Etihad Airways Crowns Winner of ‘Taste the World' at Taste of Hong Kong
Customs World inks cooperation agreement with Dominican Customs
Grand Optics Celebrates 20 Years in the Middle East
Art Jameel enters new phase of development
Treat your mom this Mother's Day with Huawei
LG Steals the Spotlight With Record Number of 2017 if Design Awards
Malabar Gold & Diamonds receives ‘Best Jewellery Brand Award' from India Bullion...
Ulysse Nardin: Classic Sonata combining classical beauty with pure functionality.
Introducing XperiaTM L1 - a stylish smartphone, with an impressive display and s...
Etihad Airways to Launch A380 Flights to Paris
Versace Fall/Winter 2016-2017 Collection Preview
Siemens to help develop Qataris' tech skills
The UAE Goes Green for Ireland's National Day
Marks & Spencer Hot Cross Bun
QNET Wins 2016 Sitecore Experience Award for Omnichannel Automation: Best E-comm...
Dubai Chamber concludes high-level trade mission to India
Malabar Gold & Diamonds' launched its 172nd showroom in Ballari, Karnataka, India
New spa experience offers visitors to Beautyworld Middle East 2017 a memorable v...
US Scholar to Address Feminism Under Islamic Law
QNET Celebrates World Water Day 2017 with HomePure
TKD Lingerie: Top 5 lingerie trends from the past five years
United Arab Emirates Ministry of Foreign Affairs and International Cooperation a...
Collaborates with Ministry of Interior to Support GCC Traffic Week
Dubai-based Italian creative lab SUPERFUTUREDESIGN* wins Urban Commissions 2017 ...
Finnair must again cancel over 90 flights on Friday March 17th due to strikes at...
Louis Moinet donates Luxury Timepiece to help orphans in India