Digitalization raises the risk of cyberattacks; Report

By Ashika Rajan, Trainee Reporter
  • Follow author on
Banking & Finance
Representational Image

The Dubai Future Foundation (DFF), in collaboration with Dubai Police’s Future Foresight and Decision-Making Support Center, released its latest report, titled “Banking and Financial Services Sector Scenarios of Risks and Resilience,” which examines the risks of cybercrime and the potential implications for the banking and finance sector in the region.

The publication is part of DFF’s ‘The Digitisation of Critical Infrastructure’ series, which looks at energy, water, systems, transportation, agriculture, telecommunications, healthcare, food, banking and finance, and emergency services, among other sectors. Disruption of these services, at any level, may have a significant impact on the national economy, public health, safety, and community welfare.

Lieutenant General Abdullah Khalifa Al Marri, Commander-in-Chief of Dubai Police remarked that “the world is witnessing a remarkable growth in the reliance on digital solutions, especially in the financial sector, and any threat to financial infrastructure may lead to an imbalance in the economic and social system. Therefore, cooperation between the private and public sectors is a pre-requisite for combating cybercrime.”

He praised the positive collaboration between Dubai Police’s Future Foresight and Decision-Making Support Center and DFF as an example of the Emirate’s numerous agencies working together to address future social security risks.

Highlighting the role of the Foundation in enriching future knowledge on diverse sectors in Dubai and the wider UAE, Mr. Khalfan Belhoul, CEO of DFF pointed out that “this series of reports coincides with cyberattacks that have risen in many parts of the world and pose a danger to communities and organizations today in light of the widespread adoption of advanced technology and accelerated digital transformation across the board.”

“Our partnership with Dubai Police supports the vision of the wise UAE leadership for solidifying governmental partnerships aiming to benefit entities recognize opportunities, which enables them to tackle future challenges,” Mr. Belhoul added.

The report shows how ongoing digitalization raises the risk of cyberattacks. The global cybersecurity market is expected to surge from $167.1 billion in 2019 to $248.26 billion by 2023, attaining a 10.4 percent compound annual growth rate (CAGR).

Dubai was placed eighth among the world’s financial leaders in 2019. With the largest banking industry in the GCC region, the UAE is home to roughly one-third of the region’s banking assets.

Related: UAE, Egypt Central Banks ink MoU to boost cooperation on banking supervision