{"id":118250,"date":"2025-05-11T00:07:56","date_gmt":"2025-05-10T23:07:56","guid":{"rendered":"https:\/\/www.intelligentcio.com\/me\/?p=118250"},"modified":"2025-05-22T11:04:46","modified_gmt":"2025-05-22T10:04:46","slug":"ransomware-attacks-in-uae-increased-32-yoy-in-2024-says-uae-cybersecurity-council","status":"publish","type":"post","link":"https:\/\/www.intelligentcio.com\/me\/2025\/05\/11\/ransomware-attacks-in-uae-increased-32-yoy-in-2024-says-uae-cybersecurity-council\/","title":{"rendered":"Ransomware attacks in UAE increased 32% YOY in 2024 says UAE Cybersecurity Council"},"content":{"rendered":"\n

As the Middle East\u2019s major economies continue their accelerated growth, the region is increasingly becoming a prime target for cyber and ransomware attacks. According to the State of the UAE Cybersecurity Report 2025<\/em>, 21% of cybersecurity incidents targeted banks and financial services in the region, emphasising the urgent need to mitigate potential risks and damages, while enhancing digital infrastructure.

Organised by Dubai World Trade Centre, GISEC Global 2025 was hosted by the UAE Cybersecurity Council under the theme of Securing an AI-Powered Future and supported by Dubai Electronic Security Centre, the UAE Ministry of Interior and Dubai Police. Huawei has been named as GISEC\u2019s Lead Strategic Partner.<\/p>\n\n\n\n

The 14th edition brought together critical focus areas from some of the leading players in the industry, including Huawei, AWS, Microsoft, Google Cloud Security, CISCO, Deloitte, Kaspersky, Check Point, Cloudflare and Honeywell, alongside cybersecurity companies such as Spire Solutions, CPX, CyberKnight, LinkShadow, OPSWAT, Qualys, CrowdStrike and StrikeReady.<\/p>\n\n\n\n

The event placed the focus on the financial sector as global industry leaders and professionals gathered at the Dubai World Trade Centre to drive discussions that help mitigate these challenges and avoid far-reaching consequences.<\/p>\n\n\n\n

GISEC Global\u2019s panel discussions and workshops came at a critical time in the ever-growing wave of digitalisation, with banks and businesses managing large quantities of sensitive information, including data, personal details and transaction records.<\/p>\n\n\n\n

\u2022     Nearly one-fifth of reported cyber incidents caused US$ $12 billion in losses to financial businesses in the past 20 years, according to the IMF Global Financial Stability Report.<\/p>\n\n\n\n

\u2022     The same report shows total losses since 2020 amounted to an estimated $2.5 billion.<\/p>\n\n\n\n

Ransomware attacks in the UAE increased by 32% in 2024 compared to the previous year, as per statistics from the UAE Cybersecurity Council.<\/p>\n\n\n\n

With cybersecurity businesses accelerating their efforts to safeguard against breaches, fraud and hacking, GISEC Global explored key topics including the resilience and preparedness of banking organisations to deal with threats, and balancing security and innovation given the rise of digital payments.<\/p>\n\n\n\n

As more people shift to digital payments and open banking gains traction, top CISOs discussed how fintech are adopting robust security measures to navigate the payments landscape.<\/p>\n\n\n\n

Babar Haq, CTO, IT at Huawei Middle East and Central Asia, stressed different teams need to come together to get a holistic overview \u2013 one balanced between innovation and regulation \u2013 to build secure systems.<\/p>\n\n\n\n

\u201cThe challenge is banks want to secure and protect customers\u2019 data but at the same time there are regulations that need to be followed. Therefore, there needs to be a balance between compliance, innovation and security and I believe the only way to do that is by design \u2013 basing cybersecurity on each and every corner of technology.\u201d<\/p>\n\n\n\n

With the advent of AI unleashing big winds of change, impacting a wide range of industries, a survey shows that 80% of bank cybersecurity executives feel challenged in keeping up with AI-driven threats.<\/p>\n\n\n\n

Toufic Derbass, Managing Director for the Middle East, T\u00fcrkiye and Africa at Kaspersky, one of the exhibitors at GISEC Global, said AI brings both opportunities and obstacles that banks and financial institutions should be wary of.<\/p>\n\n\n\n

AI-generated threats are becoming increasingly believable, targeted and sophisticated. Cybercriminals are now using artificial intelligence to craft more convincing attacks, making it harder for traditional defences to keep up. While Kaspersky recently reported a 16% drop in overall cyber threats, incidents involving banking malware actually rose by 11%, a stark reminder that threat actors are evolving their tactics, not retreating.<\/p>\n\n\n\n

To stay ahead, financial institutions are turning to AI-powered detection tools and strengthening employee training to reduce human error, still one of the most common points of entry. As Generative AI makes frauds more convincing, banks must strengthen verification using tools like biometrics, behavioural analytics and real-time document checks. But technology alone is not enough.<\/p>\n\n\n\n

A layered approach \u2013 combining smart technology with trained staff \u2013 is key. Best practices like multi-factor authentication, regular software updates and verifying sensitive requests via secondary channels also play a crucial role in preventing AI-driven fraud.<\/p>\n\n\n\n

Security tools such as Zero Trust and cloud security are among the popular models being leveraged to help businesses protect their data and prevent cyberattacks. With ransomware attacks in the financial sector surging 65% in 2024, businesses need to think creatively and adopt multi-layered, next-generation security solutions.<\/p>\n\n\n\n

An increasingly important threat related to ransomware is the rise of targeted ransomware groups. Unlike common ransomware attacks, which target victims arbitrarily, targeted ransomware groups are notorious for attacking governments, specific high-profile organisations, or a selective group of people within an organisation.<\/p>\n\n\n\n

As Middle Eastern banks expand globally, their cybersecurity strategies must adapt to cross-border regulations, varying compliance standards and a broader threat landscape. Since the internet has no borders, cyberthreats will persist and evolve across jurisdictions.<\/p>\n\n\n\n

To stay protected, banks need globally aligned security frameworks, real-time threat intelligence sharing and compliance teams familiar with international regulations. Flexibility, visibility and collaboration are key to securing operations at scale.<\/p>\n\n\n\n

<\/p>\n","protected":false},"excerpt":{"rendered":"

As the Middle East\u2019s major economies continue their accelerated growth, the region is increasingly becoming a prime target for cyber and ransomware attacks. According to the State of the UAE Cybersecurity Report 2025, 21% of cybersecurity incidents targeted banks and financial services in the region, emphasising the urgent need to mitigate potential risks and damages, […]<\/p>\n","protected":false},"author":59,"featured_media":118255,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[14804,5,171,93,15994,809,54,18888,13,185,79],"tags":[3237,19571,4278,293,14656,15679,6048,12684,384,19572,228,364,10162,162,15621,19573,2988,13408,15208],"class_list":["post-118250","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cybersecurity","category-enterprise-security","category-events","category-main-story-newsletter","category-middle-east","category-more-news","category-research","category-surveys","category-top-stories","category-uae","category-used","tag-aws","tag-babar-haq","tag-check-point","tag-cisco","tag-cloudflare","tag-cpx","tag-crowdstrike","tag-cyberknight","tag-deloitte","tag-google-cloud-security","tag-huawei","tag-kaspersky","tag-linkshadow","tag-microsoft","tag-opswat","tag-pire-solutions","tag-qualys","tag-toufic-derbass","tag-uae-cybersecurity-council"],"acf":[],"publishpress_future_workflow_manual_trigger":{"enabledWorkflows":[]},"_links":{"self":[{"href":"https:\/\/www.intelligentcio.com\/me\/wp-json\/wp\/v2\/posts\/118250","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.intelligentcio.com\/me\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.intelligentcio.com\/me\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.intelligentcio.com\/me\/wp-json\/wp\/v2\/users\/59"}],"replies":[{"embeddable":true,"href":"https:\/\/www.intelligentcio.com\/me\/wp-json\/wp\/v2\/comments?post=118250"}],"version-history":[{"count":3,"href":"https:\/\/www.intelligentcio.com\/me\/wp-json\/wp\/v2\/posts\/118250\/revisions"}],"predecessor-version":[{"id":118750,"href":"https:\/\/www.intelligentcio.com\/me\/wp-json\/wp\/v2\/posts\/118250\/revisions\/118750"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.intelligentcio.com\/me\/wp-json\/wp\/v2\/media\/118255"}],"wp:attachment":[{"href":"https:\/\/www.intelligentcio.com\/me\/wp-json\/wp\/v2\/media?parent=118250"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.intelligentcio.com\/me\/wp-json\/wp\/v2\/categories?post=118250"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.intelligentcio.com\/me\/wp-json\/wp\/v2\/tags?post=118250"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}