Global cyber body launched at Davos to tackle $445 billion threat

Cyber attacks are estimated to cost $445 billion a year, the World Economic Forum heard on Wednesday. (AFP)
Updated 24 January 2018

Global cyber body launched at Davos to tackle $445 billion threat

LONDON: The Global Center for Cybersecurity was launched at the World Economic Forum in Davos on Wednesday as governments and corporations respond to the growing threat of online attacks estimated to cost $445 billion a year.
The new body aims to strengthen cyber resilience and establish an independent library of best practices with the aim of identifying different attack scenarios.
It will be located in Geneva and become operational in March, WEF Managing Director Alois Zwinggi told a press conference on Wednesday morning.
The center also aims to help regions which are less “cyber developed” in developing new strategies to protect critical infrastructure.
Cyber security has emerged as an increasingly important theme in recent WEF gatherings as companies play catch up in trying to protect their computer systems from being hacked.
One of the exhibits at this year’s event is a 12 minute excerpt from a virtual reality production called Zero Days VR, which is based on a 2016 documentary made by Alex Gibney about cyber warfare and the “Stuxnet” virus.
The rise of the Internet of Things, or web-connected devices, is a particular worry for corporations and is thought to be creating more cyber vulnerabilities.
“Often in the Middle East, organizations try to address their cybersecurity issues by buying the latest technology or implementing the best standards, but unfortunately that doesn’t work on its own,” said Wael Fattouh, PwC Middle East Partner, Cyber and Technology Risk, in a report released in November. “Effective security must be achieved by smart and effective investments in people, processes, and technology together, that is the only way to ensure a proper and resilient level of protection.”


‘Disappointed’ billionaire brothers urge new talks on Saudi bid for Newcastle FC

Updated 03 August 2020

‘Disappointed’ billionaire brothers urge new talks on Saudi bid for Newcastle FC

  • The Reuben brothers want to buy 10 per cent of the club as part of PIF takeover
  • Brothers remain 'totally supportive' of the deal should there be a way forward

DUBAI: Another big financial backer of the £300 million ($390 million) bid for Newcastle United football club has come out in favor of a takeover led by Saudi Arabia’s Public Investment Fund.

The Reuben brothers, multibillionaire businessmen who want to buy 10 per cent of the club, said on Monday they were “very disappointed” when the bid was withdrawn late last week after months of stalling by the Premier League in England.

“We would welcome any resurrection of talks and progress with the Premier League and are aware that the Reuben brothers remain totally supportive of the deal should there be a way forward,” said a statement from their company, Arena Racing.

The brothers’ renewed support for the deal will raise the pressure on Richard Masters, the Premier League chief executive, who has remained silent since the takeover offer was withdrawn last week.

PIF made no secret of its disappointment and frustration that the Premier League — which has the duty to approve or reject a takeover of a member club  — has reached no decision since contracts were exchanged on the deal in April that would give the Saudi sovereign wealth fund 80 per cent of the 128-year-old club

Amanda Staveley, the British financier who has been at the heart of the deal and would have bought the remaining 10 per cent, also wants to see the deal revived.

The Reuben brothers, who already run two horseracing courses in the northeast of England, said: “We were planning on creating one of the premier sporting hubs in the UK, undertaking development work that is vital for the region and enjoying valuable synergies with the football club.

“We continue to hope that those exciting plans are not in vain.”