Global leaders set to discuss ways to safeguard cyberspace at GCF 2022

Global leaders set to discuss ways to safeguard cyberspace at GCF 2022
In its third edition, the annual forum is inviting global leaders from different sectors to contribute to the safeguarding of global cyberspace under the theme ‘Rethinking the Global Cyber Order.’ (Shutterstock)
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Updated 08 November 2022

Global leaders set to discuss ways to safeguard cyberspace at GCF 2022

Global leaders set to discuss ways to safeguard cyberspace at GCF 2022
  • Event will host over 4,500 attendees from over 110 countries to discuss day-to-day cyber issues

CAIRO: Cybersecurity’s evolution, economic impact, and accessibility are the key pillars of the Global Cybersecurity Forum 2022 to be held in Riyadh on Nov. 9 and 10.

In its third edition, the annual forum is inviting global leaders from different sectors to contribute to the safeguarding of global cyberspace under the theme “Rethinking the Global Cyber Order.”

The event will host over 4,500 attendees from over 110 countries and convene more than 120 speakers to discuss day-to-day cyber issues.

Divided into five subthemes, the GCF will discuss “geo-cyber evolution” to highlight the evolving international cyberspace and explore geopolitical opportunities as its first theme.

The event’s second subtheme will be “disruption frontier”which is set to map out cybersecurity threats and harness future technologies as solutions.

The third subtheme will be “cyber economics” as global leaders will initiate sessions to look at economic-based dynamics that influence behavior in cyberspace.

The third theme will also explore the proactive actions that can be taken from the public and private sectors to innovate in cybersecurity and analyze the psychology of cybercriminals.

Touching on human dimensions and the intersection with the workforce, the fourth theme will feature sessions on how to attract, retain and foster highly skilled professionals through understanding challenges and incentivization of competitions under the title “future of cyber work.”

“No one left behind” is the name of the final subtheme as it seeks to bridge the gap in cybersecurity and ensure that all people and societies can benefit from a cyber-safe world. 




The opening session is called ‘Rethinking the global cyber order, why?’ and will host former foreign secretary of India, Shyam Saran, alongside renowned futurist and professor of theoretical physics at City University of New York, Dr. Michio Kaku, and global cyberpsychology expert, Dr. Mary Aiken.

The final theme will include sessions to identify key challenges that women face in cybersecurity and address root causes, foster diversity, and ensure children can benefit from cyberspace.

The opening session is called “Rethinking the global cyber order, why?” and will host former foreign secretary of India, Shyam Saran, alongside renowned futurist and professor of theoretical physics at City University of New York, Dr. Michio Kaku, and global cyberpsychology expert, Dr. Mary Aiken.

The first day will also host Saudi Arabia’s Minister of Energy Prince Abdulaziz bin Salman in a session titled “Securing the Energy’s Supply Chain.”

Other prominent speakers include Saudi Aramco CEO Amin Nasser, Managing Director of World Economic Forum Jeremy Jurgens and Saudi Arabia’s Minister of Communications and Information Technology Abdullah Al-Swaha.

Al-Swaha will be discussing how and why nations should accelerate cyber security development in a talk titled “No Nation Left Behind” with South Africa’s Minister of Communications Khumbudzo Ntshavheni and Secretary-General Elect at International Telecommunication Union Doreen-Bogdan Martin.

The first day will also include the discussion “The Future is Female”which aims to highlight the unique benefits of gender diversity in the cybersecurity workforce.

“The Race for Quantum Supremacy’ and ‘Geo-technological Competition and Conflict” along with other sessions are also part of the first day’s agenda.

The second day will kick off with the same discussion “Rethinking the Global Cyber Order, Why?” by Ian Goldin, professor of globalization and development at Oxford University and former vice president and head of policy at World Bank, alongside Andreas Ekstrom, award-winning journalist author and digital futurist.

Day two will hold the session ‘AI for Child Protection’ which will explore the importance of child protection through multi-stakeholder collaborations.

Moreover, the second day will include sessions that revolve around women in cybersecurity, global collaboration, cybercriminal psychology, financial technology, and cyber awareness.

The GCF 2021 saw a huge downturn due to the pandemic as this year’s event is set to lead the way for global cybersecurity.

Last year’s event was a virtual dialogue titled “Cyberspace: What now, What next?” which was called upon to discuss the great urgency for cybersecurity in a digital world.

The event was three hours of online discussions with 27 total speakers including industry leaders, representatives from government, academia, and civil society.

This year’s forum will include solutions design sessions, pavilions, interactive exploration, panel discussions, one-on-one dialogues, case studies, and fireside chats.

Cybersecurity has become a serious issue as the world transitions from offline to online cyber threats and attacks have increased dramatically.

According to Cybersecurity Ventures, the annual global cost of cybercrime is estimated to be $10.5 trillion by 2025 and will grow by 15 percent over the next five years.

In 2021, the average number of cyberattacks and data breaches increased by 15 percent from the previous year, according to Forbes.

Forbes also reported that cybercrime cost US businesses more than $6.9 billion in 2021 and only 43 percent felt that they were financially prepared to face a cyberattack in 2022.

Other statistics state that ransomware attacks happen every 10 seconds and 85 percent of cybersecurity breaches are caused by human error.

The Global Cybersecurity Forum is established by Saudi Arabia’s National Cybersecurity Authority. The NCA serves as the national authority on regulatory and operational functions related to cybersecurity in the Kingdom.

The entity also launched the National Cybersecurity Awareness Campaign in October which aims to prompt the values of preserving national security and raise awareness of cybersecurity.

The campaign included physical and digital events with 12 sessions from national authorities that addressed safety measures to prevent cyberattacks.


Saudi Arabia's real GDP grows by 5.4% in Q4 2022: GASTAT

Saudi Arabia's real GDP grows by 5.4% in Q4 2022: GASTAT
Updated 10 sec ago

Saudi Arabia's real GDP grows by 5.4% in Q4 2022: GASTAT

Saudi Arabia's real GDP grows by 5.4% in Q4 2022: GASTAT

RIYADH: Saudi Arabia's real gross domestic product grew by 5.4 percent in the fourth quarter of 2022, compared to the same period in 2021, driven by a high increase in non-oil activities, according to the latest report released by the General Authority for Statistics. 

The GASTAT report noted that non-oil activities in the Kingdom rose 6.2 percent year-on-year in the fourth quarter of 2022, while oil activities rose by 6.1 percent during the same period. 

The report further added that government services activities increased by 1.8 percent in the fourth quarter of last year, compared to the same quarter in 2021. 

According to the GASTAT report, Saudi Arabia's economy grew by 8.7 percent in 2022, compared to 3.2 percent recorded in 2021, driven by a growth in oil activities by 15.4 percent. 

In 2022, non-oil activities and government services activities rose by 5.4 percent and 2.2 percent respectively. 


Oil Updates — Crude slips; Russia bans oil exporters from adhering to Western price caps 

Oil Updates — Crude slips; Russia bans oil exporters from adhering to Western price caps 
Updated 25 min 21 sec ago

Oil Updates — Crude slips; Russia bans oil exporters from adhering to Western price caps 

Oil Updates — Crude slips; Russia bans oil exporters from adhering to Western price caps 

RIYADH: Oil prices extended losses on Tuesday as the threat of further interest rate increases and continued Russian crude flows canceled out demand recovery expectations from China. 

March Brent crude futures fell 5 cents or .06 percent to $84.85 per barrel by 08.15 a.m. Saudi time, while the more heavily traded April contracts fell by 32 cents or 0.38 percent to $84.18 a barrel. 

US West Texas Intermediate crude futures slipped 33 cents, or 0.44 percent, to $77.57 a barrel. 

Russia bans oil exporters from adhering to Western price caps 

The Russian government on Monday banned domestic oil exporters and customs bodies from adhering to Western-imposed price caps on Russian crude. 

The measure was issued to help enforce President Vladimir Putin’s decree of Dec. 27 that prohibited the supply of crude oil and oil products from Feb. 1, for five months, to nations that abide by the caps. 

The Group of Seven economies, the EU and Australia agreed on Dec. 5 to ban the use of Western-supplied maritime insurance, finance and brokering for seaborne Russian oil priced above $60 per barrel as part of Western sanctions on Moscow over its actions in Ukraine. 

The new Russian act bans corporates and individuals from including oil price cap mechanisms in their contracts. 

They also have to report to customs officials and the energy ministry any attempts to impose oil price caps. 

In addition, customs bodies have to prevent goods from leaving Russia if they find such mechanisms have been applied. 

CNOOC’s $3 billion UK portfolio sale halted on valuation gap 

CNOOC Ltd., China’s top offshore oil and gas producer, has halted a planned sale of its UK North Sea portfolio, which could have been valued at as much as $3 billion, according to a Bloomberg News report.  

Although initial offers failed to meet CNOOC’s expectations for the business, it could still resume a sale once conditions improve, the report added, citing people familiar with the matter.  

CNOOC did not immediately respond to Reuter's request for comment. 

Reuters has reported that CNOOC was preparing to exit its operations in Britain, Canada and the United States because of concerns in Beijing the assets could become subject to Western sanctions. 

(With input from Reuters) 

 

 

 


IMF lowers Saudi Arabia’s economic growth to 2.6% for 2023

IMF lowers Saudi Arabia’s economic growth to 2.6% for 2023
Updated 35 min 52 sec ago

IMF lowers Saudi Arabia’s economic growth to 2.6% for 2023

IMF lowers Saudi Arabia’s economic growth to 2.6% for 2023

RIYADH: The International Monetary Fund has lowered Saudi Arabia’s economic growth forecast to 2.6 percent for 2023, 1.1 percentage points lower than its October estimate of 3.7 percent, its latest report showed. 

This is in line with its projection for the Middle East region which is projected to decline from 5.3 percent in 2022 to 3.2 percent in 2023, primarily attributed to Saudi Arabia’s growth slowdown, according to IMF’s World Economic Outlook report.

In 2022, Saudi Arabia witnessed an economic growth of 8.7 percent, the highest in the region. 

IMF, in its report, noted that the economic growth slowdown in Saudi Arabia could be due to the decision made by the Organization of Petroleum Exporting Countries and its allies known as OPEC+ to reduce the oil output. 

Earlier in October 2022, OPEC+ had agreed to cut output by 2 million barrels per day, which equals to about 2 percent of world demand, from November 2022 until the end of 2023.

The IMF report, however, noted that non-oil growth in Saudi Arabia and the rest of the region will remain robust in 2023. 


Dubai International Financial Centre launches metaverse platform

Dubai International Financial Centre launches metaverse platform
Updated 30 January 2023

Dubai International Financial Centre launches metaverse platform

Dubai International Financial Centre launches metaverse platform
  • Strategy aims to grow the region’s GDP, attract companies

DUBAI: Dubai International Financial Centre announced the launch of the DIFC Metaverse Platform on Monday in a bid to attract technology innovators from across the globe, Emirates News Agency reported.

The platform is part of the Dubai Metaverse Strategy, which aims to add $4 billion to the emirate’s GDP by 2030, support 40,000 virtual jobs, and attract 1,000 blockchain and metaverse companies. 

The platform also supports the Dubai Economic Agenda’s goal of generating economic value worth $27 billion per year from digital transformation. 

Minister of State for Artificial Intelligence, Digital Economy, and Remote Work Applications Omar bin Sultan Al Olama said that the metaverse platform is the first in a series of initiatives aimed at bolstering Dubai’s position as a global hub for the latest digital trends, and accelerating the pace of achieving the strategy’s objectives.

DIFC Authority CEO Arif Amiri said: “The Dubai government has shown great foresight in introducing a metaverse strategy that has the objective of making the emirate a global hub for technology and innovation.

“The development of the integrated DIFC Metaverse Platform will accelerate the achievements of Dubai’s aspirations in this sector.

“The initiative is a natural extension of our Innovation Hub proposition that has shaped the technology and innovation landscape in the Middle East, Africa and South Asia region.”

The DIFC Metaverse Platform includes an accelerator program with a physical studio for metaverse technology, which will foster the growth of a creator community and venture creation.

It will also work on metaverse policy development and legislation on open data, digital identity, and metaverse company law frameworks.


Saudi banks’ profits up 21% in December, central bank data shows

Saudi banks’ profits up 21% in December, central bank data shows
Updated 30 January 2023

Saudi banks’ profits up 21% in December, central bank data shows

Saudi banks’ profits up 21% in December, central bank data shows

RIYADH: Deposits in Saudi banks grew by 9 percent year-on-year to SR2.29 trillion ($609.97 billion) with the major chunk deposited by government agencies, the monthly bulletin issued by the Saudi Central Bank, also known as SAMA, showed.

Data showed that deposits by government entities rose by 27 percent, the highest in 16 years, reaching SR651.2 billion.

Saudi-listed banks reported a 21 percent rise in aggregate net profit before zakat and tax to SR6.16 billion in December 2022, compared to SR5.11 billion a year earlier.

The data covered the results of Tadawul-listed banks and some foreign banks operating in Saudi Arabia.

Banks’ aggregate assets increased nearly 10 percent year-on-year to SR3.62 trillion in December.

Loans issued to individuals in the Kingdom saw a 14 percent surge during 2022 reaching SR1.17 trillion by the end of 2022 as compared to SR1.02 trillion by the end of 2021.

The volume of residential real estate financing for individuals declined by 21 percent in 2022 for the first time since 2016. The total volume remained at SR123.4 billion.

The SAMA report showed that remittances from Saudi Arabia fell by 7 percent during 2022 to SR143.2 billion while remittances to the Kingdom from citizens living abroad recorded a growth of 11 percent to reach SR7.25 billion.

Assets held by the central bank shrank by SR63.8 billion month-on-month to SR1.93 trillion in December 2022. However, as compared to December 2021, SAMA’s assets rose by SR85.1 billion.

The central bank’s investments in foreign securities, which make up 58 percent of its total assets, edged down 0.2 percent year-on-year to around SR1.13 trillion last month.