Guests attend a lecture by Ambassador Grigol Mgaloblishvili, Professor at National Defence College and Dr Mohamed Al Kuwaiti, Cyber Security Expert, titled The Changing Character of Warfare, at Majlis Mohammed bin Zayed.  Saeed Al Neyadi / Crown Prince Court - Abu Dhabi
Guests attend a lecture by Ambassador Grigol Mgaloblishvili, Professor at National Defence College and Dr Mohamed Al Kuwaiti, Cyber Security Expert, titled The Changing Character of Warfare, at MajlisShow more

Cyber security is the 'most challenging war' we face, Ramadan majlis hears



The most challenging wars we face today do not involve missiles or soldiers, but cyber security and disinformation, the Executive Director of the National Electronic Security Authority has said.

Speaking to an audience at the Crown Prince Court’s Ramadan majlis, Dr Mohammed Al Kuwaiti warned that just something as simple as a child safety monitor can lead to a person’s entire household security system being hacked.

Hackers, who may have been monitoring the patterns of a person's security, monitoring or smartphone use, could plant a monitoring system or virus via an infected link.

“Throughout this type of hacking, we see blackmailing mobs come out, organised crime and so on. They might use personal information to blackmail someone for money.”

One of the biggest challenges facing investigators is that "out of 51 victims, only one person reports such crimes". This is because people are scared that reporting these sorts of crimes will mean that their private information or secrets will be exposed.

Dr Al Kuwaiti said that more awareness is needed to help people come forward.

He also warned that it's not just personal devices and systems that are vulnerable, major organisations also undergo breaches, such as the one that exposed the personal information of Careem customers.

Another example Dr Al Kuwaiti gave was a beauty clinic whose system was hacked and the hackers published the before and after photos of their clients who had undergone slimming programmes.

“Every day we hear of hacking attempts, and God knows how we will be able to protect our children against them.”

Children are the subject of cyber bullying, and are being taught “radical extremist ideas” – like learning how to commit suicide through video games.

Nonetheless, hybrid wars are not new, they have been used as a method to avoid doing dirty work on the ground throughout history, and lessons can be learnt from what the UAE’s National Defence College is doing in terms or protective measures.

Amb Grigol Mgaloblishvili, a professor at the National Defence College and former prime minister of Georgia, said that we need to “build our resilience".

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“The National Defence College brings together not only military leaders or potential leaders, but also military and civilian leaders from the media or corporate world, to teach them how to deal with this kind of threat at a strategic level,” he said.

“And the first phase is how you assess your vulnerabilities.”

In a previous majlis session, astronaut twins Scott and Mark Kelly, who broke new ground after agreeing to take part in the enterprising Twins Study, which investigated the effects of space travel on the human body, encouraged the UAE to 'reach for the stars.

The two were both US Navy captains and have each flown on the Endeavour and Discovery space shuttles and spent time aboard the International Space Station.

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Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.

Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.

Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.

Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.

“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.

Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.

From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.

Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.

BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.

Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.

Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.

“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.

Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.

“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.

“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”

The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”

COMPANY PROFILE
Name: HyperSpace
 
Started: 2020
 
Founders: Alexander Heller, Rama Allen and Desi Gonzalez
 
Based: Dubai, UAE
 
Sector: Entertainment 
 
Number of staff: 210 
 
Investment raised: $75 million from investors including Galaxy Interactive, Riyadh Season, Sega Ventures and Apis Venture Partners
Company%20profile
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The biog

Family: He is the youngest of five brothers, of whom two are dentists. 

Celebrities he worked on: Fabio Canavaro, Lojain Omran, RedOne, Saber Al Rabai.

Where he works: Liberty Dental Clinic 

The specs
Engine: 77.4kW all-wheel-drive dual motor
Power: 320bhp
Torque: 605Nm
Transmission: Single-speed automatic
Price: From Dh219,000
On sale: Now
Other workplace saving schemes
  • The UAE government announced a retirement savings plan for private and free zone sector employees in 2023.
  • Dubai’s savings retirement scheme for foreign employees working in the emirate’s government and public sector came into effect in 2022.
  • National Bonds unveiled a Golden Pension Scheme in 2022 to help private-sector foreign employees with their financial planning.
  • In April 2021, Hayah Insurance unveiled a workplace savings plan to help UAE employees save for their retirement.
  • Lunate, an Abu Dhabi-based investment manager, has launched a fund that will allow UAE private companies to offer employees investment returns on end-of-service benefits.
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The bio

Favourite book: Peter Rabbit. I used to read it to my three children and still read it myself. If I am feeling down it brings back good memories.

Best thing about your job: Getting to help people. My mum always told me never to pass up an opportunity to do a good deed.

Best part of life in the UAE: The weather. The constant sunshine is amazing and there is always something to do, you have so many options when it comes to how to spend your day.

Favourite holiday destination: Malaysia. I went there for my honeymoon and ended up volunteering to teach local children for a few hours each day. It is such a special place and I plan to retire there one day.