As the Middle East’s 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 per cent 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.
GISEC Global’s panel discussions and workshops took place at a pivotal moment in the region’s digital evolution, as banks and enterprises handle vast volumes of sensitive data—from personal information to financial transactions.
According to the IMF Global Financial Stability Report, cyber incidents have cost the global financial sector $12 billion over the past two decades, with $2.5 billion in losses recorded since 2020 alone.
Meanwhile, data from the UAE Cybersecurity Council indicates a 32% rise in ransomware attacks across the UAE in 2024 compared to the previous year, underlining the growing urgency for cybersecurity resilience
Babar Haq, CTO of IT at Huawei Middle East & Central Asia, emphasized the importance of cross-functional collaboration, highlighting that a comprehensive, secure system requires a unified approach that balances innovation with regulatory compliance
He said: “The challenge is banks want to secure and protect customers’ 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 – basing cybersecurity on each and every corner of technology.”
Toufic Derbass, Managing Director at Kaspersky for the Middle East, Türkiye, and Africa, noted that AI presents both challenges and opportunities for banks and financial institutions.
He said: “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.
The 14th edition united top industry leaders like Huawei, AWS, Microsoft, Google Cloud Security, CISCO, Deloitte, and Kaspersky, alongside innovative cybersecurity firms including Spire Solutions, CyberKnight, Qualys, CrowdStrike, and more.
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«جيسيك جلوبال 2025» يدعم الابتكار في مجال الأمن السيبراني في ظل تزايد التهديدات التي تواجه البنوك بالشرق الأوسط
https://fintechgate.net/2025/05/09