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TECHx
10-05-2025
- Business
- TECHx
GISEC Global 2025 Reveals $12B Cyber Losses in Banking
Home » GISEC » GISEC 2025 » GISEC Global 2025 Reveals $12B Cyber Losses in Banking GISEC Global 2025 spotlights rising ransomware threats as UAE banks enhance cybersecurity, adopt AI tools, and call for global security frameworks. As major Middle Eastern economies continue to grow rapidly, the region is facing an increased risk of cyber and ransomware attacks. The State of the UAE Cybersecurity Report 2025 reveals that 21% of incidents targeted banks and financial services, underlining the urgent need to reduce risk and enhance digital infrastructure. On Thursday, cybersecurity took center stage at the Dubai World Trade Centre. Industry professionals and global experts gathered to address cyber threats facing the financial sector. The event highlighted the importance of resilience as businesses manage sensitive data and digital assets. According to the IMF Global Financial Stability Report, nearly one-fifth of reported cyber incidents over the past two decades resulted in $12 billion in losses for financial institutions. Since 2020, total losses reached an estimated $2.5 billion. In the UAE, ransomware attacks surged by 32% in 2024 compared to the previous year. These figures, from the UAE Cybersecurity Council, demonstrate the evolving threat landscape. At GISEC Global 2025, discussions explored how banks are preparing to tackle risks while innovating securely. Speakers focused on balancing compliance, digital transformation, and customer data protection. Huawei's Babar Haq, CTO for IT in the Middle East and Central Asia, said cybersecurity must be embedded into every layer of technology. He emphasized that aligning innovation with regulation is key to building secure systems. Artificial intelligence is playing a growing role in cybersecurity. However, it also presents new challenges. A recent survey shows 80% of bank cybersecurity leaders feel pressure to keep pace with AI-driven threats. Toufic Derbass, Managing Director for Kaspersky in the Middle East, Türkiye, and Africa, said AI is now used to create more targeted and believable attacks. He noted that although overall threats dropped by 16%, banking malware cases rose by 11%. To mitigate risk, banks are now using: AI-powered detection tools Biometric verification and behavioral analytics Derbass added that layered defenses and trained staff remain essential. Best practices such as multi-factor authentication, regular updates, and secondary confirmation for sensitive requests are critical in preventing fraud. Zero Trust and cloud-based solutions are among the tools gaining traction to prevent attacks. With a 65% rise in ransomware attacks targeting finance in 2024, Derbass stressed the need for multi-layered, next-generation security models. He pointed to the rise of targeted ransomware groups focused on specific institutions. These attacks are more deliberate and damaging, requiring banks to adopt frameworks that support global operations and compliance. He said cross-border expansion demands adaptable security strategies. Threats remain constant, so banks must invest in real-time intelligence, global standards, and collaborative defense mechanisms. GISEC Global 2025 was organized by Dubai World Trade Centre and hosted by the UAE Cybersecurity Council. The event was held under the theme 'Securing an AI-Powered Future.' Key supporters included Dubai Electronic Security Center (DESC), the UAE Ministry of Interior, and Dubai Police. Huawei was named the Lead Strategic Partner. The 14th edition of the event featured major names in cybersecurity, such as AWS, Microsoft, Google Cloud Security, CISCO, Deloitte, Kaspersky, and Honeywell. It also showcased companies like Spire Solutions, CPX, CyberKnight, OPSWAT, Qualys, CrowdStrike, and StrikeReady. GISEC Global will return for its 15th edition from 5–7 May 2026 at Dubai Exhibition Centre in Expo City.
Mid East Info
09-05-2025
- Business
- Mid East Info
GISEC Global 2025 Drives Cybersecurity Innovation as Middle East Banks Face Rising Cyber Threats - Middle East Business News and Information
The Middle East and Africa's largest cybersecurity event serves as a critical platform to explore ideas for advanced security infrastructure and coordinated defence strategies Dubai, United Arab Emirates, May 2025: 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. On Thursday, 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. GISEC Global's 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. Nearly one-fifth of reported cyber incidents caused USD $12 billion in losses to financial businesses in the past 20 years, according to the IMF Global Financial Stability Report. The same report shows total losses since 2020 amounted to an estimated $2.5 billion. Ransomware attacks in the UAE increased by 32 per cent in 2024 compared to the previous year, as per statistics from the UAE Cybersecurity Council. 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. 'Balancing between compliance and innovation in banking and finance' As more people shift to digital payments and open banking gains traction, top CISOs discussed how fintechs are adopting robust security measures to navigate the payments landscape. Babar Haq, CTO, IT at Huawei Middle East & Central Asia, stressed different teams need to come together to get a holistic overview – one balanced between innovation and regulation – to build secure systems. 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.' AI has bigger role in cybersecurity but is also benefitting hackers: With the advent of AI unleashing big winds of change, impacting a wide range of industries, a survey shows that 80 per cent of bank cybersecurity executives feel challenged in keeping up with AI-driven threats. Toufic Derbass, Managing Director for the Middle East, Türkiye 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. 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. 'While Kaspersky recently reported a 16 per cent drop in overall cyber threats, incidents involving banking malware actually rose by 11 per cent – a stark reminder that threat actors are evolving their tactics, not retreating. '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.' He added: 'As generative AI makes scams more convincing, banks must strengthen verification using tools like biometrics, behavioural analytics and real-time document checks. But tech alone isn't enough. A layered approach – combining smart tech with trained staff – 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.' Are resilient technologies the solution, or are comprehensive frameworks needed? 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 – up by 65 per cent in 2024 – Derbass says businesses need to think outside the box and 'adopt multi-layered, next-generation security solutions'. He said: 'An increasingly important threat related to ransomware that we're seeing 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.' '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,' he added. '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.' 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 Center (DESC), the UAE Ministry of Interior and Dubai Police. Huawei has been named as GISEC's Lead Strategic Partner. 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 groundbreaking cybersecurity companies such as Spire Solutions, CPX, CyberKnight, LinkShadow, OPSWAT, Qualys, CrowdStrike and StrikeReady. GISEC Global will return for its 15th edition next year at a new venue, Dubai Exhibition Centre at Expo City, from 5-7 May 2026. About GISEC Global: GISEC Global , Middle East & Africa's largest and most impactful cybersecurity event, will return to Dubai World Trade Centre for its 14th edition taking place from 6th to 8th May 2025, under the overarching theme of 'Securing an AI-Powered Future.' Following the monumental success of 2024, the super-connector event for the region's cybersecurity industry will bring together over 25,000 attendees, 750 exhibiting brands and 350-plus speakers hailing from over 160 countries. GISEC Global stands as the unrivalled platform for navigating the ever-evolving landscape of cybersecurity. About Dubai World Trade Centre: With a vision to make Dubai the world's leading destination for all major exhibitions, conferences and events, DWTC has evolved from being the regional forerunner of the fast-growing MICE industry into a multi-dimensional business catalyst, focusing on Venues, Events and Real Estate Management. Complementary to the primary service offerings are a range of value-added services from media/advertising, engineering and technical consultation and wedding planning, security, and hospitality.
