10-05-2025
GISEC Global 2025 Reveals $12B Cyber Losses in Banking
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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.
