Saudi Aramco, the world's largest oil-exporting company, signed an agreement with KPMG to examine cybersecurity compliance among its third-party suppliers.
The company is stepping up protection of its critical Middle Eastern oil and gas facilities, which have been targets of cyber warfare in the past.
Suppliers including general vendors and those specialising in outsourced infrastructure, customised software, network connectivity and critical data processors need to obtain Saudi Aramco's cyber security standard certification.
“Based on our analysis of minute-by-minute technological disruptions and ever-changing cyber security needs, we believe that vital national assets such as Aramco need to be fully protected with state-of-the-art and seamless cybersecurity systems,” said Abdulaziz Alnaim, managing partner of KPMG's Eastern Province office.
The financial fallout from cyber-attacks in the Arabian Gulf in 2017 was estimated at more than $1 billion, according to a 2018 report by Siemens. The pandemic and remote working model have further intensified the threat across the world and in the Middle East.
The cost of data breach among a selected sample of companies in the UAE and Saudi Arabia rose 9.4 per cent, costing them $6.53 million per breach, according to a 2020 study by IBM Security.
While the financial services sector suffered the most cyber attacks, the Middle East's oil and gas facilities have also been targeted.
Three out of four oil and gas companies in the Middle East suffered at least one security breach resulting in the loss of confidential information or disruption to operations, according to a report on the cyber threat landscape for oil and gas, published by Microsoft in 2018.
One of the most prominent breach was the Shamoon virus attack on Saudi Aramco systems in 2012, which wiped hard drives of some some 30,000 computers clean.
The attacks were blamed on Iran, which denied responsibility.
In 2017, a $20bn petrochemical project joint venture between Saudi Aramco and Dow Chemicals also experienced a spate of hacking attacks.
“Third-party risk is a key risk in the area of cyber security, managing this risk will improve the cyber posture of organisations who heavily depend on external parties or suppliers. More organisations should follow the direction which Aramco has taken,” said Ton Diemont, head of cyber security for KPMG Saudi Arabia, Jordan, Iraq and Lebanon.
Certificates issued by KPMG will be valid for two years. However, if a supplier is awarded a contract which has specifications not included in the certificate then a new one will need to be issued.
Benefits of first-time home buyers' scheme
- Priority access to new homes from participating developers
- Discounts on sales price of off-plan units
- Flexible payment plans from developers
- Mortgages with better interest rates, faster approval times and reduced fees
- DLD registration fee can be paid through banks or credit cards at zero interest rates
The White Lotus: Season three
Creator: Mike White
Starring: Walton Goggins, Jason Isaacs, Natasha Rothwell
Rating: 4.5/5
The biog
Profession: Senior sports presenter and producer
Marital status: Single
Favourite book: Al Nabi by Jibran Khalil Jibran
Favourite food: Italian and Lebanese food
Favourite football player: Cristiano Ronaldo
Languages: Arabic, French, English, Portuguese and some Spanish
Website: www.liliane-tannoury.com
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How Filipinos in the UAE invest
A recent survey of 10,000 Filipino expatriates in the UAE found that 82 per cent have plans to invest, primarily in property. This is significantly higher than the 2014 poll showing only two out of 10 Filipinos planned to invest.
Fifty-five percent said they plan to invest in property, according to the poll conducted by the New Perspective Media Group, organiser of the Philippine Property and Investment Exhibition. Acquiring a franchised business or starting up a small business was preferred by 25 per cent and 15 per cent said they will invest in mutual funds. The rest said they are keen to invest in insurance (3 per cent) and gold (2 per cent).
Of the 5,500 respondents who preferred property as their primary investment, 54 per cent said they plan to make the purchase within the next year. Manila was the top location, preferred by 53 per cent.
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Jul 3- 14, in the Netherlands
The top two teams will qualify to play at the World T20 in the West Indies in November
UAE squad
Humaira Tasneem (captain), Chamani Seneviratne, Subha Srinivasan, Neha Sharma, Kavisha Kumari, Judit Cleetus, Chaya Mughal, Roopa Nagraj, Heena Hotchandani, Namita D’Souza, Ishani Senevirathne, Esha Oza, Nisha Ali, Udeni Kuruppuarachchi
How to improve Arabic reading in early years
One 45-minute class per week in Standard Arabic is not sufficient
The goal should be for grade 1 and 2 students to become fluent readers
Subjects like technology, social studies, science can be taught in later grades
Grade 1 curricula should include oral instruction in Standard Arabic
First graders must regularly practice individual letters and combinations
Time should be slotted in class to read longer passages in early grades
Improve the appearance of textbooks
Revision of curriculum should be undertaken as per research findings
Conjugations of most common verb forms should be taught
Systematic learning of Standard Arabic grammar
