Cyber threats are the biggest concerns among businesses in the Middle East and Africa, overshadowing supply chain breaks, natural disasters and even Covid-19-related disruptions, according to a new report from German financial institution Allianz Group.
Data breaches or major IT outages worry companies the most, with 44 per cent of respondents saying cyber incidents top their list of concerns, marking the second time in two years that the category has emerged at the top of the rankings, the Munich-based company said in its new Risk Barometer 2022, released by Allianz Global Corporate and Specialty arm.
Business interruption dropped to second (42 per cent), while natural catastrophes rose from sixth to third (25 per cent) and the pandemic outbreak dropped to fourth (22 per cent) among the top concerns. Climate change, now a fundamental global issue, was ranked sixth (17 per cent).
“’Business interrupted’ will likely remain the key underlying risk theme in 2022. For most companies the biggest fear is not being able to produce their products or deliver their services; 2021 saw unprecedented levels of disruption, caused by various triggers," Joachim Mueller, chief executive of AGCS, said in the 11th edition of the report.
"Crippling cyber attacks, the supply chain impact from many climate change-related weather events, as well as pandemic-related manufacturing problems and transport bottlenecks wreaked havoc. This year only promises a gradual easing of the situation, although further Covid-19-related problems cannot be ruled out. Building resilience against the many causes of business interruption is increasingly becoming a competitive advantage for companies.”
Cyber crime is one of the biggest concerns in a rapidly advancing digital world as bad actors on the web keep in step with new technologies to develop more sophisticated hacking techniques, leading to economic, financial and reputational damages.
The number of ransomware attacks surged by 151 per cent worldwide in the first half of 2021, according to the World Economic Forum's latest Global Cyber Security Outlook report released this week.
The MEA region's cyber security market is expected to reach $66.5 billion by 2025, growing at a compound annual rate of 15.62 per cent from 2018 to 2025, research firm Report Ocean said.
Global supply chain disruptions, which was triggered by the Covid-19 pandemic, will continue to linger for years until the backlog of cargo is cleared, Sultan bin Sulayem, group chairman and chief executive of Dubai-based global ports operator DP World, told CNN on Wednesday.
The Allianz report said the top risks in their survey converged in 2021 to cause unprecedented levels of disruption to businesses and their supply chains. The ripple effects of the pandemic and flare-ups of Covid-19 infections have combined with crippling cyber attacks and extreme weather events to test business resilience.
"Ransomware and other disruptive forms of cyber attacks continue to bedevil businesses, while potential risks from digitalisation and the shift to remote working are driving growing concern," it said.
Insurance claims against cyber threats also remain at an elevated level, increasing significantly over the past three years, driven by the rise of losses from external manipulation of systems, as well as the increased uptake in cyber insurance, Allianz said.
Cyber-related claims surged 120 per cent from around 500 in 2018 to more than 1,100 in 2020, with ransomware-related ones jumping 50 per cent to 90 year-on-year. The total number of ransomware claims received in the first half of 2021 was the same as those reported during the whole of 2019 (60) as criminals have become more organised and better resourced, according to AGCS analysis.
“The role of insurance has always been to ensure good risk management and loss prevention. Good cyber maturity and good cyber insurance go hand-in-hand. We buy insurance for our home, but this does not mean we leave the front door unlocked, and the same should be said for cyber security,” said Scott Sayce, global head of cyber at AGCS.
Other notable concerns on the Allianz study include the shortage of skilled workers (13 per cent), which entered the top 10 risks for the first time at ninth, and changes in legislation and regulation (19 per cent), which remained fifth globally but moved three places up to the same spot in MEA.
We buy insurance for our home, but this does not mean we leave the front door unlocked, and the same should be said for cyber security
Scott Sayce,
global head of cyber at Allianz Global Corporate and Specialty
Fire and explosion (17 per cent), a perennial risk for companies, stayed as the seventh major risk, according to the survey. Market developments (15 per cent) fell to eighth globally but moved two places up at seventh in MEA, while macroeconomic developments (11 per cent) fell to 10th globally and to seventh in MEA.
AGCS also warned that any supply chain disruption can potentially be long-lasting. New Covid-19 infections are likely to drive high levels of supply chain disruption into the second half of 2022, the agency said citing Euler Hermes' recent Global Trade Report. But mismatches in global demand and supply and shipping capacity constraints – key drivers behind disruption in 2021 – are predicted to ease from that point, assuming there are no further unexpected developments.
Longer term, digitalisation and climate change could bring additional supply chain volatility from rising demand for critical materials, such as rare earth elements used in clean energy sources, and stresses placed on power and communications infrastructure, it added.
“Whether it’s a cyber attack, a flood or a fire affecting a critical business location or supplier, business interruption events can have a very costly and long-lasting impact that can extend well beyond an individual organisation," said Philip Beblo, property industry lead for technology, media and telecoms at AGCS.
The Allianz Risk Barometer sought the views of 2,650 respondents from 89 territories, surveying risk consultants, underwriters, senior managers and claims experts in the corporate insurance segment. Most answers (46 per cent) were from large-sized companies, followed by small-sized firms (34 per cent) and mid-sized organisations (20 per cent).
Quick pearls of wisdom
Focus on gratitude: And do so deeply, he says. “Think of one to three things a day that you’re grateful for. It needs to be specific, too, don’t just say ‘air.’ Really think about it. If you’re grateful for, say, what your parents have done for you, that will motivate you to do more for the world.”
Know how to fight: Shetty married his wife, Radhi, three years ago (he met her in a meditation class before he went off and became a monk). He says they’ve had to learn to respect each other’s “fighting styles” – he’s a talk it-out-immediately person, while she needs space to think. “When you’re having an argument, remember, it’s not you against each other. It’s both of you against the problem. When you win, they lose. If you’re on a team you have to win together.”
The Bio
Favourite holiday destination: Either Kazakhstan or Montenegro. I’ve been involved in events in both countries and they are just stunning.
Favourite book: I am a huge of Robin Cook’s medical thrillers, which I suppose is quite apt right now. My mother introduced me to them back home in New Zealand.
Favourite film or television programme: Forrest Gump is my favourite film, that’s never been up for debate. I love watching repeats of Mash as well.
Inspiration: My late father moulded me into the man I am today. I would also say disappointment and sadness are great motivators. There are times when events have brought me to my knees but it has also made me determined not to let them get the better of me.
MISSION: IMPOSSIBLE – FINAL RECKONING
Director: Christopher McQuarrie
Starring: Tom Cruise, Hayley Atwell, Simon Pegg
Rating: 4/5
Results
7pm: Wathba Stallions Cup – Handicap (PA) Dh70,000 (Dirt) 1,600m; Winner: RB Kings Bay, Abdul Aziz Al Balushi (jockey), Helal Al Alawi (trainer)
7.30pm: Maiden (PA) Dh 70,000 (D) 1,600m; Winner: AF Ensito, Fernando Jara, Mohamed Daggash
8pm: Maiden (PA) Dh70,000 (D) 1,400m; Winner: AF Sourouh, Tadhg O’Shea, Ernst Oertel
8.30pm: Maiden (PA) Dh70,000 (D) 1,800m; Winner: Baaher, Fabrice Veron, Eric Lemartinel
9pm: Maiden (PA) Dh70,000 (D) 2,000m; Winner: Mootahady, Antonio Fresu, Eric Lemartinel
9.30pm: Handicap (TB) Dh70,000 (D) 2,000m; Winner: Dubai Canal, Tadhg O’Shea, Satish Seemar
10pm: Al Ain Cup – Prestige (PA) Dh100,000 (D) 2,000m; Winner: Harrab, Bernardo Pinheiro, Majed Al Jahouri
2025 Fifa Club World Cup groups
Group A: Palmeiras, Porto, Al Ahly, Inter Miami.
Group B: Paris Saint-Germain, Atletico Madrid, Botafogo, Seattle.
Group C: Bayern Munich, Auckland City, Boca Juniors, Benfica.
Group D: Flamengo, ES Tunis, Chelsea, Leon.
Group E: River Plate, Urawa, Monterrey, Inter Milan.
Group F: Fluminense, Borussia Dortmund, Ulsan, Mamelodi Sundowns.
Group G: Manchester City, Wydad, Al Ain, Juventus.
Group H: Real Madrid, Al Hilal, Pachuca, Salzburg.
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VEZEETA PROFILE
Date started: 2012
Founder: Amir Barsoum
Based: Dubai, UAE
Sector: HealthTech / MedTech
Size: 300 employees
Funding: $22.6 million (as of September 2018)
Investors: Technology Development Fund, Silicon Badia, Beco Capital, Vostok New Ventures, Endeavour Catalyst, Crescent Enterprises’ CE-Ventures, Saudi Technology Ventures and IFC
Killing of Qassem Suleimani
UPI facts
More than 2.2 million Indian tourists arrived in UAE in 2023
More than 3.5 million Indians reside in UAE
Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems
Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions
More from Neighbourhood Watch:
Recent winners
2002 Giselle Khoury (Colombia)
2004 Nathalie Nasralla (France)
2005 Catherine Abboud (Oceania)
2007 Grace Bijjani (Mexico)
2008 Carina El-Keddissi (Brazil)
2009 Sara Mansour (Brazil)
2010 Daniella Rahme (Australia)
2011 Maria Farah (Canada)
2012 Cynthia Moukarzel (Kuwait)
2013 Layla Yarak (Australia)
2014 Lia Saad (UAE)
2015 Cynthia Farah (Australia)
2016 Yosmely Massaad (Venezuela)
2017 Dima Safi (Ivory Coast)
2018 Rachel Younan (Australia)
Mohammed bin Zayed Majlis
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The%20Little%20Mermaid%20
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The%20specs
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Business Insights
- Canada and Mexico are significant energy suppliers to the US, providing the majority of oil and natural gas imports
- The introduction of tariffs could hinder the US's clean energy initiatives by raising input costs for materials like nickel
- US domestic suppliers might benefit from higher prices, but overall oil consumption is expected to decrease due to elevated costs
COMPANY%20PROFILE
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Labour dispute
The insured employee may still file an ILOE claim even if a labour dispute is ongoing post termination, but the insurer may suspend or reject payment, until the courts resolve the dispute, especially if the reason for termination is contested. The outcome of the labour court proceedings can directly affect eligibility.
- Abdullah Ishnaneh, Partner, BSA Law
2020 Oscars winners: in numbers
- Parasite – 4
- 1917– 3
- Ford v Ferrari – 2
- Joker – 2
- Once Upon a Time ... in Hollywood – 2
- American Factory – 1
- Bombshell – 1
- Hair Love – 1
- Jojo Rabbit – 1
- Judy – 1
- Little Women – 1
- Learning to Skateboard in a Warzone (If You're a Girl) – 1
- Marriage Story – 1
- Rocketman – 1
- The Neighbors' Window – 1
- Toy Story 4 – 1
Gifts exchanged
- King Charles - replica of President Eisenhower Sword
- Queen Camilla - Tiffany & Co vintage 18-carat gold, diamond and ruby flower brooch
- Donald Trump - hand-bound leather book with Declaration of Independence
- Melania Trump - personalised Anya Hindmarch handbag
Indoor Cricket World Cup
Venue Insportz, Dubai, September 16-23
UAE squad Saqib Nazir (captain), Aaqib Malik, Fahad Al Hashmi, Isuru Umesh, Nadir Hussain, Sachin Talwar, Nashwan Nasir, Prashath Kumara, Ramveer Rai, Sameer Nayyak, Umar Shah, Vikrant Shetty
COMPANY%20PROFILE
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From Zero
Artist: Linkin Park
Label: Warner Records
Number of tracks: 11
Rating: 4/5
Fighter profiles
Gabrieli Pessanha (Brazil)
Reigning Abu Dhabi World Pro champion in the 95kg division, virtually unbeatable in her weight class. Known for her pressure game but also dangerous with her back on the mat.
Nathiely de Jesus, 23, (Brazil)
Two-time World Pro champion renowned for her aggressive game. She is tall and most feared by her opponents for both her triangles and arm-bar attacks.
Thamara Ferreira, 24, (Brazil)
Since her brown belt days, Ferreira has been dominating the 70kg, in both the World Pro and the Grand Slams. With a very aggressive game.
Samantha Cook, 32, (Britain)
One of the biggest talents coming out of Europe in recent times. She is known for a highly technical game and bringing her A game to the table as always.
Kendall Reusing, 22, (USA)
Another young gun ready to explode in the big leagues. The Californian resident is a powerhouse in the -95kg division. Her duels with Pessanha have been highlights in the Grand Slams.
Martina Gramenius, 32, (Sweden)
Already a two-time Grand Slam champion in the current season. Gramenius won golds in the 70kg, in both in Moscow and Tokyo, to earn a spot in the inaugural Queen of Mats.
The specs
Engine: 4.0-litre flat-six
Torque: 450Nm at 6,100rpm
Transmission: 7-speed PDK auto or 6-speed manual
Fuel economy, combined: 13.8L/100km
On sale: Available to order now
Safety 'top priority' for rival hyperloop company
The chief operating officer of Hyperloop Transportation Technologies, Andres de Leon, said his company's hyperloop technology is “ready” and safe.
He said the company prioritised safety throughout its development and, last year, Munich Re, one of the world's largest reinsurance companies, announced it was ready to insure their technology.
“Our levitation, propulsion, and vacuum technology have all been developed [...] over several decades and have been deployed and tested at full scale,” he said in a statement to The National.
“Only once the system has been certified and approved will it move people,” he said.
HyperloopTT has begun designing and engineering processes for its Abu Dhabi projects and hopes to break ground soon.
With no delivery date yet announced, Mr de Leon said timelines had to be considered carefully, as government approval, permits, and regulations could create necessary delays.
The specs
AT4 Ultimate, as tested
Engine: 6.2-litre V8
Power: 420hp
Torque: 623Nm
Transmission: 10-speed automatic
Price: From Dh330,800 (Elevation: Dh236,400; AT4: Dh286,800; Denali: Dh345,800)
On sale: Now
