Technology

GISEC Global 2025, the Middle East and Africa’s largest cybersecurity event, has once again cemented its role as a crucial platform for strengthening regional cybersecurity amid a surge in cyber threats targeting the financial sector.

Held at the Dubai World Trade Centre, the event spotlighted the rising vulnerability of banks and financial institutions in the region. According to the 2025 State of UAE Cybersecurity Report, 21% of all cybersecurity incidents in the Middle East targeted the banking sector—an alarming figure that underscores the urgent need for resilient digital infrastructure and robust defence mechanisms.

On Thursday, the spotlight turned to the financial industry, bringing together top cybersecurity professionals, regulators, and technology leaders to discuss innovative strategies to combat escalating threats. With digitalisation accelerating, banks are managing increasingly sensitive data—from personal details to complex financial transactions—making them a prime target for cybercriminals.

The International Monetary Fund’s Global Financial Stability Report revealed that cyber incidents have caused losses exceeding USD 12 billion in the financial sector over the past two decades. Of that, an estimated USD 2.5 billion has been lost since 2020 alone. In the UAE, ransomware attacks surged by 32% in 2024, as per figures from the UAE Cybersecurity Council.

Cybersecurity in Banking: Striking a Balance Between Compliance and Innovation

One of the event's central themes focused on the delicate balance between regulatory compliance and technological innovation. Speaking on a panel about secure digital payments, Babar Haq, CTO of IT at Huawei Middle East & Central Asia, emphasized the need for collaborative frameworks.

“Banks must safeguard customer data while adhering to strict regulations. Achieving this balance requires a design-first approach, embedding cybersecurity into every layer of technology,” Haq said.

AI’s Double-Edged Sword in Cybersecurity

Artificial intelligence took center stage as both an enabler of security and a growing threat. A recent industry survey found that 80% of banking cybersecurity executives are struggling to keep up with AI-powered cyberattacks.

Toufic Derbass, Managing Director for the Middle East, Türkiye and Africa at Kaspersky, warned of the rise in sophisticated, AI-generated threats. “Cybercriminals are leveraging AI to create increasingly targeted and believable attacks. While overall cyber threats may have declined by 16%, banking malware incidents have grown by 11%,” he noted.

Derbass called for a layered defence strategy combining advanced tech such as biometrics and behavioural analytics with trained personnel. “Technology alone isn’t enough. Best practices like multi-factor authentication and secondary verification channels are vital to counter AI-driven fraud,” he said.

Next-Gen Security and Global Frameworks

As ransomware attacks on financial institutions rose by 65% in 2024, Derbass highlighted the growing threat of targeted ransomware groups, which often focus on government entities and high-profile organisations.

“With Middle Eastern banks expanding into global markets, their cybersecurity measures must align with international regulations and threat intelligence sharing. Cybersecurity frameworks need to be flexible, collaborative, and borderless,” he added.

GISEC Global: A Hub for Cybersecurity Excellence

Organised by Dubai World Trade Centre, GISEC Global 2025 was hosted by the UAE Cybersecurity Council under the theme ‘Securing an AI-Powered Future’. The event was supported by the Dubai Electronic Security Center, the UAE Ministry of Interior, and Dubai Police. Huawei served as the Lead Strategic Partner.

The 14th edition featured participation from major global players including Huawei, AWS, Microsoft, Google Cloud Security, Cisco, Deloitte, Kaspersky, and Check Point, as well as regional innovators such as Spire Solutions, CPX, CyberKnight, LinkShadow, OPSWAT, and StrikeReady.

As the region faces a rapidly evolving threat landscape, GISEC Global 2025 has reaffirmed its role as a vital platform for collaboration, innovation, and policy-making, essential for building a secure and resilient digital economy in the Middle East and beyond.

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