LONDON: The Global Center for Cybersecurity was launched at the World Economic Forum in Davos on Wednesday as governments and corporations respond to the growing threat of online attacks estimated to cost $445 billion a year.
The new body aims to strengthen cyber resilience and establish an independent library of best practices with the aim of identifying different attack scenarios.
It will be located in Geneva and become operational in March, WEF Managing Director Alois Zwinggi told a press conference on Wednesday morning.
The center also aims to help regions which are less “cyber developed” in developing new strategies to protect critical infrastructure.
Cyber security has emerged as an increasingly important theme in recent WEF gatherings as companies play catch up in trying to protect their computer systems from being hacked.
One of the exhibits at this year’s event is a 12 minute excerpt from a virtual reality production called Zero Days VR, which is based on a 2016 documentary made by Alex Gibney about cyber warfare and the “Stuxnet” virus.
The rise of the Internet of Things, or web-connected devices, is a particular worry for corporations and is thought to be creating more cyber vulnerabilities.
“Often in the Middle East, organizations try to address their cybersecurity issues by buying the latest technology or implementing the best standards, but unfortunately that doesn’t work on its own,” said Wael Fattouh, PwC Middle East Partner, Cyber and Technology Risk, in a report released in November. “Effective security must be achieved by smart and effective investments in people, processes, and technology together, that is the only way to ensure a proper and resilient level of protection.”
Global cyber body launched at Davos to tackle $445 billion threat
Global cyber body launched at Davos to tackle $445 billion threat
Work suspended on Riyadh’s massive Mukaab megaproject: Reuters
RIYADH: Saudi Arabia has suspended planned construction of a colossal cube-shaped skyscraper at the center of a downtown development in Riyadh while it reassesses the project's financing and feasibility, four people familiar with the matter said.
The Mukaab was planned as a 400-meter by 400-meter metal cube containing a dome with an AI-powered display, the largest on the planet, that visitors could observe from a more than 300-meter-tall ziggurat — or terraced structure —inside it.
Its future is now unclear, with work beyond soil excavation and pilings suspended, three of the people said. Development of the surrounding real estate is set to continue, five people familiar with the plans said.
The sources include people familiar with the project's development and people privy to internal deliberations at the PIF.
Officials from PIF, the Saudi government and the New Murabba project did not respond to Reuters requests for comment.
Real estate consultancy Knight Frank estimated the New Murabba district would cost about $50 billion — roughly equivalent to Jordan’s GDP — with projects commissioned so far valued at around $100 million.
Initial plans for the New Murabba district called for completion by 2030. It is now slated to be completed by 2040.
The development was intended to house 104,000 residential units and add SR180 billion to the Kingdom’s GDP, creating 334,000 direct and indirect jobs by 2030, the government had estimated previously.
(With Reuters)
