LONDON: Financial firms may need to bolster their defences in the face of rocketing cyber attacks after employees began working from home, the Financial Stability Board (FSB) said on Tuesday.
The FSB, which coordinates financial rules for the G20 group of nations, said remote working since economies went into lockdown to fight COVID-19 opened up new possibilities for cyber attacks. Working from home (WFH) is expected to stay in some form across the financial services industry and beyond.
"Most cyber frameworks did not envisage a scenario of near-universal remote working and the exploitation of such a situation by cyber threat actors," the FSB said in a report to G20 ministers and central banks.
The report is a first take on lessons learned from the pandemic's impact on financial stability.
COVID-19 was the first major test of tougher financial rules put in place after the 2008 global financial crisis and most parts of the system coped well, the FSB said.
Lockdown restrictions are easing but financial firms have told employees they will be allowed to work from home several days a week permanently, and the rest of the time in the office.
Cyber activities such as phishing, malware and ransomware grew from fewer than 5,000 per week in February 2020 to more than 200,000 per week in late April 2021, the FSB said.
"Financial institutions have generally been resilient but they may need to consider adjustments to cyber risk management processes, cyber incident reporting, response and recovery activities, as well as management of critical third-party service providers, for example cloud services," the FSB said.
The FSB, chaired by Federal Reserve Vice Chair Randal Quarles and comprising regulators and central banks from leading financial centres, will publish a final report in October setting out its next steps.
It has already made proposals for strengthening the resilience of money market funds which suffered severed stresses during last year's market turmoil.
Work from home fuelling cyber attacks, says global financial watchdog
https://arab.news/vqws3
Work from home fuelling cyber attacks, says global financial watchdog
- Remote working has opened up new possibilities for cyber attack, reveals Financial Stability Board.
- Cyber activities such as phishing, malware and ransomware grew from fewer than 5,000 per week in February 2020 to more than 200,000 per week in late April 2021.
Gems of Arabia magazine launched to spotlight talents shaping Saudi Arabia’s evolving cultural landscape
- The publication features established and emerging talents elevating the region across design, fashion, art, tech, music, architecture and media
- Saudi fashion designer Hatem Alakeel seeks to highlight the richness of the Kingdom, and wider modern Arab culture to global audiences
DUBAI: When Saudi fashion designer Hatem Alakeel interviewed Princess Reema bint Bandar Al-Saud before her appointment as Saudi ambassador to the US, the longtime advocate of women’s empowerment made a powerful prediction: “I look forward to the day that the Saudi woman is no longer the story but rather a phenomenal achievement.”
That moment would become the foundation for Gems of Arabia, an arts and culture audio-visual podcast that spotlights the creative talents shaping the landscape of Saudi Arabia and the broader region.
Over six years, Gems of Arabia has documented the sweeping transformation of the Kingdom’s art and culture scene, and is now evolving into a full-fledged magazine.
“It started off as a column I used to write, and from there, it turned into a podcast. Now it is growing into a magazine,” Dubai-based Alakeel, the magazine’s founder and editor-in-chief, told Arab News ahead of the launch of the digital publication on Thursday.
Besides spotlighting celebrated regional artists, Alakeel said Gems of Arabia is in search of the “hidden gems” elevating the region across design, fashion, art, tech, music, architecture and media.
The magazine serves as a platform for talented, authentic creatives and tech entrepreneurs unable to articulate their work “because they don’t have the public relations or capacity to promote themselves even through social media.”
Alakeel added: “Our job is to identify all these authentic people; you don’t have to be famous, you just have to be authentic, and have a great story to tell.”
The digital publication offers a dynamic blend of short-form podcasts, coverage of regional cultural events, in-depth features and editorials, long-form interviews and artist profiles — spotlighting both celebrated and emerging talents. This is complemented by social media vox pops and bite-sized coverage of art events across the region.
Alakeel, who also runs Authenticite, a consulting and creative production agency connecting creators and brands who want to understand Saudi culture, said the magazine content is “carefully curated” to feature topics and personalities that resonate in the region.
What differentiates Gems of Arabia, he said, is its story of continuity and substance amassed over the years that has captured the evolution of the wider regional landscape.
“The website represents an archive of nearly 150 articles compiled through years of podcasts and long-form conversations that show continuity and depth changes,” he said.
“So, it’s an evolution and it’s another home for all our content and our community.”
Growing up in France, Alakeel said his mission started early on when he felt the need to represent his Saudi culture “in a way where it can hold its own internationally.”
Through his first brand, Toby, he sought to bring the traditional thobe into modern designs and introduce it to the luxury fashion world. This mission was accomplished when his thobe designs were placed alongside global labels such as Harvey Nichols, Dolce & Gabbana and Prada.
What began as a personal design mission would soon expand into a broader platform to champion Saudi talent.
“I was articulating my culture through fashion and it just felt natural to do that through the incredible people that the region has,” Alakeel said, adding that the magazine aims to highlight the richness of the Kingdom, and wider modern Arab culture to global audiences.
“Art is such a great way of learning about a culture and a country,” he said.
On the ground in Saudi Arabia, the publication hosts GEMS Forum, a series of live cultural gatherings that bring together prominent artistic figures for in-depth conversations later transformed into podcast episodes recorded with a live audience.
Alakeel said the print edition of Gems of Arabia will debut in March, designed as a collectible coffee-table quarterly distributed across the Gulf.
He envisions the platform growing into a long-term cultural record.
“It's a Saudi-centric magazine, but the idea is to make it inclusive to the region and everyone authentic has a seat at the table,” said Alakeel.
