Regulating AI continues to pose challenges for nations, Global Cybersecurity Forum hears

The Global Cybersecurity Forum is taking place in Riyadh. AN.
Short Url
Updated 17 April 2024
Follow

Regulating AI continues to pose challenges for nations, Global Cybersecurity Forum hears

RIYADH: The UN continually explores strategies for managing artificial intelligence in an “ethical manner,” according to Ahmed Abdel-Hafez, chairman of the Executive Bureau of the Egyptian Supreme Cybersecurity Council.

Speaking at the Global Cybersecurity Forum in Riyadh on Thursday, Abdel-Hafez claimed “AI is uncontrollable technology until now” and often aids online criminals as they regularly invent new and sophisticated attacks.

Mohammad Abdulaziz Boarki, chief of the National Cyber Security Centre in Kuwait, underscored this statement by stating “AI is something constant," adding: “It could be power for protection and could be a weakness and a threat.”

He emphasized that controlling AI is a complex and demanding task due to its sophistication and depth.

The call for strong safeguards was echoed by Dan Cimpean, director of the National Cyber Security Directorate in Romania. He acknowledged this would be “extremely difficult” as technology will always be one step ahead of the regulatory environment.

He added: “First technology will come, cybercrime will use and exploit vulnerabilities of those technologies and will do harm, and then national competent authorities, at the level of one country or group of states, will have to come with some measures.”

Cimpean went on to say this is “one big challenge and is not very easy to align those measures” and that “we have to really invest a lot in educating the user,” especially when it comes to the “ransomware phenomenon” as there is no “magic solution” for tackling whether to “ban payment for ransom or not.”

Boarki elaborated on the topic, suggesting that there is no one-size-fits-all solution for each country and that each nation should manage the issue according to its individual needs and perspective.

“I believe if it is for the national interest. I don’t think there is a problem to negotiate,” Boarki said.

Abdel-Hafez continued: “Data is going to be the oil of the globe right now, so if any organization did not control or make a backup for their data, as a punishment, they should pay the money to get their data back.”

He added: “Each region has its mindset about data protection, data privacy, human rights, but if we did not collaborate, the attacker will be successful.”

Abdel-Hafez further underscored that cybersecurity is a cross-border activity and that collaboration with governments is necessary.


Closing Bell: Saudi equities continue 4-day upward trend 

Updated 14 January 2026
Follow

Closing Bell: Saudi equities continue 4-day upward trend 

RIYADH: Saudi equities closed higher on Wednesday, with the Tadawul All Share Index rising 51.52 points, or 0.47 percent, to finish at 10,945.15. 

Trading activity was robust, with 373.9 million shares exchanged and total turnover reaching SR6.81 billion. 

The MT30 Index also ended the session in positive territory, advancing 11.93 points, or 0.82 percent, to 1,472.82, while the Nomu Parallel Market Index declined 116.82 points, or 0.49 percent, to 23,551.47, reflecting continued volatility in the parallel market.

The main market saw 90 gainers against 171 decliners, indicating selective buying. 

On the upside, Al Kathiri Holding Co. led gainers, closing at SR2.18, up SR0.12, or 5.83 percent. Wafrah for Industry and Development Co. advanced to SR23, gaining SR0.99, or 4.5 percent, while Al Ramz Real Estate Co. rose 4.35 percent to close at SR60.

SABIC Agri-Nutrients Co. added 4.21 percent to SR118.70, and Al Jouf Agricultural Development Co. climbed 4.12 percent to SR45. 

Meanwhile, losses were led by Saudi Industrial Export Co., which fell 9.73 percent to SR2.69. United Cooperative Assurance Co. declined 5.08 percent to SR3.74, while Thimar Development Holding Co. dropped 4.54 percent to SR35.30.  

Abdullah Saad Mohammed Abo Moati for Bookstores Co. retreated 4.15 percent to SR48.50, and Gulf Union Alahlia Cooperative Insurance Co. slipped 3.96 percent to SR10.44. 

On the announcement front, Saudi National Bank announced its intention to issue US dollar-denominated Additional Tier 1 capital notes under its existing international capital programe, with the final size and terms to be determined subject to market conditions and regulatory approvals.  

The planned issuance aims to strengthen Tier 1 capital and support the bank’s broader financial and strategic objectives.  

The stock closed at SR42.70, gaining SR0.70, or 1.67 percent, reflecting positive investor reaction to the capital management move. 

Separately, Almasane Alkobra Mining Co. said its board approved the establishment of a wholly owned simplified joint stock company to provide drilling, exploration and related support services, with a share capital of SR100 million and headquarters in Najran, subject to regulatory approvals.  

The new subsidiary aligns with the company’s strategy to enhance operational efficiency and expand its role in the Kingdom’s mining sector.

Shares of Almasane Alkobra Mining closed at SR98.70, up SR0.30, or 0.3 percent, by the end of the session.