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

The Global Cybersecurity Forum is taking place in Riyadh. AN.
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Updated 17 April 2024
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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 main index dips slightly to 10,912

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Closing Bell: Saudi main index dips slightly to 10,912

RIYADH: Saudi Arabia’s Tadawul All Share Index was broadly stable on Tuesday, as it shed just 4.61 points or 0.04 percent to close at 10,912.43.

The total trading turnover of the benchmark index stood at SR3.99 billion ($1.06 billion), with 68 of the listed stocks advancing, and 194 declining.

The Kingdom’s parallel market Nomu gained 0.68 points to close at 23,358.18.

The MSCI Tadawul Index also edged up by 0.03 points to 1,467.56.

The best-performing stock on the main market was Saudi Cable Co. The firm’s share price rose by 9.72 percent to SR161.40.

The share price of Almasane Alkobra Mining Co. advanced by 9.25 percent to SR108.70.

Al-Jouf Agricultural Development Co. also saw its stock price climb by 6.46 percent to SR48.10.

Conversely, the share price of Tabuk Agricultural Development Co. edged down by 3.67 percent to SR7.61.

On the announcements front, Dar Al Majed Real Estate Co. said that it signed a Shariah-compliant banking facilities agreement with the Arab National Bank valued at SR500 million.

In a Tadawul statement, the company revealed that the agreement is aimed at supporting the firm’s expansion plans and financing its future projects in line with its approved strategic plan.

The financing term extends for up to five years and includes a grace period of two years.

The share price of Dar Al Majed Real Estate Co. declined by 0.99 percent to SR9.

Saudi Paper Manufacturing Co. said it signed a credit facilities agreement with Kuwait Finance House Bahrain, which includes facilities allocated to finance working capital and medium-term facilities amounting to $40 million.

In a Tadawul statement, the company revealed that the working capital facilities extend for 12 months and are renewable.

The medium-term facilities last for 48 months, including a six-month grace period.

The credit facilities will be used to cover the company’s working capital for operational activities, plans and expansions in purchasing raw materials, in addition to restructuring medium-term debts to improve cash flows.

The share price of Saudi Paper Manufacturing Co. edged down by 1.09 percent to SR58.80.