Egypt’s net foreign assets positive for second month in June

Egypt has been using its NFAs to help prop up its currency since at least September 2021. Shutterstock
Short Url
Updated 04 August 2024
Follow

Egypt’s net foreign assets positive for second month in June

  • NFAs slid to 626.6 billion Egyptian pounds in June from 676.4 billion pounds as of end-May

CAIRO: Egypt’s net foreign assets stayed positive for a second straight month in June having been deeply negative for more than two years, central bank data showed.
NFAs slid to 626.6 billion Egyptian pounds in June from 676.4 billion pounds as of end-May. This works out to $13.05 billion at end-June and $14.31 billion at end-May, according to Reuters calculations based on the official central bank currency rate at the time.
Egypt has been using its NFAs, which include foreign assets at both the central bank and commercial banks, to help prop up its currency since at least September 2021. NFAs turned negative in February 2022.
But in February this year, the government boosted its finances by selling the development rights to Ras El-Hekma on the Mediterranean coast for $35 billion and in March by signing an $8 billion financial support package with the International Monetary Fund.
It also sharply devalued its currency, triggering a flood of portfolio investments and remittances from workers abroad.
Foreign assets fell at commercial banks in June but rose at the central bank, while foreign liabilities rose at both commercial banks and the central bank.


Global cybersecurity workforce faces 2.8m shortfall, says BCG official

Updated 7 sec ago
Follow

Global cybersecurity workforce faces 2.8m shortfall, says BCG official

RIYADH: The global cybersecurity workforce is grappling with a substantial shortfall, with an estimated 2.8 million professionals required to meet demand, according to Shoaib Yousuf, managing director of the Boston Consulting Group.

In an interview with Arab News during the Global Cybersecurity Forum in Riyadh, Yousuf stated that the current workforce stands at 7.1 million.

Yousuf delved into the reasons behind this gap, pinpointing a fundamental deficiency in “skilled” workers.

He emphasized: “This gives us a clear direction that a lot of work needs to be done to take the young cybersecurity professionals or young graduates and train them and provide them the right set of skills, training, certifications, mentorship, and internship to convert them and provide the career opportunities for them.”

During the forum, BCG, in collaboration with the Global Cybersecurity Forum, released the 2024 Global Cybersecurity Workforce Report, which paints a troubling picture of the industry. The report indicates that only 72 percent of digital defense roles are filled, leaving organizations increasingly vulnerable to rising threats.

To tackle these workforce challenges, Yousuf stressed the need for a comprehensive approach. “Building a sustainable cybersecurity talent pipeline requires a multi-faceted strategy,” he said. He advocated for an integrated system that includes awareness campaigns, educational programs, and initiatives that lay a strong foundation for those interested in cybersecurity careers.

A robust talent pipeline is essential, Yousuf noted, to create awareness, improve educational frameworks, and adequately prepare young professionals for success in the field. He mentioned that establishing strong strategies to attract students to cybersecurity, along with the private sector’s appealing mentorship and internship opportunities, could significantly enhance the workforce’s quality.

“One of the challenges we found is that everyone wants a skilled workforce. Everyone wants somebody with five to eight years of experience,” Yousuf pointed out, highlighting the gap faced by newcomers entering the cybersecurity arena.

He elaborated, “The third step is the career advancement and retention of the professionals. How we can do that is by providing a thriving career. Making sure we invest in the upskilling, we invest in the right set of cybersecurity certifications, and also look into the diversification. Today, we found that women participation in cybersecurity is 24 percent, whereas the average in ICT (information and communications technology) is 36 percent.”

Yousuf also noted a high demand for specific skill sets, stating, “Based on a survey, we identified that there are four skills that are highly in demand. One of them is definitely the cybersecurity leaders. There is a strong shortage of that. Cloud security, as you can see, there is a strong push for many organizations to shift to the cloud. Cloud security is one of the roles which was highlighted as one of the critical shortages.”

Additionally, he mentioned the growing need for security architects and experts in emerging technologies, particularly those specializing in artificial intelligence.

He emphasized the urgency of addressing cybersecurity threats, labeling it as one of the most significant global risks, second only to climate change. “Cybersecurity is one of the top risks, and multiple reports have highlighted that cybersecurity is a second top threat and risk after climate change,” Yousuf asserted.

Yousuf underscored that cybersecurity has remained “on the top agenda for many nations, for many decision-makers, many CXOs,” and has become a central topic of discussion at the board level, necessitating improvements in defenses.

Despite considerable investments in cybersecurity, he remarked, “We have always been catching up.” Yousuf highlighted the financial implications of cybercrime, noting that the cost of such offenses exceeded $2 trillion last year and is projected to surpass $6 trillion in the next five years. “If you look at the impact of cybercrime, it is moving so fast. But when you look at the cybersecurity investment, it’s not keeping up at the right pace,” he explained.

He reiterated the importance of creating a level playing field, suggesting that “AI provides a fantastic opportunity to understand the threat landscape better, and we can play a much better role, to be a little bit more proactive.”

Yousuf also pointed out that cybersecurity is a top priority for Gulf Cooperation Council countries, which have made significant advancements in recent years. “One of the things which we have observed is that cybersecurity is the top priority for the GCC countries, and over the last five to eight years, we have seen a leapfrog effort, not only incremental effort, leapfrog efforts,” he stated.

He highlighted Saudi Arabia’s swift progress, noting its rise from a ranking in the late 40s on the ITU Global Cybersecurity Index in 2019 to the second position within three years.

Yousuf concluded by stressing that GCC nations recognize the importance of fostering a secure cyberspace to build trust, particularly as digital adoption is pivotal to their economic growth. He underscored that investing in digital infrastructure and robust cybersecurity is critical to supporting their ongoing digital transformation efforts.


New Child Protection in Cyberspace Index aims to improve online safety for kids

Updated 27 min 14 sec ago
Follow

New Child Protection in Cyberspace Index aims to improve online safety for kids

RIYADH: The launch of the Child Protection in Cyberspace Index at the Global Cybersecurity Forum signifies a historic advancement in safeguarding children online, according to an international think tank.  

Yuhyun Park, founder and CEO of the DQ Institute, highlighted that the CPC Index reflects tangible change following last week’s UN General Assembly agreement on a global digital compact, which included child protection in cyberspace as a central focus.  

“The CPC Index is the first concrete action since that agreement, and what we are seeing is a very high level of commitment to move forward,” she told Arab News during an interview on the sidelines of the forum in Riyadh. 

The index, developed in collaboration with key partners including the International Telecommunication Union, UNICEF, and WeProtect and the GCF institute offers a comprehensive framework for understanding child safety online at the national level.  

It builds on the DQ Institute’s seven years of research into child online safety but expands to include the roles of parents, schools, technology companies, and governments.  

“The beauty of the CPC Index is that it looks at the entire ecosystem surrounding children online, from families and schools to ICT companies and government regulations,” Park said, adding that this 360-degree approach provides countries with valuable insights into how they can best utilize their resources to improve child safety online. 

The CEO emphasized that the initiative is not just driven by one organization or nation but is the result of global collaboration across public and private sectors.  

The index aggregates standards and measures from around the world, helping nations track their progress in reducing cyber risks for children. “We are connecting the dots globally, so nations can see how they can move from today’s reality to a safer digital future,” she said. 

Park highlighted that over 70 percent of children globally have experienced at least one cyber risk, according to the latest Child Online Safety Index from the DQ Institute. With the rise of artificial intelligence, or AI, this number could shift dramatically as new risks emerge.  

“AI is going to change the landscape of online risks for children, and we expect new forms of dangers to become normalized, like AI-generated deepfakes and increased exposure to fake news,” the executive said.  

She warned that while AI can be used to mitigate some risks, it also has the potential to exacerbate existing challenges at an exponential rate. “We are entering a phase where bad actors have access to even better tools, and the dynamic could change quickly.” 

In this context, the CPC Index serves as a critical tool for countries to understand their vulnerabilities and implement necessary measures to protect children from these evolving threats. “The goal is to reduce that 70 percent number to zero,” Park said, underscoring the urgency of global cooperation in tackling these risks. 

Park praised Saudi Arabia’s leadership in advancing child protection in cyberspace, describing the Kingdom’s efforts as “remarkable” and fast-moving. “Saudi Arabia has shown a humongous advancement since 2020 in digital citizenship, digital well-being, and child online safety,” she said, crediting the Kingdom’s leadership under Crown Prince Mohammed bin Salman and Vision 2030.  

The Kingdom’s proactive stance on child protection is paving the way for other nations, Park observed, as it moves quickly from dialogue to action. 

One of the Saudi Arabia’s achievements is the development of national frameworks for child online safety, including plans to integrate digital citizenship education into the national curriculum.  

“If digital citizenship is implemented from primary school, it will be a tipping point for ensuring long-term online safety for children,” Park said. She encouraged the Ministry of Education to make digital literacy a core part of early childhood education, noting that such measures could set a global standard. 

Park also called for greater involvement from the private sector in ensuring a safer digital environment for children. “Private sector companies that have created the digital environment need to take leadership on this topic,” she said, adding that Saudi Arabia is well-positioned to drive collaboration between public and private sectors at both national and global levels. 

She also stressed that big tech companies like Google, Meta, Amazon, TikTok, and Snapchat must work together to create consistent measures and reporting systems to track and reduce cyber risks for children.  

“This isn’t about competition — it’s about collaboration,” she said, urging tech companies to partner with the CPC initiative to ensure transparency and accountability in online safety. 

The CPC Index and the broader child protection initiative, she concluded, represent a critical step in ensuring that children are protected in an increasingly AI-powered world. “This is why the CPC commitment is historically important — we need to act together to put the right boundaries around children in the digital space,” she said. 

As Saudi Arabia and the global community work together on this initiative, the CPC Index will provide valuable data and insights to help nations create safer digital environments for children, according to the executive.  

“The pact for the future is a starting point, but real change happens with implementation, and that’s where the CPC Index will make a difference,” Park said. 


Collaboration key to strengthening global cyber resilience, says ITU official

Updated 42 min 55 sec ago
Follow

Collaboration key to strengthening global cyber resilience, says ITU official

RIYADH: Domestic and international cooperation are crucial components of the global cybersecurity agenda, according to Doreen Bogdan-Martin, secretary-general of the International Telecommunication Union.

Speaking at the panel discussion titled “Navigating the future: Advancing international cooperation to build confidence in cyberspace” during the Global Cybersecurity Forum in Riyadh, she emphasized the urgent need for enhanced global efforts to combat cyber threats.

Bogdan-Martin noted that international collaboration is vital for addressing the transnational nature of these threats. Such cooperation allows for the sharing of best practices, intelligence, and resources, which strengthens collective cyber resilience.

In 2023, cyberattacks impacted over 343 million victims, and data breaches rose by 72 percent between 2021 and 2023, breaking previous records, according to Forbes Advisor.

“There’s still some gap that’s remaining. I think we are progressing on the right track, but we need to do more; we need to go faster; we need to go deeper,” she said.  

“We have a global cybersecurity agenda that we laid out back in 2007, and I actually think it’s still very relevant today,” Bogdan-Martin. 

She highlighted the importance of establishing a robust legal and regulatory framework, operational preparedness, and capacity building as critical components in addressing cyber challenges, adding that “cooperation, both domestically and internationally,” is vital. 

Bogdan-Martin noted that the landscape has become increasingly complex, particularly with the emergence of artificial intelligence. “Look at just the past year and a half and how generative AI has sort of swept the planet. I don’t think we understood how quickly the technology would evolve, but we knew that we had to be building safety by design back in the day,” she said. 

In a separate panel, titled “Crime Inc: The institutionalization of organized cybercrime,” Deputy Assistant Attorney General Josh Goldfoot from the US Department of Justice shed light on the structured nature of cybercrime. 

“The message I wanted to convey about how cybercrime is organized is that it is dispersed and centered around specialization,” Goldfoot explained. “One attack on a company requires several different components: malware, reconnaissance, penetration, and, finally, economic exploitation.” 

Goldfoot elaborated that cybercriminals often specialize in specific aspects of an attack and advertise their services to others in online forums. 

Experts from technology, public policy, defense, and other sectors gathered in Riyadh for the two-day Global Cybersecurity Forum, focusing on the theme “Advancing Collective Action in Cyberspace.” 

The event was aimed at enhancing multi-stakeholder engagement and driving joint initiatives on key strategic priorities, featuring five core sub-themes that address critical aspects of cybersecurity. 


Saudi Arabia’s cybersecurity market poised for growth amid rising investments

Updated 18 min 57 sec ago
Follow

Saudi Arabia’s cybersecurity market poised for growth amid rising investments

RIYADH: The cybersecurity market in Saudi Arabia is set for significant growth, fueled by increasing technology investments and the rising demand for digital protection.

Hesham Al-Taleb, VP of R&D at Saudi Information Technology Co., highlighted this trend in an interview with Arab News, noting that as technology investments rise, the need for cybersecurity will grow correspondingly.

Al-Taleb explained that the relationship between technology investment and cybersecurity is intertwined; more economic activity and digital business operations lead to greater requirements for cybersecurity measures.

Recent data from the National Cybersecurity Authority reveals that Saudi Arabia’s investment in cybersecurity products, solutions, and services rose to SR13.3 billion ($3.55 billion) in 2023, marking a 10.83 percent increase from the previous year.

Al-Taleb also pointed out the unique challenges organizations face regarding cybersecurity threats, which can disrupt vital services. He anticipates continued growth in both cybersecurity solutions and advisory services, alongside a burgeoning demand for skilled professionals in the field.

Al-Taleb underscored the essential role of partnerships in achieving success, whether with regulators, customers, or international entities. He emphasized that collaboration is vital for fostering effective relationships.

A key aspect of their approach is actively listening to customers’ needs and pain points, which helps in developing effective products and solutions. This strong focus on customer engagement not only informs product development but also highlights the significance of advisory services within their operations. By providing tailored guidance, they ensure that clients receive the support necessary to tackle their specific cybersecurity challenges effectively.

“We also work hand-in-hand with the NCA as their technical arm to make sure that the regulations and the things that are done from the policies side are actually aligning with the challenges,” Al-Taleb said.

He added: “When it comes to cybersecurity, challenges meet either on the technology side, on the governance side.”

Al-Taleb noted that cybersecurity was identified as a critical issue for Saudi Arabia in 2017, prompting its incorporation into a national strategy. This led to the establishment of NCA as the regulatory body responsible for overseeing digital defense initiatives.

Endorsed by a royal order, the plan aims to protect the Kingdom’s national entities and critical infrastructure while also capitalizing on economic opportunities within the expanding cybersecurity and secure-by-design technology sectors. This strategic approach underscores the importance of cybersecurity not only as a protective measure but also as a driver of economic growth.


Aramco Digital aims to make Saudi Arabia a cybersecurity, AI leader, says top executive

Updated 03 October 2024
Follow

Aramco Digital aims to make Saudi Arabia a cybersecurity, AI leader, says top executive

RIYADH: Aramco Digital is at the forefront of Saudi Arabia’s shift toward a technology-driven economy, implementing key initiatives in cybersecurity, 5G infrastructure, and artificial intelligence.

In alignment with Vision 2030, the company is developing an industrial 5G network and a major AI-driven data center, positioning the Kingdom as a global tech leader and driving economic growth through digital innovation.

In an interview with Arab News at the Global Cybersecurity Forum in Riyadh, Margarete Schramboeck, a board member of Aramco Digital, highlighted the firm’s crucial role in Saudi Arabia’s digital transformation, particularly in cybersecurity and its industrial applications.

“Cybersecurity plays an important role not only for our private lives but especially for the business lives,” Schramboeck said, highlighting the importance of Aramco Digital and its subsidiary, Cyberani, in safeguarding companies, industrial sectors, and government authorities. 

Their priority is to create safer and more productive environments. “It’s one of our focuses,” she added.

As a comprehensive information and communication technology company, Aramco Digital is working to enhance Saudi Arabia’s online infrastructure. 

The firm has secured a license to develop an industrial private 5G network, which will soon be deployed across the country. This network will serve as a foundation for industrial companies and government entities. 

Schramboeck also shared that Aramco Digital is collaborating with US artificial intelligence company Groq to build a major data center designed for storage and AI-focused processing. 

“Most importantly, it (the data center) is Saudi, and it is important that we see that this is an important aspect,” she added.

This facility aims to become one of the largest in the Middle East, potentially the world, driving the Kingdom’s ambition to be a global hub for AI and digital innovation.

The company’s commitment aligns with Vision 2030, Saudi Arabia’s blueprint for economic diversification. “Helping Saudi Arabia and the region in this digital transformation is key for us,” Schramboeck said, emphasizing the local origin of the data center and its role in shaping the Kingdom’s future.

Schramboeck also discussed the critical role of cybersecurity in enabling broader digital transformation. “We cannot do anything today without cybersecurity,” she stressed, linking it to the resilience of economies worldwide. 

She praised the Global Cybersecurity Forum for spotlighting the skills and innovative potential within the sector, underscoring its importance in building economic resilience.

Reflecting on the Kingdom’s digital progress, Schramboeck expressed admiration for the country’s advancements, particularly in the public sector, highlighting that “Saudi Arabia and the government sector is ahead of a lot of European countries.” 

While she acknowledged the potential for cooperation between the Kingdom and Europe, particularly in industrial automation, she emphasized that Saudi Arabia has been making remarkable strides in achieving its goals through investment in both funding and manpower.

Schramboeck concluded by expressing her desire to help bridge the gap between the Kingdom and mid-sized European companies specializing in industrial automation. 

“There are a lot of mid-sized European specialized companies in this field. Sometimes they don’t know about Saudi Arabia, they don’t dare to come here,” she said, expressing her commitment to fostering collaboration and growth in this field.