Ransomware attacks cost region $1 billion last year, says top UAE official

The region lost $1 billion in ransomware attacks and its threat is becoming more widespread, a senior official said on Wednesday.

Lt. Col. Saeed AlShebli, deputy director of the Digital Security Department, Ministry of Interior, UAE, said the world is seeing more sophisticated and advanced artificial intelligence (AI)-assisted cyberattacks now.

“The UAE, which is part of a very complex geopolitical region, faces challenges inherited from the region. The UAE is about to become an AI nation which comes with its sets of challenges. Advance persistent threats (APTs) are top of the list of challenges that we are facing in public and private sectors,” he said, while speaking during a panel discussion, at the FutureSec Summit 2024 organised by Khaleej Times.

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The one-day summit saw participation of a large number of senior government and private sector officials on Wednesday.

“We are seeing a lot of sophisticated and complicated and advanced attacks from state and non-state actors. We are seeing more advanced AI-assisted attacks that are targeting public and private sectors. Recent statistics showed almost 40 per cent of attacks targeted infrastructure in the UAE or were tied to infrastructure in the UAE. Of course, all these attacks were successfully thwarted. The second challenge is the widespread use of malware and ransomware in particular. Ransomware is not a new threat but is becoming more sophisticated as it now targets individuals and institutions, especially in the financial sector. It cost the region almost $1 billion last year and is expected to grow with time,” he said.

AlShebli elaborated that individuals and public and private sectors workers are targeted by highly sophisticated phishing and social engineering attacks that have been increasing in amount, quality and scale overtime.

UAE helping other countries

Dr Ebrahim Al Alkeem, National Risk Policies Director, AML & CTF, UAE Government, said the UAE is a financial hub and it supports other countries in combating crime that come to the UAE through third parties.

"The main challenge when it comes to financial crimes or digital economy issues is that we are dealing with different countries and regions. They have their unique regulatory frameworks, making it challenging to develop a one-size-fits-all approach. Regulatory standards constantly evolve, requiring organisations to stay updated and adapt their complaint programs accordingly," he said.

While the UAE is a global financial hub, Dr Ebrahim stated it is important to note that it is not a haven for financial crime. "The UAE has taken significant steps to combat financial crime by actively working to strengthen its cooperation with international partners and implementing robust regulatory frameworks to mitigate risks."

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