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Proofpoint reveals 2023 Voice of the CISO Report

Published

1 year ago

May 10, 2023

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Proofpoint released its annual Voice of CISO report which explores key challenges, expectations, and priorities of chief information security officers (CISOs). The findings reveal that most CISOs have returned to the elevated concerns they experienced early in the pandemic. Seventy-five percent of CISOs in the UAE surveyed feel at risk of a material cyber-attack, compared to 44% the year before, when they may have felt a brief sense of calm after adapting to the chaos of the pandemic. This year’s data is a shift back to 2021 when 68% of CISOs in the UAE believed a material attack was imminent. Likewise, sentiments about preparedness levels have reversed: 57% feel unprepared to cope with a targeted cyber-attack, showing a moderate increase over last year’s 47% and a decrease from 2021’s 72%.

While organizations have largely overcome the disruptions of the last two years, the effects of the Great Resignation and employee turnover continue to linger, exacerbated by the recent wave of mass layoffs—75% of CISOs in the UAE say that employees leaving the organization played a role in a data loss event. Even though 47% of security leaders had to deal with the loss of sensitive information in the past 12 months, only 61% believe they have adequate data protection in place.

The 2023 Voice of the CISO report examines global third-party survey responses from more than 1,600 CISOs at mid-to-large size organizations across different industries. Throughout the course of Q1 2023, 100 CISOs were interviewed in each market across 16 countries: UAE, KSA, the U.S., Canada, the UK, France, Germany, Italy, Spain, Sweden, the Netherlands, Australia, Japan, Singapore, South Korea, and Brazil.

The report discusses global trends and regional differences around three central themes: the threats and risks CISOs face daily; the impact of employees on organizations’ cyber preparedness; and the defenses CISOs are building, especially as the economic downturn puts pressure on security budgets. The survey also measures the changes in alignment between security leaders and their boards of directors, exploring how their relationship impacts security priorities.

“Years of sustained remote and hybrid working has resulted in an increased risk around insider threat incidents, with our research revealing that three-quarters of CISOs in the UAE agree that people leaving the organization contribute to data loss,” said Emile Abou Saleh, Regional Director, Middle East, and Africa at Proofpoint. “The rising challenges of protecting people and data, high expectations, burnout, and uncertainty about personal liability are testing CISOs in the UAE. The way forward is to implement layered defenses, including a dedicated insider threat management solution and strong security awareness training, so organizations are well protected against threats that focus on people as the main perimeter.”

Proofpoint’s Voice of the CISO report for 2023 includes the following findings about the UAE:

CISOs in the UAE have returned to the elevated concerns they experienced early in the pandemic, while also feeling more unprepared than last year: 75% of CISOs in the UAE feel at risk of experiencing a material cyber-attack in the next 12 months, compared to 44% last year and 68% in 2021. Further, 57% believe their organization is unprepared to cope with a targeted cyber-attack, compared to 47% last year and 72% in 2021.
The loss of sensitive data is exacerbated by employee turnover: 47% of security leaders in the UAE reported having to deal with a material loss of sensitive data in the past 12 months, and of those, 75% agreed that employees leaving the organization contributed to the loss. Despite those losses, 61% of CISOs in the UAE believe they have adequate controls to protect their data.
Email fraud tops the list of the most significant threats: the top threats perceived by CISOs in the UAE are almost the same as last year. In both years email fraud (business email compromise) and cloud account compromise led the way, but this year they were followed by malware and smishing/vishing, whereas last year malware was joined by insider threats as the other top concern.
Most organizations are likely to pay a ransom if impacted by ransomware: 59% of CISOs in the UAE believe their organization would pay to restore systems and prevent data release if attacked by ransomware in the next 12 months. And they are relying on insurance to shift the risk—56% said they would place a cyber insurance claim to recover losses incurred in various types of attacks.
Supply chain risk is a recurring priority: 56% of CISOs in the UAE say they have adequate controls in place to mitigate supply chain risk, a modest increase from last year’s 49%. While these protections may feel adequate for now, going forward, CISOs may feel more strapped for resources—65% say their budgets have been impacted.
People risk grows as a concern: there is an increase in the number of CISOs in the UAE who view human error as their organization’s biggest cyber vulnerability—59% in this year’s survey vs. 50% in 2022 and 70% in 2021. At the same time, 56% of CISOs believe that employees understand their role in protecting the organization, compared to 51% in 2022 and 69% in 2021; this illustrates a struggle to build a strong security culture.
CISOs and boards are much more in tune: 63% of CISOs in the UAE agree their board members see eye-to-eye with them on cybersecurity issues. This is a substantial increase from the 47% of CISOs who shared this view last year and the same as the 63% who felt this way in 2021.
Mounting CISO pressures are making the job increasingly unsustainable: 59% of CISOs in the UAE feel they face unreasonable job expectations, a significant increase from last year’s 38%. While the return to their new reality may be one reason behind this view, CISOs’ job-related angst is a likely contributor as well—60% are concerned about personal liability and 59% say they have experienced burnout in the past 12 months.

“Security leaders must remain steadfast in protecting their people and data, a task made increasingly difficult as insiders prove themselves as a significant contributor to sensitive data loss,” said Ryan Kalember, executive vice president of cybersecurity strategy for Proofpoint. “If recent devastating attacks are any indication, CISOs have an even tougher road ahead, especially given the precarious security budgets and new job pressures. Now that they have returned to elevated levels of concern, CISOs must ensure they focus on the right priorities to move their organizations toward cyber resilience.”

News

THIRD EDITION OF BENTLEY’S EXTRAORDINARY WOMEN INITIATIVE WELCOMES STUDENTS FROM THE UK AND QATAR TO CREWE

Published

1 week ago

June 26, 2024

Integrator Web-Editor

The third edition of Bentley Motors’ Extraordinary Women initiative has concluded with students from universities in the UK and Qatar spending a week at the luxury car brand’s headquarters in Crewe, England. As part of a specially designed schedule, they met with Bentley experts and executives, went behind the scenes of its manufacturing operations, and tackled individual tasks.

Designed to encourage and develop the next generation of young female leaders, the 2024 edition of the Extraordinary Women programme has seen the students receive one-on-one mentorship over the past three months from a selection of inspirational Pioneers from the fields of technology, engineering, design, and business.

The students, who passed through a structured selection process focused around these four specific fields, came from a variety of participating universities: including The University of Doha for Science and Technology in Qatar, and the Universities of Bath, Loughborough, and Manchester Metropolitan in the UK.

Noora Al-Hajri, University of Doha for Science & Technology student, commented, “This experience has been nothing short of life-changing. Through the programme, I have gained invaluable knowledge and skills that will significantly impact my personal and professional growth. The opportunity to learn from inspiring mentors in both Qatar and the UK has been particularly enriching. Their guidance has broadened my horizons, challenged me to think critically, and empowered me to pursue my dreams with renewed confidence. The opportunity to visit the Bentley headquarters at the end of the programme has also been truly awe-inspiring. Thank you, Bentley, for believing in us and for creating such a transformative programme.”

The Pioneers were equally carefully selected. In the UK, entrepreneur Sara Davies MBE, founder and owner of Crafter’s Companion and TV personality from BBC One show Dragons’ Den, provided business mentorship, with Cecilia Harvey, founder of Tech Woman Today, offering the same in the field of technology.

Titi Oliyide CEng MIET, Senior Process Safety Engineer and winner of the 2023 Young Woman Engineer of the Year, mentored the engineering student, and renowned interior designer and Founder of Studioilse, Ilse Crawford provided design support.

The four Qatari Pioneers included Qatar’s UNESCO art ambassador, Muna Al-Bader, in the field of design. Dr Noora Fetais Al Marri, honoured by the Arab Women of the Year 2024 awards for her contributions to cyber security. Education and founding President of the Arab Association for Cyber Security, offered technology mentorship.

Covering the field of engineering was Dr. Hanan Farhat, founder of the Qatar Association for Women Engineers, and Dr. Buthaina Al Ansari in the field of business, who is a senior advisor at the organisation that established Tamkeen Training and Consulting Solutions.

Member of the Board for Human Resources at Bentley Motors, Dr. Karen Lange, commented, “With every year, the Extraordinary Women programme grows stronger, as exemplified by the quality of this year’s Pioneers, all who have generously given their time in the spirit of collaboration as we seek to build a legacy for young women. It has been a great honour to meet and engage with such talented young women during their visit – witnessing their energy and ability fills me with great optimism for the future.”

Launched in the UK and Middle East in 2022, the Extraordinary Women initiative has previously engaged students and Pioneers from the United Arab Emirates, Saudi Arabia, and the United Kingdom. It forms part of Bentley’s wider commitment to diversity, equity, and inclusion under its Beyond100 strategy, and was created to encourage women to explore a variety of career paths in the STEM and automotive sectors.

Financial

Reem Finance signs with Network International to accelerate digital transformation

Published

1 week ago

June 26, 2024

Integrator Web-Editor

Network International (Network) has announced the signing of a strategic partnership with Reem Finance, the leading financial services provider in the UAE. The strategic alliance aims to leverage Network’s expertise to provide a fully-fledged payment processing solution to support the digital transition.

The partnership with Network complements Reem Finance’s focus on offering customers with a unique banking experience in tune with the digital age. The scope of services includes a comprehensive range of products and services from transaction processing, card hosting and management, as well as value-added services. As the region’s largest payment solutions company, Network is committed to supporting the UAE financial services sector by providing innovative solutions to customers and enhancing the experience of consumers.

Navneet Dave, Managing Director & Co-Head of Processing – Middle East at Network International, commented, “We are thrilled to partner with Reem Finance as we jointly deliver innovative digital payment solutions that offer an effortless and secure experience for customers. Our collaboration builds on Network’s three decades of experience and expertise in creating world-class digital payments infrastructure and services for clients. It underscores Network’s commitment to empowering our partners with cutting-edge processing services and value-added solutions and driving growth in the UAE financial services industry.”

Mr. Seraj Faidi, CEO of Reem Finance,said: “As part of our ongoing commitment to enhancing the quality of our products and services for our esteemed clients, and in light of our recent collaborations with prominent service providers and partners, we are delighted to partner with Network International to explore innovative paths to accelerate digitizing our services to better serve our customers. This engagement is an important step for Reem Finance in expanding our capabilities to provide top tier, friendly and easy to use services to our customers. We are confident that with Network International, the processing of card transactions related to both consumer and commercial sectors will be state-of-the-art and seamless. We are committed to playing a vital role in elevating the financial system in the UAE, delivering value to our shareholders, and prioritizing the needs of our clients.”

Financial

Wio Bank Redefines SME Banking with New Embedded Finance

Published

1 week ago

June 24, 2024

Integrator Web-Editor

Wio Bank PJSC is introducing a new embedded finance service designed especially for the UAE’s small and medium-sized enterprises (SMEs). This initiative includes strategic partnerships with leading accounting software platforms Zoho Books, Fiskl and Wafeq, aiming to embed banking services into daily business operations and simplify financial management.

Wio Business, the bank’s first digital banking application, caters to micro, small, and medium enterprises (MSMEs), as well as freelancers and entrepreneurs. By directly integrating with accounting and financial management systems through APIs, Wio Business facilitates seamless financial workflows, enhancing management and eliminating the need for third-party intermediaries. This integration automates bookkeeping, significantly reducing manual labor and allowing businesses to concentrate on their core activities.

Jayesh Patel, Chief Executive Officer of Wio Bank PJSC, shares his vision for the new service: “By adopting Embedded Finance, we are transforming how businesses manage their finances. Our direct integration initiative simplifies how financial services are delivered and managed, making it easier and more transparent for SMEs.”

With over 94% of UAE businesses categorized as SMEs and significant contributors to employment, Wio Bank’s new service is tailored to meet a vital market need. This initiative, along with its strategic partners, is designed to simplify business operations, allowing them to thrive by focusing on growth rather than administrative financial tasks.

A New Era of Financial Management

Through Wio Business, companies can now link their accounts with selected software platforms such as Zoho Books, Fiskl, and Wafeq, offering a holistic view of their financial health. This integration eliminates the dependency on third-party intermediaries, simplifies financial workflows, ensures real-time financial insights with automatic updates, and streamlines accounting tasks with features like auto-reconciliation of bank statement. Additionally, integrating Wio Business APIs into Corporate ERPs and payment platforms facilitates automated account payables and instant transaction reconciliation, thus reducing manual labor and errors, and enhancing cost efficiency and operational gains.

Wio Bank was established to redefine banking in the UAE for both businesses and consumers. Its second digital offering, Wio Personal, is a day-to-day banking platform that changes how individuals see, manage, and grow their money. It provides users with unprecedented financial visibility and flexibility, serving as a foundation for achieving personal financial goals with an engaging experience that includes smart cards and exciting rewards.