The Gulf Time Newspaper One of the finest business newspapers in the UAE brought to you by our professional writers and editors.
DUBAI/WAM
After an action-packed two days where GITEX Global 2024 presented exhilarating events and exhibitions across technology’s new frontiers, participants examined the existing and future cybersecurity landscapes with the world’s foremost experts.
Taking place from October 14 to 18 at Dubai World Trade Centre (DWTC), GITEX Global is the world’s largest and best-rated tech event. It presents a record-breaking 44th edition in 2024 – welcoming over 6,500 exhibitors, 1,800 startups, and 1,200 investors alongside governments from more than 180 countries.
As GITEX Global’s biggest-ever international edition reached the halfway stage, “Cybersecurity Day” headlined the Wednesday schedule. An enlightening series of keynote speeches, fireside chats, and specialist panels cast a unique spotlight on the urgent challenges, emerging threats, and innovative opportunities facing individuals, enterprises, industries, and nations worldwide.
With global cybercrime damage projected to reach $10.5 trillion annually by 2025, the international tech community is determined to ignite a paradigm shift through reinvigorated determination. This universal attitude was on full display at GITEX Global as top CISOs, CIOs, and GRC leaders converged with a unified mission: establish the foremost line of defence globally.
In 2024, finance industry AI-driven fraud has surged by 40 percent, posing unprecedented challenges for incumbents. One of Wednesday’s must-attend conference sessions – ‘AI-Driven Digital Fraud: Safeguarding the Finance Industry’s Future’ – examined how emerging technologies are being harnessed to overcome the evolving threat.
Dr Mohammed Hamad Al-Kuwaiti, Chairman of the UAE Cybersecurity Council, revealed that the country dispelled millions of threats this year alone while endorsing AI as a “game-changer” in leading the industry’s cyber resurgence. Speaking on GITEX Tech Waves Podcast, he said, “Cyber awareness is crucial – and AI is changing the game. The UAE is a financial hub that faced 71 million attacks in Q1 2024. We are resilient and thwarted these with early threat detection through AI. It’s a hugely beneficial technology alongside our great partnerships with the world.”
Todd Conklin also weighed in on the positive impact of AI. While acknowledging the potential repercussions of AI’s power when utilised by malicious actors, the Chief AI Officer and Deputy Assistant Secretary, Cybersecurity and Critical Infrastructure Protection at the US Department of the Treasury, added, “The US Treasury runs the largest payments ecosystem in the entire world. We’ve leveraged AI models to reduce fraud by almost $600 million in the last six months. It’s becoming increasingly critical in the counter-fraud space.”
In a week where 88 percent of exhibiting startups are GITEX Global debutants and no fewer than 230 new partnerships have been finalised between local, regional, and international entities and enterprises, the event is again fulfilling its pledge as a global cooperation and collaboration catalyst. Heading into Wednesday, over 13,000 pre-arranged concierge meetings had already taken place across GITEX Global and Expand North Star – the world’s largest startup and investment event.