Abu Dhabi, UAE – The UAE Government Cyber Security Council confirmed that the value of the cyber insurance market in the UAE has reached $70 million. He is witnessing continuous growth, explaining that cyber insurance is no longer just an option, but a necessity for risk management in our current era. It represents a line of defense against digital risks.
He pointed out the need to ensure that your insurance policy is specifically designed to meet your needs. And work to update its commitments regularly to keep pace with the level of threats to your systems.
He pointed out that cyber insurance premiums are expected to rise in the coming years. Indicating that 75% of major institutions whose revenues exceed $5.5 billion have insurance against cyber risks.
fake apps
On the other hand, the Council stressed that fake applications represent a new challenge to cybersecurity. In light of the development of artificial intelligence, which has contributed to increasing the difficulty of detecting these applications and using them in fraudulent operations.
The council explained that fraudsters use social engineering to gain users’ trust through the fake application in order to blackmail them later. Pointing out that these applications may be supported by artificial intelligence to respond to user requests. Counterfeit brands may also be launched that entice individuals.
He pointed out that in the event of being blackmailed by operators of fake applications, no sums of money must be paid, and all evidence must be preserved and the competent authorities must be informed directly. “Digital threats are increasing in the region, so awareness has become the first line of defense. Check before downloading, because protecting your data starts with a simple step,” he said.
check the links
In a related context, the Council stressed that normal browsing does not prevent invisible risks, and that one weak point is enough to reveal a lot about your digital identity. Stressing that a single vulnerability could enable fraudsters to access a large part of this identity. This requires checking links and ensuring the reliability of sites before sharing any personal information, and the necessity of browsing consciously and safely.
He explained that digital identity hacking could lead to unauthorized access to users’ personal information. And its multiple repercussions that directly affect individuals.
The Council noted that the most significant risks include identity theft, financial losses, fraud, and reputational damage. Stressing the importance of enhancing digital awareness and taking preventive measures to protect accounts and personal data.
The Council called on users to remain in control of their digital information. By following safe practices in using electronic accounts, and not compromising data protection, which limits the chances of being hacked or exploited.
