As cyber-attacks on corporates and individuals in the Middle East are rising at an alarming rate, it is essential that these parties understand and act swiftly to address the challenges.

The inaugural Gulf Information Security Expo and Conference, or GISEC, which will be held from June 3-5 next year at Dubai World Trade Centre, or DWTC, will focus on the latest information security trends, cyber security legislation in the Middle East and solutions on a large-scale platform to tackle the problem. GISEC is an affiliate event of GITEX Technology Week, the region’s leading Information and Communications Technology, or ICT, event.

“The conference is the only large-scale platform of its kind in the region to specifically address the issue of information security in a focused format. It provides a much-needed platform for national, regional and international cooperation in protecting and addressing critical infrastructure. Given the increasing threats to information security in the region, the conference is a timely event for the industry to consolidate its efforts in assessing and solving the cyber-security needs of corporates and individuals,” said Trixee Loh, senior vice-president at Dubai World Trade Centre.

“Cyber security in the modern age is not a luxury, but a crucial necessity that should form a key part of our social existence as we integrate more and more into a digital lifestyle that crosses over from the corporate world into our private lives,” said Captain Mohamed Obaid Alobaidli, Abu Dhabi Police, IT and R&D Section Manager in the IT and Telecommunication Department.

When it comes to information security of corporates and individuals, the statistics are worrisome. Software piracy losses in the Gulf States rose to $ 850 million last year, which is an increase of 11.5 per cent from 2010, according to the ninth annual global software piracy study by the Business Software Alliance. According to an aeCert report — the agency tasked with overseeing cyber security in the UAE — banks were targeted in almost 75 per cent of the phishing attacks recorded in the UAE last year.

Meanwhile, cyber-crime costs the UAE’s economy $ 612 million per year, according to the Internet Security Report 2011 published by Symantec.

These costs are associated with internet crimes such as identity theft, online scams and credit card fraud — approximately $ 210 million was cash siphoned directly from internet users, with the remaining $ 402 million attributed to cost in time and money spent resolving cyber-crime related issues. The latest Symantec Cybercrime Report revealed that 76 per cent of UAE residents have fallen victim to cybercrime.