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Dr Hassan Elhais
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Initially making his mark in criminal and public law, Dr. Hassan made the decision to move to Dubai in 2006, marking a significant step in his legal career. Since joining Awatif Mohammad Shoqi Advocates & Legal Consultancy, he has been an active contributor to the firm’s growth and reputation. Dr. Hassan is known for his dedication to transparency in legal dealings and fee structures, a reflection of his solid ethical values.
The UAE has been at the forefront of taking decisive and proactive measures to curb the prevalence of cyber-attacks in the region. The strategy and success in combatting the adoption of more comprehensive and streamlined laws and regulations with stricter penalties.
United Arab Emirates
Technology
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The UAE has been at the forefront of taking decisive and
proactive measures to curb the prevalence of cyber-attacks in the
region. The strategy and success in combatting the adoption of more
comprehensive and streamlined laws and regulations with stricter
penalties.
What Constitutes a Cybercrime?
Cybercrime involves the use of a computer or an electronic
device as an instrument to further illegal ends, such as committing
fraud, trafficking in child pornography and intellectual property,
identity theft, and privacy violations to name a few.
It involves distributing viruses, illegally downloading files,
phishing, and stealing personal information like bank account
details.
Such actions can be distinguished as a ‘cybercrime’ if
the key ingredients of the crime include ‘computer’ and
‘internet’. For this reason, cybercrimes are often termed
computer crimes. Of the different types of cybercrimes,
‘economic crimes’, which are the trademark of highly
organized criminals, using the most advanced technology to commit
such attacks are most prevalent.
7 Key Measures to Prevent Cybercrimes
The financial sector is without a doubt one of the most
vulnerable sectors when it comes to cyber-attacks, and such attacks
have continuously increased every year.
Some of the key measures that can be adopted to prevent
cybercrimes include:
Implementing strong corporate policies that ensure proper
protection of customer data.
Ensuring employee safety regulations and implementing proper
checks, including user account verification, user login monitoring
and password security to bring in accountability.
Assigning a separate user to each staff and prohibiting the
exchange of secure information.
Prohibiting employees from downloading and implementing any
unauthorized software.
Ensuring proper approval protocols are implemented, with at
least two approval requirements for wire transfers or clearance
transfers and others.
Increasing tech support ensuring proper firewall protection for
all devices. This would block contacts from any unauthorized
domains.
Employee training. This mostly applies to the general employees
of the bank, and therefore continuous training focused on improving
the know–how and possible legal implications are very
important.
Importance of Cybercrime Prevention
Cybercrimes pose a threat unlike any other; understanding the
challenges ahead, the UAE Central Bank has established a new
‘networking and cyber security operation centre’. The
centre is headquartered in Abu Dhabi and aims to boost the IT
infrastructure of the UAE’s financial sector in defending
against cyberattacks.
The financial sector has had a mass adoption of digitalization
which has also opened up its vulnerability to cyberattacks. Coupled
with the COVID-19 pandemic and the resultant market disruptions,
the risk of cyber-attack has increased with hackers trying to
exploit remote working vulnerabilities.
The statistical report released by Comparitech shows that
cyberattacks in the UAE could potentially cost a culminated loss of
seven hundred and forty-six million dollars a year. The Cyber
security centre aims to combat the increasing cyberattacks by
establishing best practices and guidelines for managing security
threats and vulnerabilities, thereby protecting the information
infrastructure of the UAE’s banking and financial system.
self
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