The cost of cybercrime is predicted to
cost the world $8 trillion this year,
according to Cyber Security Ventures.
Although we have seen a dip in the
volume of ransomware attacks, it continues to
be the top attack vector. Last year, we saw some
high-profile ransomware attacks make headlines,
making the world sit up and take notice because
of their sophistication. Personally, I know of some
large business conglomerates in the region that
have fallen prey to cybercriminals, bringing their
systems down for weeks. Unfortunately, in our
region, stigma puts off companies from reporting
cyber-attacks, unlike developed markets where
companies are mandated by regulations to divulge
such information.

Earlier this month, I was in Riyadh to
attend LEAP, which has grown bigger
and better since its debut three years
ago. If this is a barometer of what is
going on in the digital landscape of the Kingdom,
LEAP cements KSA’s position as the largest IT
market in the region. Held at a sprawling venue
at Malham, some of the announcements made
at the show have made the world sit up and take
notice. Drawing close to 175,000 visitors over
four days, around $11.9 billion in new investments
were announced at LEAP, including a new AWS
cloud zone and a data centre by Datavolt. IBM,
which recently announced its plan to set up
its regional HQ in the Kingdom, plans to invest
$250 million in a global software development
centre. ServiceNow will pump in $500 million
to localise its services, and develop local talent.
Dell Technologies will open a manufacturing and
fulfilment centre, while HPE showcased servers
made in Saudi Arabia at the show.

You must have read the news about a
multinational company headquartered
in Hong Kong recently losing
$25.6 million in a deepfake scam.
Utilising sophisticated deepfake technology,
cybercriminals digitally cloned numerous
employees, including senior company executives,
within a virtual video conference setting to pull
off this elaborate scam. Now, this is a sign of
things to come. AI has opened a whole new array
of attack vectors that enterprises are not ready
to deal with yet. In fact, Gartner has recently
noted that deepfakes can crack face biometrics,
and many companies may have to rethink their
identity verification and authentication methods.

As is customary, at the beginning of
every year, I stick my neck out and
make predictions about what is going
to be hot in tech. Make no mistake;
this year is going to be all about AI. Though the
hype has reached a crescendo, you can expect
to see some real-world use cases emerging this
year. Generative AI is already being widely used
in enterprises in the region, and the emergence
of localised LLMs will further accelerate adoption.
However, many vendors are now trying to cash in
on the hype and exaggerate AI capabilities in their
products. These days, the AI label is being applied
to just about everything, and users will have to
beware of these tall claims.

Attending COP28 for the first time
was an eye-opener for me in many
ways. The 28th edition of the global
climate change conference will go
down in the annals of history as the one that
signaled a transition from fossil fuels to clean
energy sources and meaningful action around
climate finance. If I remember correctly, only
two previous editions – Paris and Japan – have
witnessed such tangible outcomes. On the
sidelines of the conference, I had the privilege of
talking to global sustainability officers, and they
all told me that this was probably the first time
the role of technology came under the spotlight
in the context of sustainability. This was evident
from the two huge technology pavilions at
COP28.

Last month, I had the privilege of attending
two major conferences – Lenovo’s
TechWorld in Austin and SAP TechEd in
Bangalore. Both of these events were
dominated by demonstrations and discussions
around GenAI. In my recent memory, I can’t think
of any other technology that has generated as
much interest as GenAI. The term AI was coined
67 years ago, and this is the third wave of AI,
which large language models are largely driving,
sometimes called foundation models.

Over the past decade, we have seen the
confluence of three transformative forces
set the stage for a new era in AI: massive
data proliferation, scalable compute
capacity availability, and innovation in machine
learning (ML) techniques.
Together, these factors have created a tipping
point for generative AI, ushering in a wave of
creativity and potential that promises to reshape
industries and transform processes.

Artificial intelligence is being touted as
the silver bullet for our security woes.
Given the woeful skills shortage and
increasing cyber-attack sophistication,
many enterprises now see AI as a formidable arsenal
in the fight against cybercrime. Undoubtedly, AI
and ML can detect and react to threats much faster
and will play a pivotal role in cybersecurity in the
coming years. Very soon, we will see AI-powered
autonomous security systems that can identify,
mitigate, and even prevent attacks without human
intervention.

Organisations in the region are adopting
multi-cloud strategies to unlock the
full potential of their IT infrastructure
and fast-track digital transformation
initiatives. Multi-cloud adoption is driven by a
myriad of factors – vendor flexibility, scalability, and
improved performance.

Recently, Geoffrey Hinton, widely considered
the godfather of AI, quit Google, warning
us computers could soon become smarter
than humans and how AI could create false
images and texts. Celebrated author Yuval Noah Harari
wrote that AI-driven misinformation could change the
course of events and threaten the survival of human
civilization. Despite all this debate about the potential
negative impacts of AI, there is a lot of buzz around
generative AI, with new use cases emerging. Reams of
newsprint have already been devoted to popular tools
such as ChatGPT and DALL-E. It is said that general
AI can potentially learn programming languages and
write code; large language models are already being
used to design microchips and drugs. While the usual
discourse is around the impact of generative AI on
visual art and content creation, not many people have
paid attention to its impact on IT departments.

ChatGPT has taken the world by storm.
This large language model-based
AI chatbot has already become the
fastest consumer application ever, and
businesses are starting to use the technology to
automate mundane tasks. Microsoft has recently
announced plans to help companies create
their own chatbots using the OpenAI ChatGPT
technology. As the hype around ChatGPT has
reached a crescendo, recently, the Italian privacy
watchdog has temporarily banned the AI chatbot
over data privacy concerns, and other EU members
are expected to follow suit. How much of a security
risk is ChatGPT? According to a recent report
from Cyberhaven, employees are feeding sensitive
company data into ChatGPT. This ranges from
source code to patient medical records, which
could potentially be revealed to a third party. AI
chatbots such as ChatGPT remember and use
content people feed into it as training data to
improve the technology. Its implications could be
far-reaching from a cybersecurity perspective.

In the last two to three years, we’ve seen
how regional enterprises implemented new
technologies and processes to improve
business operations and add value to
customers. The adoption of digital technologies
has sped up as organisations rethink how they use
technology, people, and processes to create new
business models and new revenue streams. This
month, we hosted the fifth edition of the CXO 50
Awards, which have become a gold standard for IT
innovation and business transformation.

It’s that time of the year again when I gaze
into the crystal ball and make predictions
about tech trends shaping 2023. As they say,
prediction is always difficult, especially about
the future. Last year, many businesses reimagined
and transformed their strategies to build resilience.
With the threat of global economic recession
looming, the new mantra for businesses this
year will continue to be digital resilience. Earlier
this month, we organised a CXO roundtable with
Splunk to discuss why digital resilience is now more
critical than ever and ways to build it. There is no
doubt that technology is key to fighting business
disruptions, and many companies, regardless
of size, are investing heavily in modernising and
securing their IT systems to drive positive business
outcomes. The pandemic has taught us that
operational resilience is the only way to thrive in
dynamic market conditions and fend off business
disruptions. The technology leaders who joined us
for the discussion unanimously agreed that the only
way to build resilience into business is to simplify
and increase the visibility of their IT environments,
which has become a challenge in this age of multicloud
and cloud-native applications.

As curtains fall on 2022, it’s time to
pause and reflect on the lessons we
need to take from this year and what
we can do to prepare to make 2023
a better year. We have seen the IT sector limp
back to normalcy after a brief pandemic-induced
lull, and digital transformation initiatives started
yielding rich rewards for companies of all sizes.
However, on the flip side, the threat landscape
evolved equally fast, with damaging ransomware
attacks keeping IT executives awake.

Last month was one of the busiest for
us here at CXO Insight ME, with two
major awards programmes and the
biggest ever Gitex on record. Our ICT
and GovDX Leadership Awards were a big draw
among the whole IT ecosystem in the region.
While selecting the winners, I was surprised at
how deep-rooted digital innovation has become
in enterprises here – be it the private or public
sector.

Billed as the biggest tech event in the
world, GITEX GLOBAL is back with
some staggering numbers. This year’s
show will open doors to more than
5000 exhibitors over two million square feet
of space and attract 100,000 visitors. True to
its tagline of ‘enter the next digital universe’,
the event will showcase some developing
technologies such as Metaverse, Web 3.0, and
6G. Interestingly enough, the organisers claim
GITEX will be an ideal platform to attract new
companies and set up shop in the region, as 40
percent of exhibitors this year do not have a
base here. Another first this year would be the
largest developer meetup of 10,000 coders and
the Middle East’s python-centered conference
launch.

At the beginning of the year, I’d picked
AI as one of the trends to watch
out for this year and beyond. This
transformative technology may not
have lived up to the hype, but tech behemoths
like Google, Facebook, and Amazon are pouring
billions of dollars into AI research. A recent
Gartner survey found that organisations are
evolving the use of AI as part of their automation
strategies and some of them are ‘shifting
away from a purely tactical approach to AI and
beginning to apply AI more strategically.’

Cloud is not a hard sell these days.
Enterprise businesses are aware
of the advantages of using cloud
architecture. We have seen an uptick
in adoption, especially in the last two years, as
companies sought to mobilise their workforce
and keep the business running in the wake of the
pandemic. Many CIO surveys suggest that the
cloud will see the biggest spending growth this
year, and the SaaS model has already taken off
in a big way in the region while IaaS and PaaS
are slowly gaining traction. However, the public
sector has been slow to embrace the cloud as
many government entities are still evaluating
their options in the face of stringent regulations
around data privacy. This is why the sovereign
cloud is a hot topic today. Sovereign clouds are
architected to ensure all data, including metadata
stays localised, and users have more control over
security and access. This is expected to solve
many compliance hurdles that public sector
entities face today.

Is there any limit to what AI can do today?
This giant technological leap is transforming
virtually every industry, creating intelligent
business processes and smarter services. To
state the obvious, AI is not just one technology,
but, as Accenture puts it, ‘a constellation of
different technologies working together to enable
machines to sense, act and learn with human-like
levels of intelligence.’

The term digital transformation has
become part of the business lexicon
now. There is a huge appetite for new
digital technologies, and no doubt,
technological innovations have redefined
business models and processes, especially
in the last couple of years. However, in this
feeding frenzy, cybersecurity is often neglected.
Digital transformation without cybersecurity
transformation is a recipe for disaster. Many
enterprises in the region don’t have a clear
picture of their current risk posture while the
attack surface continues to expand.

A recent Gartner study has caught my
attention, highlighting the shifting
sands in enterprise technology buying
patterns. The study reveals that 74
percent of technology purchases are funded, at
least partially, by business units outside of IT. In
addition, Gartner’s research found that “41 percent
of employees today are business technologists,
creating technology or analytics capabilities for
internal or external business use and reporting
outside of IT departments.” It adds that high-tech
providers need new approaches to identify whom
to engage and how to engage B2B buyers.

5G is on a roll. This new mobile broadband
technology generation is set to cross the
one billion connections mark this year.
This would mean 5G penetration is faster
than 3G and 4G, and according to GSM Association,
there are currently 200 live 5G networks in the
world. The Mobile Economy report from GSMA says
there would be 60 million 5G connections in MENA
by 2025, and $70 billion will be spent in the region
on infrastructure rollouts. While the pandemic has
slowed down 5G rollouts elsewhere, it’s been a
different story in our part of the world. The mobile
operators in the Gulf have continued to invest in
the technology with the governments ensuring
effective management of the spectrum.

Earlier this month, I’d the opportunity to
travel to Saudi Arabia to attend LEAP. For a
debut event, I was impressed by the scale,
participation, quality of speakers, and of
course, the number of visitors. LEAP has cemented
Saudi’s position as the largest digital economy
in the MENA region and was a testament to the
country’s accelerating digital revolution. The event
witnessed some major announcements, including
a $6.4 billion investment in future technologies
and entrepreneurship by the Saudi minister for
communications and information technology. This
includes Aramco Venture’s $1 billion Prosperity7
fund, NEOM’s first cognitive metaverse, and
the incumbent telecom operator stc’s $1 billion
investment to boost regional connectivity and
infrastructure to support Saudi’s rapidly expanding
and cloud sector.

At the beginning of every new year,
I dust off my crystal ball and make
predictions about what is on the horizon.
The pandemic has fueled technology
adoption and innovation in ways never seen before.
Most of the trends we have seen over the last 24
months will continue to become well entrenched
in enterprises, and most research firms such as
Gartner and IDC forecast tech spending to grow in
the range of 4-8 percent this year.

As we wind down 2021, it is time to pause
and reflect on the lessons we have learned
and set the agenda for the new year. In
many ways, 2021 was a year of challenge
and growth. Though the pandemic woes still linger,
business morale, in general, is buoyed by vaccine
rates and government support. In addition, rising
oil prices and signs of economic recovery in the
region have instilled more

Tales from this year’s Gitex show floor
serves as a barometer of the regional IT
sector’s recovery and shows reasons for
optimism. Going by the record number
of attendees and deals made at this year’s edition,
it seems the industry has bounced back quickly
from the pandemic-induced lull. Technology has
been a key driver of this recovery and we see a
voracious appetite for new technologies among
the enterprises in the Middle East. In addition,
many IT leaders that I interacted with at the show
reported a healthy spike in IT budgets for the next
year though the specter of global semiconductor
shortage is looming large.

The much-awaited Expo has started
with a bang, and the region’s biggest
tech show is just around the corner.
With almost all Covid-19 curbs lifted,
I am excited to meet the key industry players
face to face and get insights into the trends
shaping the future of the technology landscape
in the region. This year’s Gitex is also going to
be a special one for us because we have our
inaugural ICT Leadership Awards on the first
day of the show. Rifling through some of the
transformative IT projects to pick winners has
been an eye-opening experience for me. True
to the saying that adversity can be the mother
of invention, the pandemic has fueled tech
innovation in a scale never seen before. From
cloud to automation to mobile applications,
we have seen an accelerated adoption and
modernisation of technologies, which helped
make businesses in the region more resilient
in the face of pandemic-induced disruptions. It
would be fair to say every business is a digital
business today, and these new technologies will
have a lasting impact even after the pandemic.

Life is almost back to normal now,
and Dubai is all set to kick off the
world expo next month and welcome
millions of visitors from across
the world safely and responsibly. The fair
is expected to revitalise the economy and
attract local and foreign investment. This
would also be a perfect opportunity to
showcase our fightback against Covid-19 and
how businesses have tackled disruptions with
a resilient mindset.

Last month, I’d an opportunity to
moderate a roundtable with some of the
top technocrats in the UAE to discuss
low-code, no-code platforms in the broader context of digital transformation. This
gave me some valuable insights into the digital
transformation roadmap of leading enterprises
and how they are leveraging digital technologies to
create new business models. Though the current
pandemic crisis has hammered the businesses,
it has a silver lining – many of them have realised
the value of fast-tracking digital transformation.
It is no exaggeration that Covid-19 has put IT on a
pedestal as a result of companies looking for new
ways to drive business growth. In fact, one of the
CIOs who participated in the discussion remarked
in jest that staff in his company now know where
IT is now in the building.

In May, we’d seen another crippling
ransomware attack against a major petroleum
pipeline company in the US. The Colonial
Pipeline attack resulted in major supply chain
disruptions, leading to severe gasoline and diesel
shortages in many states in the country. This was
the largest attack on critical infrastructure in the
history of the US, and the company had to pay a
ransom of close to five million dollars in bitcoin
to DarkSide, an Eastern European hacking group
responsible for the attack. In the last 14 months,
we have seen an alarming rise in ransomware
attacks, and according to the research unit of Palo
Alto Networks, the average ransom paid has more
than doubled in 2020 to $312,493. This year, the
average ransom payment has nearly tripled. Now,
the question is should you ever pay if you are hit
with a ransomware attack? The industry is divided
on this, but the general consensus is that you can’t
trust criminals; even if you pay the ransom, there
is no guarantee that you’d get stolen data back.

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CXO Insight Middle East is the most trusted source of strategic intelligence for IT decision-makers in the Middle East. Backed by media experts of the highest order, CXO Insight ME offers incisive perspectives on current and emerging trends shaping the regional technology landscape.

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c. We also collect information associated with your use of the application in order to make personalized recommendations. If you provide your third-party account credentials to us, you understand some content and/or information in those accounts (“Third Party Account Information”) may be transmitted into your account with us if you authorize such transmissions, and that Third Party Account Information transmitted to the Service is covered by this Policy.

f. The Personal Information we collect allows us to respond to your requests, improve our products and services, customize the advertising and content you see, and communicate with you about new products.

is the World's largest and fastest growing self-service, cross-platform digital newsstand with over 87 million users since its inception in 2011 and thousands of magazines and newspapers across 40+ categories and 60+ languages. Headquartered in New York, Magzter has its local presence in Amsterdam, London, Mexico City, Chennai, Mumbai, New Delhi, Bengaluru, Singapore, and will soon be expanding to other countries. Founded by global entrepreneurs, Girish Ramdas and Vijay Radhakrishnan in June 2011, Magzter enables magazine and newspaper publishers around the world to create and deliver digital editions of their titles to global consumers.

n. We will also use usage information in order to ensure users adhere to our Terms of Use. For example, a user’s usage information will help us confirm that a user only downloads a magazine or other content a permitted number of times or to a permitted number of devices.

which gives digital readers unlimited access to 8,500+ magazines and newspapers for a monthly subscription price. Magzter also has the largest number of stories in the world with its game-changing ezRead 2.0 feature for its apps, which enables smartphone and small-screen mobile users to enjoy magazine content the way it was meant to be enjoyed, with article text that is easy to read and is accompanied by stunning videos and high resolution photography.

{{magzter}} is the World's largest and fastest growing self-service, cross-platform digital newsstand with over 87 million users since its inception in 2011 and thousands of magazines and newspapers across 40+ categories and 60+ languages. Headquartered in New York, Magzter has its local presence in Amsterdam, London, Mexico City, Chennai, Mumbai, New Delhi, Bengaluru, Singapore, and will soon be expanding to other countries. Founded by global entrepreneurs, Girish Ramdas and Vijay Radhakrishnan in June 2011, Magzter enables magazine and newspaper publishers around the world to create and deliver digital editions of their titles to global consumers.

CXO Insight Middle East Magazine - March 2023

CXO Insight Middle East Magazine - March 2023

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CXO Insight Middle East Magazine Description: