Saudi Warns of Ukraine War Exacerbating Cybersecurity Breaches

Saudi Arabia is working on developing the fields of technology and cybersecurity and enhancing them with qualified national cadres (Asharq Al-Awsat)
Saudi Arabia is working on developing the fields of technology and cybersecurity and enhancing them with qualified national cadres (Asharq Al-Awsat)
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Saudi Warns of Ukraine War Exacerbating Cybersecurity Breaches

Saudi Arabia is working on developing the fields of technology and cybersecurity and enhancing them with qualified national cadres (Asharq Al-Awsat)
Saudi Arabia is working on developing the fields of technology and cybersecurity and enhancing them with qualified national cadres (Asharq Al-Awsat)

Saudi experts are warning against aggravating cybersecurity breaches as the effects of the Russian-Ukrainian war take a toll. So far, Saudi efforts have led to adding 40 job roles for cadres working in the field of cybersecurity.

Field specialists estimated the global shortage of human cadres at more than 3 million jobs.

Saudi Arabia has become more in need of qualified human personnel due to the expansion of its technology market, which is close to a fifth of the entire market size in the Middle East.

A seminar on the national economic effects of cybersecurity showed that about 85% of cybersecurity problems are caused by human errors.

However, cyber awareness and the use of technology and job examinations with human cadres can reduce these errors.

Majed Al-Sahli, a specialist in strategy and international cooperation at the National Cybersecurity Authority (NCA), stressed that the national cybersecurity strategy reflects Saudi Arabia’s ambition in a balanced manner.

The Kingdom’s strategy is divided between safety, trust, and growth.

“The strategy is based on several foundations, namely processes, procedures, techniques and human cadres,” Al-Sahli told Asharq Al-Awsat.

In an economic forum, Al-Sahli reviewed controls developed by the NCA.

These controls included the development of cloud computing controls, operational systems, e-commerce, and remote work.

Al-Sahli pointed out the role of the coronavirus pandemic in accelerating the development process of controls.

He highlighted several of the authority’s initiatives, such as capacity building, reducing risks, and democratizing cybersecurity.

Al-Sahli also reviewed national partnerships that led to the launch of the Saudi framework for cybersecurity forces and the addition of 40 job roles in cooperation with the General Authority for Statistics and the Ministry of Human Resources and Social Development.

Moreover, the Kingdom is working on cyber education, which is a promising project that could support and graduate qualified cadres.

Saudi Arabia is more in need of qualified cadres due to the size of the technology market in the Kingdom, which is approximately 17% of the market size in the Middle East.

The Kingdom’s sizable share of the technology market in the region represents a challenge in terms of bridging the gap found in human cadres.

Arwa Al-Hamad, Director of Cybersecurity at “Sanabel,” said that cybersecurity breaches became evident during the Russian-Ukrainian war.



Federal Reserve Cuts Key Rate by Sizable Half-point

News screens display the Federal Reserve rate announcement on the trading floor at The New York Stock Exchange (NYSE) in New York City, US, September 18, 2024. REUTERS/Andrew Kelly
News screens display the Federal Reserve rate announcement on the trading floor at The New York Stock Exchange (NYSE) in New York City, US, September 18, 2024. REUTERS/Andrew Kelly
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Federal Reserve Cuts Key Rate by Sizable Half-point

News screens display the Federal Reserve rate announcement on the trading floor at The New York Stock Exchange (NYSE) in New York City, US, September 18, 2024. REUTERS/Andrew Kelly
News screens display the Federal Reserve rate announcement on the trading floor at The New York Stock Exchange (NYSE) in New York City, US, September 18, 2024. REUTERS/Andrew Kelly

The Federal Reserve on Wednesday cut its benchmark interest rate by an unusually large half-point, a dramatic shift after more than two years of high rates helped tame inflation but that also made borrowing painfully expensive for American consumers.
The rate cut, the Fed’s first in more than four years, reflects its new focus on bolstering the job market, which has shown clear signs of slowing, The Associated Press reported. Coming just weeks before the presidential election, the Fed’s move also has the potential to scramble the economic landscape just as Americans prepare to vote.
The central bank’s action lowered its key rate to roughly 4.8%, down from a two-decade high of 5.3%, where it had stood for 14 months as it struggled to curb the worst inflation streak in four decades. Inflation has tumbled from a peak of 9.1% in mid-2022 to a three-year low of 2.5% in August, not far above the Fed’s 2% target.
The Fed’s policymakers also signaled that they expect to cut their key rate by an additional half-point in their final two meetings this year, in November and December. And they envision four more rate cuts in 2025 and two in 2026.
In a statement, the Fed came closer than it has before to declaring victory over inflation: It said it “has gained greater confidence that inflation is moving sustainably toward 2%.”
Though the central bank now believes inflation is largely defeated, many Americans remain upset with still-high prices for groceries, gas, rent and other necessities. Former President Donald Trump blames the Biden-Harris administration for sparking an inflationary surge. Vice President Kamala Harris, in turn, has charged that Trump’s promise to slap tariffs on all imports would raise prices for consumers even further.
Rate cuts by the Fed should, over time, lower borrowing costs for mortgages, auto loans and credit cards, boosting Americans’ finances and supporting more spending and growth. Homeowners will be able to refinance mortgages at lower rates, saving on monthly payments, and even shift credit card debt to lower-cost personal loans or home equity lines. Businesses may also borrow and invest more.
Average mortgage rates have already dropped to an 18-month low of 6.2%, according to Freddie Mac, spurring a jump in demand for refinancings.
The Fed’s next policy meeting is Nov. 6-7 — immediately after the presidential election.