July 24th, 2019 — Miscellaneous
The current financial results reporting season is an opportunity to assess the strategies being implemented by operators in a bid to hit the 5G jackpot, and whether these are likely to succeed or prove to be a challenging investment to garner positive results from.
July 15th, 2019 — News
Etisalat Digital, in partnership with First Abu Dhabi Bank (FAB) and Avanza Innovations, has established the UAE Trade Connect (UTC), a new nationwide platform that it says will use the latest disruptive technologies to digitise trade in the UAE. The initial phase will focus on addressing the risks of double financing and invoice fraud before turning to other key areas of trade finance.
UTC is aimed at driving digital transformation of trade in the UAE by enabling banks, enterprises and governments to collectively benefit from innovations such as blockchain, artificial intelligence, machine learning and robotics. Seven major UAE banks, in addition to FAB, have joined the nationwide platform. They are: Emirates NBD; Commercial Bank of Dubai; Mashreq; National Bank of Fujairah; RAK Bank; Abu Dhabi Islamic Bank; and Commercial Bank International.
Etisalat Digital along with the banks will form a working group to further develop and extend the solution to other areas of trade. The nationwide platform, which is open to all UAE banks, is set to safeguard banks from potential fraud losses through advanced detection tools, allowing them to extend additional financing to their corporate clients.
July 10th, 2019 — News
The UK’s Information Commissioner’s Office (ICO) intends to impose a hefty fine of nearly GBP 100 million (US$ 124 million) on international hotel chain Marriott, for last year’s data breach. The penalty, which is sanctioned under the EU’s General Data Protection Regulation (GDPR), is the second significant fine handed down by the ICO in virtually as many days, as BA continues to digest news that the watchdog plans to fine it a record US$ 230 million for a compromise last year.
With respect to Marriott, last November, the company disclosed that hackers had accessed the Starwood guest reservation database since 2014. Personal information of hundreds of millions of guests was compromised, with Marriott having said the guest reservation system was retired earlier this year.
GDPR increases the maximum penalty that can be imposed on organisations that fail to comply with data protection regulations and experience a compromise to 4% of turnover, with the Marriott sanction amounting to 0.5% of the company’s worldwide turnover in 2017. BA’s fine amounted to 1.5% of the company’s turnover in the same year.
July 9th, 2019 — Miscellaneous
The UK’s Information Commissioner’s Office (ICO) intends to levy a record fine of GBP 183 million (US$ 230 million) on British Airways (BA) for a data breach that occurred last year, which compromised the data up to 500,000 customers. The sanction is a bold expression of the sweeping new powers assumed by cyber watchdogs across Europe as a result of the enactment of the General Data Protection Regulation (GDPR) last May.
June 10th, 2019 — Miscellaneous
Kaspersky Lab recently announced its rebranding to plain Kaspersky, with an accompanying evolution of its corporate logo. The firm says the revamp reflects the transformation occurring in cyber security as the Fourth Industrial Revolution sets in, and it was accompanied by the adoption of a new mission of “building a safer world.”
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