The United Arab Emirates leads the way in technology investment, with Dubai launching a cybersecurity strategy last year, focused on areas including enhancing awareness in public and private sectors, research and development (R&D), data privacy and business continuity, according to industry analysis conducted by Bloomberg Intelligence, said a WAM report.
”The UAE is also changing the way it invests to drive technology adoption by sponsoring and incubating start-ups through free trade zones; it has invested in blockchain to manage oil and refined product movements within Fujairah Oil Industry Zone, providing security and audit trails through the use of smart contracts,” the analysis says.
The analysis states that cyber-attacks pose a significant threat to oil and gas companies’ supply chains, and in turn, could impact oil-based economies.
The Bloomberg Intelligence analysis states that according to a Siemens’ report, the financial impact of cyber-attacks on the Gulf energy industry in 2017 is estimated at more than $1 billion.
