Cyber Security
Financial Services in the GCC Will Continue to Attract More Attention From Fraudsters
Dmitry Volkov, the CEO of Group-IB, says the region’s rapid digital transformation has made it vulnerable to cyber threats such as phishing, counterfeiting, VIP impersonation, data leaks, and trademark abuse
Can you elaborate on the key findings of Group-IB’s Digital Risks Report for the Middle East and Africa?
The Middle East and Africa (MEA) region is a major player on the world stage, wielding significant influence globally through its economic power, political influence, rich energy resources, and vast technological potential. The Middle East’s economy is valued at $5.2 trillion and the concerted shift to diversify the economy away from commodities and natural resources has introduced an entirely new problem to deal with: digital risks. The region’s rapid digital transformation has made it vulnerable to cyber threats such as phishing, counterfeiting, VIP impersonation, data leaks, and trademark abuse.
Group-IB’s Digital Risk Protection (DRP) team has closely monitored trends across the Middle East and Africa over the past three years (2021-2023). Given the large number of brands that we monitor, we can reliably draw the following conclusions based on the average number of incidents per brand monitored in a given period:
- Phishing incidents increased by 13 times, making it one of the fastest-growing threats.
- Scam incidents doubled over the three years, with scam resources outnumbering phishing resources 76 times in 2022.
- The rate of trademark misuse surged by 16 times, highlighting the rise in brand exploitation by cybercriminals.
- Social media violations saw a two-fold increase and became the largest category in terms of overall numbers among all violations tracked by Digital Risk Protection.
- The number of mobile app violations grew by 2.5 times, reflecting the rise in illegal app stores.
- Violations on messaging platforms also grew by 1.5 times, indicating a steady growth in illicit activity.
The team also observed a dramatic surge in fraudulent web resources targeting the brands it monitors over the past three years. In 2022, the number of phishing resources saw an astounding 950% increase compared to 2021. This alarming trend continued into 2023 when phishing resources grew by an additional 457%. Scam resources followed a similar trend, with a 452% rise between 2021 and 2022. In 2023, scam resources continued to show extremely high figures, though the growth rate slowed to 5% compared to 2022.
Tell us about the security threat landscape in the region.
We see some interesting trends from the data that the DRP platform has gathered, based on hundreds of brands in the MEA region since 2021 and while overall it has shown a consistent rise in violations across various categories, some key trends (listed below), can be categorised into three key themes – “things that have morphed beyond recognition”, “Things that have stood the test of time since 2021” and “Things that have faded into oblivion”.
- Deepfakes: the rise of deepfake technology has led to its use in scams, especially on social media. Cybercriminals create fake videos of celebrities or influencers to lure victims into fraudulent schemes, such as “investment opportunities” or “giveaways”.
- AI’s dual role: Artificial Intelligence (AI) has become a powerful tool for both cybersecurity specialists and cybercriminals. DRP platforms, like the one developed by Group-IB, use AI to detect violations. Conversely, attackers leverage AI to create more convincing and more targeted phishing scams.
- Investment scams using AI: AI is increasingly being marketed in fraudulent schemes as a tool for generating wealth. Scammers promise “AI-powered investment platforms” that guarantee high returns, preying on people’s trust in technology.
- HR scams: Fake job postings have become significantly more common, especially on social media platforms like Facebook. They target job seekers in countries like Egypt, Saudi Arabia, and Algeria. Scammers often abuse brands of well-known companies, including governmental organizations, to steal personal information.
- Smaller businesses as easy targets: Scammers are more and more often focusing on smaller, local brands like driving schools or water delivery companies, which usually lack the cybersecurity defences that larger corporations can afford. Such attacks often involve phishing campaigns as a way of stealing payment information.
- Exploitations of religious holidays and faith: Scammers continue to exploit religious festivals like Ramadan by creating fake promotions or donation pages. For example, scams offering “free high-speed internet” during Ramadan have become a recurring tactic for collecting people’s data.
- Charity scams during political crises: Whether collecting donations for conflict zones or humanitarian crises, scammers exploit public sympathy for personal gain. Such scams often involve the use of cryptocurrency wallets, which provide anonymity and make it harder for law enforcement to trace the fraud.
- Quiz scams: Fraudulent quiz schemes spread quickly on social media and instant messaging platforms. Victims are promised prizes for completing a survey, but in reality, they are redirected to phishing or malware-laden websites.
- Scams related to COVID-19: During the height of the pandemic, there was a surge in scams related to vaccines, including phishing campaigns that abused the names of health organizations and schemes that involved counterfeit vaccine certificates. Nevertheless, such scams have faded along with the pandemic, as vaccine mandates have lessened.
Which sectors are commonly targeted? What attack vectors are being employed? What are threat actors after?
Financial services are seeing rising investment activity carried out by countries part of the Gulf Cooperation Council (GCC) and it will continue attracting more attention from fraudsters. As financial opportunities for businesses, migrants and locals grow, so will fraud attempts as cybercriminals identify lucrative opportunities.
With cryptocurrency becoming more widely accepted across MEA countries, fraudsters will use it more and more often in their operations. The increase will require stronger measures to counter fraud involving cryptocurrency.
Social media platforms will evolve beyond communication tools and become fraud hubs. As these platforms continue to grow, so will their use by cybercriminals to carry out scams to target younger, tech-savvy users in particular.
How have AI, deepfakes and geopolitical tensions altered the cyber threat landscape in the region?
In 2023, the MEA region faced an ongoing wave of cyberattacks of a geopolitical nature launched by diverse and highly skilled groups. Attacks coordinated by groups such as APT42, Oilrig and Hexane (all from MEA) reflect the desire of certain countries in the region to strengthen their influence through espionage. Phishing is the main method used by APTs operating in the region to obtain initial access.
What can businesses do to keep themselves and their customers safe?
A new trend is that scammers increasingly often target smaller, lesser-known businesses that lack the backing of large cybersecurity vendors – the key idea being that profit potential no longer depends on a company’s size. Smaller brands often lack the resources to protect themselves effectively, making them easy prey, hence it is vital for businesses of all sizes to recognize these risks and take proactive measures to protect their operations and customer data from the rising tide of cybercrime.
While new attack vectors continue to emerge, some vectors remain consistently popular – email is one of the top entry points. One essential tool is Group IB’s Business Email Protection, which automatically detects and blocks phishing and scam attempts. With patented retroactive analysis, it neutralizes malicious content even post-delivery while continuously monitoring your organization’s email security.
For threats like domain spoofing, typosquatting, and phishing websites, Group-IB’s Threat Intelligence platform analyzes phishing databases and manages the threat landscape to quickly react and block phishing resources before they cause harm.
What are some of the key technologies developed by Group-IB to prevent and investigate digital crimes?
Digital Risk Protection (DRP) is an encompassing solution that leverages advanced AI, machine learning (ML), and proprietary neural networks to automatically monitor a company’s digital footprint, detect violations, prioritize tasks, and initiate appropriate takedown tactics. The solution offers full-fledged protection against risks that lie beyond the company’s perimeter, including but not limited to phishing, scams, piracy, data leaks, false partnerships, and fake mobile apps by monitoring all possible online resources such as regular websites, social media networks, messengers, advertising networks within social media, search engines, and mobile app stores. After identifying an issue, we immediately take action to mitigate the threat.
DRP uses state-of-the-art technology, including its Graph module, to map violations and connect related incidents. This module helps track and take down entire fraud networks more quickly and effectively. Additionally, the platform offers 24/7 monitoring, scanning millions of online resources, including screenshots, HTML files, redirect chains, and more, to protect your brand and intellectual property. The platform tracks a wide range of digital assets, including domain names, TLS certificates, search engines, the dark web, honeypots, and telemetry from integrated solutions such as Fraud Protection and Managed XDR.
Cyber Security
Positive Technologies Reports 80% of Middle East Cyberattacks Compromise Confidential Data
A new study by cybersecurity firm Positive Technologies has shed light on the evolving cyber threat landscape in the Middle East, revealing that a staggering 80% of successful cyberattacks in the region lead to the breach of confidential information. The research, examining the impact of digital transformation, organized cybercrime, and the underground market, highlights the increasing exposure of Middle Eastern nations to sophisticated cyber threats.
The study found that one in three successful cyberattacks were attributed to Advanced Persistent Threat (APT) groups, which predominantly target government institutions and critical infrastructure. While the rapid adoption of new IT solutions is driving efficiency, it simultaneously expands the attack surface for malicious actors.
Cybercriminals in the region heavily utilize social engineering tactics (61% of cases) and malware (51%), often employing a combination of both. Remote Access Trojans (RATs) emerged as a primary weapon in 27% of malware-based attacks, indicating a common objective of gaining long-term access to compromised systems.
The analysis revealed that credentials and trade secrets (29% each) were the most sought-after data, followed by personal information (20%). This stolen data is frequently leveraged for blackmail or sold on the dark web. Beyond data theft, 38% of attacks resulted in the disruption of core business operations, posing significant risks to critical sectors like healthcare, transportation, and government services.
APT groups are identified as the most formidable threat actors due to their substantial resources and advanced technical capabilities. In 2024, they accounted for 32% of recorded attacks, with a clear focus on government and critical infrastructure. Their activities often extend beyond traditional cybercrime, encompassing cyberespionage and even cyberwarfare aimed at undermining trust and demonstrating digital dominance.
Dark web analysis further revealed that government organizations were the most frequently mentioned targets (34%), followed by the industrial sector (20%). Hacktivist activity was also prominent, with ideologically motivated actors often sharing stolen databases freely, exacerbating the cybercrime landscape.
The United Arab Emirates, Saudi Arabia, Israel, and Qatar, all leaders in digital transformation, were the most frequently cited countries on the dark web in connection with stolen data. Experts suggest that the prevalence of advertisements for selling data from these nations underscores the challenges of securing rapidly expanding digital environments, which cybercriminals are quick to exploit.
Positive Technologies analyst Alexey Lukash said, “In the near future, we expect cyberthreats in the Middle East to grow both in scale and sophistication. As digital transformation efforts expand, so does the attack surface, creating more opportunities for hackers of all skill levels. Governments in the region need to focus on protecting critical infrastructure, financial institutions, and government systems. The consequences of successful attacks in these areas could have far-reaching implications for national security and sovereignty.”
To help organizations build stronger defenses against cyberthreats, Positive Technologies recommends implementing modern security measures. These include vulnerability management systems to automate asset management, as well as identify, prioritize, and remediate vulnerabilities. Positive Technologies also suggests using network traffic analysis tools to monitor network activity and detect cyberattacks. Another critical layer of protection involves securing applications. Such solutions are designed to identify vulnerabilities in applications, detect suspicious activity, and take immediate action to prevent attacks.
Positive Technologies emphasizes the need for a comprehensive, result-driven approach to cybersecurity. This strategy is designed to prevent attackers from disrupting critical business processes. Scalable and flexible, it can be tailored to individual organizations, entire industries, or even large-scale digital ecosystems like nations or international alliances. The goal is to deliver clear, measurable results in cybersecurity—not just to meet compliance standards or rely on isolated technical fixes.
Cyber Security
Axis Communications Sheds Light on Video Surveillance Industry Perspectives on AI
Axis Communications has published a new report that explores the state of AI in the global video surveillance industry. Titled The State of AI in Video Surveillance, the report examines the key opportunities, challenges and future trends, as well as the responsible practices that are becoming critical for organisations in their use of AI. The report draws insights from qualitative research as well as quantitative data sources, including in-depth interviews with carefully selected experts from the Axis global partner network.
A leading insight featured in the report is the unanimous view among interviewees that interest in the technology has surged over the past few years, with more and more business customers becoming curious and increasingly knowledgeable about its potential applications.

Mats Thulin, Director AI & Analytics Solutions at Axis Communications
“AI is a technology that has the potential to touch every corner and every function of the modern enterprise. That said, any implementations or integrations that aim to drive value come with serious financial and ethical considerations. These considerations should prompt organisations to scrutinise any initiative or investment. Axis’s new report not only shows how AI is transforming the video surveillance landscape, but also how that transformation should ideally be approached,” said Mats Thulin, Director AI & Analytics Solutions at Axis Communications.
According to the Axis report, the move by businesses from on-premise security server systems to hybrid cloud architectures continues at pace, driven by the need for faster processing, improved bandwidth usage and greater scalability. At the same time, cloud-based technology is being combined with edge AI solutions, which play a crucial role by enabling faster, local analytics with minimal latency, a prerequisite for real-time responsiveness in security-related situations.
By moving AI processing closer to the source using edge devices such as cameras, businesses can reduce bandwidth consumption and better support real-time applications like security monitoring. As a result, the hybrid approach is expected to continue to shape the role of AI in security and unlock new business intelligence and operational efficiencies.
A trend that is emerging among businesses is the integration of diverse data for a more comprehensive analysis, transforming safety and security. Experts predict that by integrating additional sensory data, such as audio and contextual environmental factors caught on camera, can lead to enhanced situational awareness and greater actionable insights, offering a more comprehensive understanding of events.
Combining multiple data streams can ultimately lead to improved detection and prediction of potential threats or incidents. For example, in emergency scenarios, pairing visual data with audio analysis can enable security teams to respond more quickly and precisely. This context-aware approach can potentially elevate safety, security and operational efficiency, and reflects how system operators can leverage and process multiple data inputs to make better-informed decisions.
According to the Axis report, interviewees emphasised that responsible AI and ethical considerations are critical priorities in the development and deployment of new systems, raising concerns about decisions potentially based on biased or unreliable AI. Other risks highlighted include those related to privacy violations and how facial and behavioural recognition could have ethical and legal repercussions.
As a result, a recurring theme among interviewees was the importance of embedding responsible AI practices early in the development process. Interviewees also pointed to regulatory frameworks, such as the EU AI Act, as pivotal in shaping responsible use of technology, particularly in high-risk areas. While regulation was broadly acknowledged as necessary to build trust and accountability, several interviewees also stressed the need for balance to safeguard innovation and address privacy and data security concerns.
“The findings of this report reflect how enterprises are viewing the trend of AI holistically, working to have a firm grasp of both how to use the technology effectively and understand the macro implications of its usage. Conversations surrounding privacy and responsibility will continue but so will the pace of innovation and the adoption of technologies that advance the video surveillance industry and lead to new and exciting possibilities,” Thulin added.
Artificial Intelligence
CyberKnight Partners with Ridge Security for AI-Powered Security Validation
The automated penetration testing market was valued at roughly $3.1 billion in 2023 and is projected to grow rapidly, with forecasts estimating a compound annual growth rate (CAGR) between 21% and 25%. By 2030, the sector is expected to reach approximately $9 to $10 billion. The broader penetration testing industry is also expanding, with projections indicating it will surpass $5.3 billion by 2027, according to MarketandMarket.
To support enterprises and government entities across the Middle East, Turkey and Africa (META) with identifying and validating vulnerabilities and reducing security gaps in real-time, CyberKnight has partnered with Ridge Security, the World’s First Al-powered Offensive Security Validation Platform. Ridge Security’s products incorporate advanced artificial intelligence to deliver security validation through automated penetration testing and breach and attack simulations.
RidgeBot uses advanced AI to autonomously perform multi-vector iterative attacks, conduct continuous penetration testing, and validate vulnerabilities with zero false positives. RidgeBot has been deployed by customers worldwide as a key element of their journey to evolve from traditional vulnerability management to Continuous Threat Exposure Management (CTEM).
“Ridge Security’s core strength lies in delivering holistic, AI-driven security validation that enables organizations to proactively manage risk and improve operational performance,” said Hom Bahmanyar, Chief Enablement Officer at Ridge Security. “We are delighted to partner with CyberKnight to leverage their network of strategic partners, deep-rooted customer relations, and security expertise to accelerate our expansion plans in the region.”
“Our partnership with Ridge Security is a timely and strategic step, as 69% of organizations are now adopting AI-driven security for threat detection and prevention,” added Wael Jaber, Chief Strategy Officer at CyberKnight. “By joining forces, we enhance our ability to deliver automated, intelligent security validation solutions, reaffirming our commitment to empowering customers with resilient, future-ready cybersecurity across the region.”
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