Matthew White

Here is some additional information / coverage on the Sikich IAEdge, the value-added solution for meeting the IIA QAR requirement. #InternalAudit #TheIIA #audit #business #management #Leadership #SIkich #SIkichGRC #IAEdge

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A recent penetration test on V-QRS, a software application that generates digital business cards using Quick Response (QR) codes and Near Field Communication (NFC) systems, revealed significant vulnerabilities that underscore the importance of proactive security measures. During the test, two major vulnerabilities were identified: Insecure Direct Object Reference (IDOR) and Structured Query Language (SQL) Injection. These vulnerabilities could allow unauthorized access to sensitive data, compromising the system's integrity and confidentiality. The implications of these vulnerabilities are severe. Unauthorized access to sensitive data could lead to breaches of personal information, potential identity theft, and even brute-force attacks on external portals like Outlook Web Access (OWA). Proactive measures like regular penetration testing can help organizations uncover and address vulnerabilities before they are exploited. #Cybersecurity #DataProtection #CyberThreats #ProactiveCyberSecurity

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Below are the main risks that I have faced as Chief Audit Executive of a public company, and recommendations of how they should be managed. If they are not addressed adequately they may impair independence or objectivity of the internal audit department. I expect you find it useful in running your internal audit department.

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At the Government Cyber Security Summit hosted by the UAE Cyber Security Council, we explored “Cybersecurity Strategies for Critical Public Infrastructure.” Among the many critical insights shared, one important takeaway that I thought of sharing: our critical infrastructure is not isolated but rather a complex network of interconnected systems, often managed by different entities. This interdependency means that collaboration isn’t just beneficial, it’s essential. By strengthening our partnerships, we can reinforce every link, ensuring that our infrastructure is resilient, secure, and capable of supporting our future needs. #Collaboration #Resilience #Secure

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In another boost for AI enablement, Microsoft, BlackRock and Abu Dhabi based MGX are raising $30 Bn to invest in AI Data centers and associated power equipment, while raising additional investments to reach $100 Bn (including debt). Data Centre capex for 2023 globally is estimated between $225-$260 Bn (as reported by different analysts) with around 40% investments coming from Hyperscalers alone. This consortium appears to be a first with a prominent UAE-based founding member—MGX, which includes Abu Dhabi’s Mubadala and AI firm G42 as its founding partners. This initiative could further advance AI-related developments in the MENA region.

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As a Chief Audit Executive (CAE), these are the actionable steps to respond to the findings in this excellent report by AuditBoard and Richard Chambers. A great blueprint for the here and now. Embrace AI and Technology: Educate Yourself and Your Team: Invest in AI training and upskilling for your team. ​ Understand AI tools and their applications in internal audit. Implement AI: Start small by integrating AI into risk assessments, fieldwork, and reporting. ​ Use AI to enhance efficiency and accuracy. ​ Governance and Risk Management: Develop and document AI governance frameworks to ensure the completeness and accuracy of AI outputs. ​ Align Audit Efforts with Key Risks: Reevaluate Audit Plans: Ensure that audit efforts are aligned with the most significant risks, such as cybersecurity, economic conditions, and regulatory changes. ​ Dynamic Risk Assessment: Continuously monitor and reassess risks to adapt audit plans in real-time. ​ Prepare for New IIA Standards: Strategic Planning: Develop a comprehensive internal audit strategy that aligns with organizational goals and the new IIA Standards. ​ Technology Planning: Create a long-term technology plan to support audit processes and collaboration with other risk functions. ​ Optimize Resources and Talent: Capacity Multipliers: Leverage data analytics, audit management systems, and AI to maximize efficiency and output. ​ Talent Management: Focus on attracting and retaining skilled auditors. Consider co-sourcing and guest auditors to fill skill gaps. ​ Enhance Collaboration and Communication: Connected Risk Approach: Foster collaboration with first and second lines of defence to create a unified risk management strategy. ​ Stakeholder Engagement: Regularly communicate with the board and senior management about audit findings, risk assessments, and resource needs. ​ Focus on Continuous Improvement: Professional Development: Encourage continuous learning and professional development within your team. Benchmarking and Best Practices: Stay informed about industry best practices and benchmark your audit function against peers. ​ Address Emerging Risks: Organisational Culture and ESG: Prioritise audits on organisational culture and ESG risks, recognising their long-term impact. ​ AI and Digital Disruption: Stay ahead of AI-related risks and digital disruption by proactively assessing and managing these areas. ​ By taking these steps, you can better position your internal audit function to navigate the evolving risk landscape, enhance organisational resilience, and deliver greater value to your stakeholders. ​ Will you? #connectedrisk #speedofrisk #agentsofchange #trustedadvisors #collaboration #innovation HillAudit Training Ltd AuditBoard #internalaudit

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Protiviti’s Deepti Verma, MBA, CPA, CIA, CFE explores how the increased focus on fraud, in part due to the new proposed standards by the IAASB, may trickle down to work performed by internal auditors. Read more from Internal Audit 360: ow.ly/S65e50Rhzp7 Sima Abu Taha Mahesh Sheshadri CA Meghanath Vadakanti

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It was an honor to share the stage with Government Leaders at the UAE Government Cybersecurity Summit in #AbuDhabi. The discussions were deeply insightful, with my three key takeaways being as follows: First, as H.E. Dr. Mohamed Alkuwaiti highlighted #cybersecurity is now deeply embedded in our way of life. Everyone should be thinking about it and making efforts to address it. Second, the #UAE has made significant progress in Cybersecurity over the last decade and is leading the way globally in this domain. However, the threat landscape continues to evolve rapidly with the proliferation of #AI technologies.  Finally, #collaboration and #education are key pillars in the effort to combat the rising sophistication of cyber attacks. We at Visa are committed to collaborating with our #government partners by leveraging our extensive industry-leading experience in cybersecurity built over thirty years. Thank you Dr.Hoda A.Alkhzaimi for moderating the session, and to H.E. Dr. Mohamed Al-Kuwaiti, H.E. Eng Matar Suhail Almheiri, and Faisal Abdulaziz for sharing their actionable insights in this rapidly evolving space. Cyber Security Council

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Richard Chambers, former CEO of IIA Global, delivered a brilliant presentation at the 17th Internal Auditor Conference in Dubai. He highlighted five key takeaways for the next five years in Internal Audit, offering valuable insights that are essential to consider. #internalaudit #grc #riskmanagement

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Cybersecurity sector will grow to $13.43 billion in Saudi Arabia by 2029 This is the forecast from a current size of $4.85 billion We all know cybersecurity requirements are accelerating as fast if not greater, than the AI and smart applications revolution But where will this spend go? ⏺ List of investments, initiatives and partnerships: → Public Investment Fund (PIF) and stc: Partnered to create iot squared, a joint venture to accelerate IoT adoption across smart industrial manufacturing, smart logistics transportation, and smart cities applications → iot squared squared and machinestalk: acquired 100% of Machinestalk to enhance IoT capabilities in smart cities, smart mobility, and industrial IoT → Black Hat MEA 2024: 40,000 attendees and setting a record as the largest cybersecurity event by space, showcasing innovative products and strategic investments → Dell Technologies and TAWAL: Signed an MoU to focus on edge computing, Open RAN technology, and 5G deployment in Saudi Arabia → Misk City | مدينة مسك City and Samsung Electronics: Signed an MoU to collaborate on smart city technologies, sustainability, and youth training programs → Qualcomm and Alat: Partnered to launch AI inference accelerator cards and advance Industrial IoT solutions → Ericsson and iot squared: Introduced the Ericsson Connected Recycling (ECR) platform in Saudi Arabia as a SaaS solution for waste management → stc Group and PIF: Announced the creation of TAWAL, a telecoms tower company valued at $5.85B, with estimated annual revenues of $1.3B → Fortinet: Offering cybersecurity training to 100,000 students across 30,000 schools → Orange Business: Signed a deal with King Abdullah Financial District (KAFD | كافد) to build out a smart city platform --- Corporate development professionals know (most of you I hope): ❇️ To capture the market you have to spot the signals and serve solutions with strategy. ⏺ Demand for cybersecurity is growing exponentially here as a result of: → Accelerated integration and adoption of IoT infrastructure → AI and ML applications → Widespread public and digital transformation → Rapid expansion and development of public infrastructure → Establishment of new, industrially dominant, sovereign and private enterprises Similar patterns drive demand across the globe But the pace here is accelerated as new industries are being created rapidly, existing infrastructure is transformed and the landscape of society is evolving at an incredible speed ⏺ If you’re pursuing market expansion in the cybersecurity or digital infrastructure sectors, I would encourage you to look more closely into: → Infrastructure projects → Urban development → Public architecture → Investment activities and partnerships → Focus industries for the region (like automotive, manufacturing, energy and so on) ✳️ Share this with corporate leaders on a growth path and let me know if there's anything you'd like me to expand on.

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At The Institute of Internal Auditors Inc. International Conference there were many highlights. One was Richard Chambers signing his lastest book, Agents of Change (Second Edition), Internal Auditors in the Era of Permacrisis. I have now read this, and as expected, some fantastic insights that we can all learn from. However, early on, page vi, the foreword from Scott Arnold President and CEO, AuditBoard. “Richard builds on those ideas to challenge all practitioners to accept change across every dimension of their work as inevitable and an opportunity to embrace innovation, leverage new technology, and envision the big picture in fresh and impactful ways. In so doing so, a practitioner can become an agents of change”. This book is one for every Auditors toolkit! SWAP Internal Audit Services #agentsofchange #speedofrisk #innovation #change #onepagereport #agility #agile

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The United Arab Emirates (UAE) is emerging as a beacon of innovation and technological advancement in the Middle East, and its commitment to cybersecurity is a vital element in shaping its hyper-connected future. As the UAE's digital footprint expands, so too does the potential for cyberattacks that could disrupt critical infrastructure and compromise sensitive data. Recent statistics reveal a concerning increase in the UAE's vulnerability to cyber threats, including ransomware and DDoS attacks. In a joint report by the UAE government and CPX security, it was found that nearly 155,000 vulnerable points exist within the UAE, with Dubai being the most concentrated area. Insider attacks, where individuals within organizations misuse their access to steal data, are also a growing concern as the country embraces cloud computing and artificial intelligence. The financial implications of data breaches in the Middle East have also surged, with the region ranking second only to the US in terms of breach costs. The average cost of a data breach in the Middle East exceeded $8 million in 2023, highlighting the urgent need for robust cybersecurity measures. However, a critical gap remains, as nearly a quarter of oil and gas companies and government entities in the region lack dedicated cybersecurity teams. https://lnkd.in/e68mP-Jw

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The international landscape is expected to experience heightened risk given the rise in geopolitical conflicts, especially in the Middle East. Businesses need to be aware of how this could impact their employees and business continuity. Don’t miss our live webinar on 5 December, where our panel of experts will discuss our risk predictions for 2025 and strategies to mitigate potential impacts on individuals and organisations with a focus on the Middle East region. Register for our live webinar here: https://okt.to/43rwxu

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🤖 Microsoft is set to invest $1.5 billion for a minority stake in #G42, an innovative #AI firm based in Abu Dhabi. This strategic partnership will focus on co-developing AI solutions across the Middle East, Central Asia, and Africa using Microsoft Azure. As part of this collaboration, Microsoft’s Brad Smith will join the G42 board, and together, they will establish a $1 billion fund to support AI developers in the #UAE. Additionally, G42 plans to expand its use of Microsoft Cloud services. It will integrate its Arabic Large Language Model, Jais, into the Azure AI model catalog, potentially benefiting over 400 million Arabic speakers. This partnership underscores a commitment to responsible AI deployment that aligns with international standards. #Microsoft #MicrosoftAzure #CloudComputing #TechnologyInvestment #GlobalPartnership 

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Qatar’s Economic & ICT Highlights – Week of October 9th Qatar Financial Centre Issues Fine for Data Breach Violations The Qatar Financial Centre (QFC) imposed a $150,000 fine on a QFC-licensed firm for a significant data breach. This fine marks the first of its kind in Qatar and reinforces QFC's commitment to data protection, ensuring compliance with the 2021 Data Protection Regulations. (Source: Qatar Tribune) QatarEnergy Launches Enhanced In-Country Value (ICV) Program QatarEnergy introduced an enhanced version of its In-Country Value (ICV) program under the Tawteen initiative, aimed at boosting local economic development. The program supports local manufacturers, introduces a bonus scheme for key contributions, and simplifies processes for small enterprises. This move has already increased local contributions in the energy sector from 14% to 28.5%, creating 7,000 jobs. (Source: Gulf Times) Qatar Unveils Ambitious Tourism Roadmap Qatar Tourism (QT) launched its roadmap to position Qatar as a leading global tourist destination. The "Surprise Yourself" campaign, launched across 15 international markets, aims to promote Qatar's rich culture, attractions, and year-round tourism activities. With a target of attracting 6 million visitors annually by 2030, QT is driving initiatives to diversify the economy and boost the tourism sector. (Source: Peninsula Qatar) GSMA M360 MENA 2024 Opens Registration for First-Ever Doha Edition GSMA has opened registration for its inaugural M360 MENA 2024 event, set to take place in Doha on November 18-19. Hosted by Ooredoo, the event will bring together global industry leaders to discuss the transformative impact of mobile technology, AI, 5G, and digital infrastructure across the region. (Source: Qatar Tribune) HBKU Partners with QNL to Launch Repository Hub Hamad Bin Khalifa University (HBKU) has partnered with Qatar National Library (QNL) to launch the HBKU Repository Hub. This platform will act as a key resource for sharing and preserving the academic output of the university's researchers and students, enhancing accessibility to valuable research data and findings. This initiative reflects HBKU's commitment to contributing to global academic knowledge and supporting Qatar’s innovation and research ecosystem. (Source: The Peninsula) QSTP Welcomes Tech Startups from Pakistan Qatar Science & Technology Park (QSTP) has welcomed five tech startups from Pakistan as part of its efforts to foster innovation and collaboration between the two nations. This initiative reflects Qatar's commitment to becoming a global hub for technology and innovation, further integrating foreign startups into the nation's ecosystem. (Source: The Peninsula) #Qatar #DigitalTransformation #Telecom #Ooredoo #stcGroup #Tourism #VisitQatar #ICV #QatarEnergy #GSMA #HBKU #QNL #Research

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Transforming the digital landscape! Saudi Arabia is charging forward by aligning with eIDAS standards. This significant stride is not just a show of technological advancements, but also a guarantee of enhanced security, trust, and efficiency in digital transactions. Imagine a world where digital transactions are smoother, quicker and more secure. The need for physical copies will be eliminated, and the turnaround times for trusted transactions will be dramatically reduced. This isn't just a dream - it's a reality that Saudi Arabia is fostering with its commitment to eIDAS compliance. The European eIDAS standards were designed with the intent of promoting trust in digital interactions between businesses, consumers and public authorities, thereby increasing the effectiveness of public and private online services. By integrating these standards, Saudi Arabia is not just reshaping its digital framework - it's propelling the growth of its digital economy and paving the way for a sustainable future. Let's remind ourselves - the digital world is not without threats. Cyber-attacks, identity thefts, and data breaches are all-too-common incidents that we hear about every day. However, by aligning with eIDAS, Saudi Arabia is setting a benchmark in digital trust and security, ensuring that the data being shared and the transactions being made are completely secure. Of course, this exciting advancement doesn't stop at Saudi Arabia's borders. Indeed, the implications stretch far and wide, impacting international partnerships and transactions. No longer will businesses have to deal with the cumbersome and time-consuming process of validating foreign digital identities. It's undoubtedly a game-changer in the realm of international trade and business operations. Feeling intrigued? You should be. The potential impact on your business could be tremendous. Enhanced digital operations, increased trust and security, streamlined processes, the list goes on. And the opportunities it opens up? Endless.

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⚠️ 𝗔𝗗𝗚𝗠 𝗔𝘂𝗱𝗶𝘁𝗼𝗿𝘀, 𝗖𝗼𝗺𝗽𝗮𝗻𝘆 𝗗𝗶𝗿𝗲𝗰𝘁𝗼𝗿𝘀, 𝗖𝗵𝗶𝗲𝗳 𝗙𝗶𝗻𝗮𝗻𝗰𝗶𝗮𝗹 𝗢𝗳𝗳𝗶𝗰𝗲𝗿𝘀 𝗮𝗻𝗱 𝗶𝗻𝘁𝗲𝗿𝗲𝘀𝘁𝗲𝗱 𝗽𝗮𝗿𝘁𝗶𝗲𝘀 ICYMI: the Abu Dhabi Global Market (ADGM) Registration Authority recently published its 𝟮𝟬𝟮𝟯 𝘼𝙪𝙙𝙞𝙩 𝙈𝙤𝙣𝙞𝙩𝙤𝙧𝙞𝙣𝙜 𝙍𝙚𝙥𝙤𝙧𝙩. The report provides a summary of key findings from the RA’s inspection of audit firms in 2023, as well as the areas of focus in its supervision of auditors in 2024. The report is intended to assist the audit community and stakeholders by providing feedback on common findings from last year as well as an understanding of supervision priorities this year. Reliable, timely and meaningful corporate reporting plays a pivotal role in the effective operation of capital markets, investor protection and safeguarding the public interest. Accurate corporate reporting and high-quality audits not only foster investor confidence but also drive economic growth, resilience and development. 𝗧𝗵𝗶𝘀 𝗶𝘀 𝘄𝗵𝘆 𝗵𝗶𝗴𝗵 𝗾𝘂𝗮𝗹𝗶𝘁𝘆 𝗮𝘂𝗱𝗶𝘁 𝗶𝘀 𝗮 𝗿𝗲𝗴𝘂𝗹𝗮𝘁𝗼𝗿𝘆 𝗽𝗿𝗶𝗼𝗿𝗶𝘁𝘆 𝗳𝗼𝗿 𝘁𝗵𝗲 𝗥𝗔. 🔗 Download the report here: https://lnkd.in/dbgmjbKY 📯 For any questions, contact the RA by email: [email protected] #audit #auditquality #corporatereporting #investorprotection #capitalmarkets #financialaudit #ADGMauditmonitoring #ADGMRA #ADGM #AbuDhabi #UAE

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