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<p>Discussions on 2023 technology trends have been ongoing. This year has already begun on a promising note, technology spectators and experts are pegging on how technology will disrupt the way we work on a day-to-day basis. Artificial Intelligence to sustainable technology, automation to cybersecurity; here are the tech trends, we think will define 2023. With a next-to-accurate prediction, early adapter organizations have a competitive advantage over the others<h4><strong>Adaptive Artificial Intelligence</strong></h4><p>Adaptive Artificial Intelligence has undoubtedly taken the reins. With adaptive and generative AI strengthening its roots in the ways content is consumed, AI has already been associated with speech recognition, navigation apps, smartphone personal assistants and so on. ChatGPT if not anything can be touted as the game changes. The AI market is estimated to grow to a $190 billion industry by 2025, AI systems will reach over $57 billion by 2023. Another popular subset of AI, Machine Learning has been deployed across industries, marking up demands for professionals with the necessary skills. </p><h4><strong>Quantum Computing </strong></h4><p>Approximately $700 billion could be captured by quantum computing in the next 10 years, according to McKinsey. The performance of quantum computing is much faster than that of classical computation, requiring a fraction of the memory of classical computation. Quantum computers will be able to process and analyze vast amounts of data, making it possible to create more advanced and sophisticated AI systems. This will lead to more accurate predictions, improved decision-making, and new breakthroughs in areas such as drug discovery, financial modelling, and weather forecasting. Business operations and industry value chains will be catapulted to new heights with quantum computing. </p><h4><strong>Sustainable & Clean Technology </strong></h4><p>The gradual build-up towards a sustainable approach is expected to make 2023 a year for Sustainable Technology. Sustainability has become an essential part of businesses these days especially when it comes to disruptive technologies. Companies such as Spotify, Netflix and others run their operations on huge data centres that consume high amounts of energy. We will see an active push in making companies more technology efficient. Organizations and investors are optimistic about climate technology’s positive implications for sustainability. Thus allowing them to pool their resources towards strengthening climate tech and clean tech which serve for the long term. </p><h4><strong>Datafication</strong></h4><p>In the current digital ecosystem, data is the currency and datafication is the way to operate. More players are in the market to help large organizations manage and analyse heaps of data that is generated on a daily basis. Human resources already use datafication to collect employee data to better understand their personalities, interests, and preferences. In the case of fintech, data is the protagonist that connects every other arm, be it dependability, credibility, eligibility or the risk-taking factor in the case of lending. ChatGPT has already shaken the grounds for data storage and management. The amount of data generated from billions of prompts every day will only grow through this year which may prove to be a challenge for organizations at large. </p><h4><strong>Digital Immune System</strong></h4><p>Gartner estimates that businesses that invest in digital immunity will reduce downtime by 80%, increasing customer satisfaction. With the Digital Immune System, critical applications can be made more resilient to bugs by combining various practices and technologies. They ensure that systems don't crash, services are uninterrupted, data is secure and issues get corrected quickly. Software and application engineering leaders will have increased adoption of digital immune systems that will increase end-user satisfaction through apps that achieve greater uptime and deliver a stronger user experience. </p><h4><strong>Automation & Robotics</strong></h4><p>Industrial robot spending will double by 2030 owing to rapid escalations in labour costs worldwide. As the overall cost of robotics is comparatively high, “cobots” are the answer in the short run. Large warehouses for instance are applying cobots - robots alongside humans to best meet their labour targets and increase productivity. </p><h4><strong>Extended Reality</strong></h4><p>Metaverse became the trend with Facebook’s announcements around Web 3.0 and its directed move to rename its parent company as Meta. The previous year had numerous individuals, companies and brands taking to the metaverse to better connect with their customers. A deep dive into Web 3.0 is expected across a gamut of services in the virtual world. IoT, blockchain, AI, VR, AR and ML among others will collectively stimulate experiences for the consumers in the “verse” version of these companies. Metaverse if successful in aligning the offline and online worlds can create impactful experiences. Hence we have more businesses including traditional ones now open to leveraging virtual platforms to build immersive engagement that creates lasting measures.</p><h4><strong>Cybersecurity</strong></h4><p>Advancements in Cybersecurity have been ongoing. 2022, however, saw a few cases of social engineering like that of Uber and AIMS, which has raised credible concerns about cybercrimes among consumers and organisations alike. This year will call for heightened security measures with data-heavy reliance, and newer tech adoptions like generative AI and cryptocurrency. Moving forward it will be crucial to strengthen the reins of data storage, management and processing and implement better digital security measures to curb untoward cybercrimes.</p><p>All in all, this year looks like a turning point for AI as it will enjoy centre stage. Web3 and Meta will probably see a slowdown or take a backseat in terms of investments. As for cryptocurrency, 2021 was the peak followed by a dull span in 2022 triggered by the Binance Coin fiasco, it’ll be interesting to watch how 2023 turns up. Technology is ever-evolving; early adopters will have the advantage of the situation at hand. These are just some of the technologies that will thrive and grow in 2023, while others, like the internet of things and blockchain, will profoundly change the way we live. </p><h3><strong>Authored by Richa</strong></h3><p>For more information, please reach out to the <a href="Marketing@purplequarter.com">Marketing Team.</a></p></p>
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<p>Generative Artificial Intelligence has become an explosion of capability. Things that humanity couldn't possibly think of, are coming to life with generative AI. <strong>Dall-E, Stable Diffusion, GPT-3, OpenAI, Hugging Face,</strong> and dozens of other projects, startups, and organizations are formulating AI engines that <em>create art, make music, </em><em>generate synthetic humans</em><em>, birth artificial influencers/celebrities, literally generate video from text,</em> and threaten to upend our notions of creativity, art, public domain, copyright, and the nature of reality itself. What is really exciting is that AI is at that stage where it can start writing code to better itself - a true human trait. <p>If we are to go by the market predictions, generative AI is the new “<em>gold rush</em>” in Silicon valley. The economic slowdown isn’t stopping investors; thousands of dollars have been injected towards generative AI startups in the high-potential areas such as writing code like a software engineer, chatting like a company service representative, generating images like a photographer, creating original music like an artist, composing text like a human sales rep and plausibly even diagnosing disease like a doctor.</p><p><img class="aligncenter wp-image-79629 size-full" src="https://admin.purplequarter.com/storage/posts/67fdd6dddda43-2.png" alt="uses of generative ai" width="1200" height="800"></p><h3><b>The Investment Landscape</b></h3><p>A number of generative-AI startups received nine-figure investments in the last few months. Stanford student David Song maintains a growing list of 140 startups tackling copywriting, coding, gaming, graphic design, and medical applications.</p><ul> <li style="font-weight: 400;" aria-level="1">In a seed round valued at $1 billion, <em>Stability A</em>, the London-based company behind the open-source text-to-image generator Stable Diffusion, raised more than $100 million. Currently, the company has an estimated 100 employees, and the funds will be used to develop the company's text-to-image model, DreamStudio.</li> <li style="font-weight: 400;" aria-level="1">A $125 million Series A round was raised by <em>Jasper</em>, which serves the content-creation market. The Chrome extension generates copywriting suggestions ranging from a single word to an entire article based on OpenAI's GPT-3 language model. There are more than 70,000 paying customers for the company.</li> <li style="font-weight: 400;" aria-level="1">Microsoft is poised to further inject capital into <em>OpenAI </em>having previously invested $1 billion back in 2019. According to the reports, Google is considering a $200 million investment into <em>Co:here</em> - a natural language processing startup. </li> </ul><p>Simultaneously, established companies, too, are looking for ways to capitalize on AI’s emerging generative capabilities.</p><ul> <li style="font-weight: 400;" aria-level="1">Microsoft has added <em>DALL·E 2</em> to its invitation-only Azure OpenAI service, which also includes <i>GPT-3</i>. Furthermore, it is integrating the image generator into Designer, an app that automates graphic design for social media.</li> <li style="font-weight: 400;" aria-level="1">Shutterstock, an image distributor, will allow users to create custom images using <em>DALL·E 2</em>. The company wishes to compensate creators whose work was used to train their service.</li> <li style="font-weight: 400;" aria-level="1">Getty Images, a competitor of Shutterstock, is adding AI-powered image editing tools from <em>Bria,</em> an Israeli startup.</li> </ul><p><img class="aligncenter wp-image-79631 size-full" src="https://admin.purplequarter.com/storage/posts/67fdd6e14a86f-3.png" alt="notable investors in generative ai " width="1200" height="800"></p><h3><b>Notable Startups to look out for</b></h3><h3><strong>Insilico Medicine</strong></h3><p>Insilico Medicine provides AI solutions to the top pharma and biotechnology companies. The company aims to accelerate drug discovery and development, and transform the discovery of therapeutics and materials. Using deep learning to discover new drugs, provide personalized healthcare, and treat ageing is one of their main goals. The organization has developed a comprehensive drug discovery engine, which uses millions of samples and multiple data types to discover disease signatures and identifies the most promising targets for billions of molecules that already exist or can be generated de novo with the desired set of parameters.</p><h3><strong>Paige.AI</strong></h3><p>Launched by Memorial Sloan Kettering in early 2018, Paige is developing novel deep-learning algorithms based on convolutional and recurrent neural networks to learn efficiently from an unprecedented wealth of visual and clinical data. Cancer diagnosis, treatment, and biomarker discovery are being transformed by the company's powerful, clinical-grade computational technologies.</p><h3><strong>Mostly AI</strong></h3><p>The Synthetic Data Engine by Mostly AI allows the simulation of realistic & representative synthetic data at scale, by automatically learning patterns, structure and variation from existing data. To retain valuable information and prevent the re-identification of any individual, it utilizes state-of-the-art generative deep neural networks with inbuilt privacy mechanisms. In this way, it creates data that is as-good-as-real but can be processed, analyzed, and shared freely.</p><h3><strong>Synthetaic</strong></h3><p>Synthetaic grows high-quality data that unlocks impossible AI. In some of the most high-stakes use cases for artificial intelligence, sample islands have prevented high-quality predictive modelling. For both still and moving images, there is simply not enough data to train networks effectively.</p><h3><strong>Eva Engines</strong></h3><p>Eva is a fashion tech and deep tech start-up based in France. The company's first product uses facial recognition and artificial intelligence to help fashion brands, casting agencies, and models recruit models through the use of neural networks trained on mannequin faces. </p><h3><b>Generative AI is only the tip of the Iceberg </b></h3><p>The concept of <a href="https://www.purplequarter.com/top-technology-trends-predictions-for-2022/all-about-tech/">generative AI</a> has been around, however, it looks promising in today’s era more than ever. Generative AI is revolutionizing how humans experience the internet and the world at large. The investments in artificial intelligence swelled from $12.75 mn in 2015 to $93.5 bn in 2021 and it is expected to further grow to $422.37 bn in 2028 opening many avenues and doors for those seeking to understand and implement artificial intelligence. </p><p>Generative AI will soon be able to write scientific papers and visual design mock-ups, according to Sequoia; and by 2030, it will be able to design, code, and write better than human professionals. Slowly but gradually it will change the way you and I work. Although the concept of generative AI is at its “reactive model” stage which means it will only react to produce the output according to what is given. However, with further developments, experts believe that generative artificial intelligence may eventually replace human capital to a large extent. These are the possibilities that investors and leaders are forecasting, there is a higher likelihood of this just being the tip of the iceberg. What Generative AI will truly do for machines and humanity will unfold better with time. </p><h3><strong>Authored by Richa</strong></h3><p>For more information, please reach out to the <a href="Marketing@purplequarter.com">Marketing Team.</a></p></p>
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<p>Years of emissions have led to long-lasting and often irreversible effects on the environment. Climate technology is now emerging to be one of the most important movers for economies at large. Climate technology focuses on reducing greenhouse gas emissions globally to combat climate change. It works towards removing the adverse gasses and reducing further emissions. Some of the areas that climate technology is focusing on are - agri-tech, afforestation, carbon capturing and geoengineering. Another popular concept much like that of Climate tech yet a tad different is <i>Clean Tech. </i>While Clean tech ensures the natural resources stay clean, for instance, water recycling, Climate tech’s primary goal is to reduce the emission of greenhouse gasses. There are however a few areas where Climate Tech and CleanTech overlap: <img class="alignnone wp-image-48344 size-full" src="https://admin.purplequarter.com/storage/posts/67fdd6f158052-Infographic-1-scaled.jpg" alt="climate vs clean tech" width="2560" height="1708"> <h3>India’s take on climate change</h3><p> Now more than ever, there are conscious efforts to clean up one of the world's largest emitters of greenhouse gasses — India. Investments in transportation and energy solutions accounted for 78% of global climate tech investment in 2021, driving considerable growth. Venture Capitalists on a global scale should look out to invest in these ventures. These ventures are increasingly gaining popularity among environment-sensitive companies. In India, the capital is gearing up for the activity. Cities are charging up with <i>electric charging </i>signs. Funding and investments are being pumped into startups that are driving tech and sustainability. There is a growing focus on the environment and sustainability among India's big conglomerates, such as <i>Wipro, UltraTech, and Reliance.</i> Climate action-related technology is being backed by private capital. Of the $27 billion investments globally made in the first half of 2022, nearly $2 billion of the investments went to Indian firms. While India is taking steps towards a sustainable future, other nations like the US and China are also working around subsidizing and providing incentives to promote Climate Tech. Several factors have contributed to India's post-Covid resurgence, including improved roads, new infrastructure, and a turnaround in manufacturing. Green projects are now attracting a lot of money. It's no surprise that early-stage investments have been drawn to mobility and transportation since the sector accounts for over 10% of India's emissions. A variety of projects are being undertaken by entrepreneurs, ranging from battery swaps to EV chargers to carbon accounting. The founders of these startups put more than just their capital behind these startups, they put their time, energy, and conviction behind them. Silicon Valley probably offered them a wide range of jobs. As a result, they have chosen to focus on solving problems in India as part of the transition process. As India grows and energy consumption rises, experts believe that there is so much capacity to work around climate tech for a sustainable future. Early-stage investing in climate tech has already started to gain momentum with domestic VC closely following the trend. This trend is promising, leading new and aspiring entrants to find a platform for themselves. When it comes to agriculture, sixty per cent of the Indian population works in this segment, making it the world's largest agricultural powerhouse. It only makes sense that innovative startups begin to emerge in the agri-tech space. There is a projected growth rate of 25 per cent in agri-tech space by 2025 to bridge the gap in this highly unorganized industry. A pivotal role could be played by technology in supporting the rural population and meeting the country's production needs. <i>Poshn, Jai Kisan, and AgriGator</i> are a few startups to watch out for in this segment. Alt-protein and alternatives, such as plant-based meat, have also seen enormous growth in disruptive food-tech networks. Among the startups developing agri-financing solutions for livestock farmers are <i>Stellapps, Numer8, Aquaconnect, Livestoc, and DGV.</i> <img class="alignnone size-medium wp-image-48358" src="https://admin.purplequarter.com/storage/posts/67fdd6f4aaea1-Infographic-2.jpg" alt="Climate" width="1" height="1"> </p><h3><b>Investments in Climate Tech </b></h3><p> There has been a <a href="https://www.purplequarter.com/navigating-climate-tech-investments-in-the-funding-winter/all-about-tech/">boom in investments</a> due to rising concerns over climate change and technological breakthroughs. Electric vehicles, food and agriculture, and carbon removal received US$87.5 billion in venture capital funding in 2021. While solar and wind power, green hydrogen production, and agriculture have the greatest potential to reduce carbon emissions, they have received about 25% of funding in the past eight years—despite representing more than 80% of the emissions reduction potential by 2050. By comparison, mobility and transport accounted for 61% of the funding, despite representing just 16% of emissions. A recent report published by Future Market Insights (FMI) states that the global climate tech market is expected to grow at a CAGR of 24.2% for the next decade. The market will reach a promising valuation of USD 16.9 billion by the end of 2022. The demand for relevant climate tech solutions will reflect across industries such as power & energy, transportation, oil & gas, logistics and utilities. Increased technological advancements will frontend the industry’s accelerated pace. </p><h3><b>What next? </b></h3><p> To reduce emissions in the future, leaders & industry stakeholders should direct resources to areas with the greatest potential. A change in mindset is needed to extend time horizons for returns, develop proactive procurement strategies, and form new public-private partnerships that de-risk first movers in unproven technologies. For investors, businesses, and the planet, closing the carbon funding gap could accelerate the investment cycle for the next generation of climate-tech innovations. Various countries are also focusing on using renewable energy projects to cut back on pollution, support the advancement of various sectors, including transportation, and provide a brighter future for the next generation. As consumers and businesses become conscious of the climate crisis, Green technologies are also being promoted by government agencies, which could spur long-term sustainable economic growth. </p><h3><strong>Authored by Richa</strong></h3><p> For more information, please reach out to the <a href="Marketing@purplequarter.com">Marketing Team.</a></p></p>
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<p>Real estate is a major component of the UAE's economic diversification plan, with the goal of reducing its dependence on oil and gas. Approximately 5.5 per cent of the country’s gross domestic product is generated by real estate activities. Over the past decade, the UAE real estate industry has become a global player. In 2019, the regional real estate players had a collective brand value of 2.7 billion dollars, ranking third behind China and the United States. For the forecast period of 2022-2027, the UAE residential real estate market is expected to grow by more than 8%. <p>With assets worth over 43.4 billion U.S. dollars, Abu Dhabi Investment Authority (ADIA) is one of the world's largest real estate investors. While 8.2 per cent of Dubai's gross domestic product is generated by the real estate industry. For its foreign workforce, it is also one of the most important employment sectors. The emirate of Dubai over time has become a popular real estate investment destination due to its focus on becoming a high-end tourism destination. In the emirate, almost 72 thousand buildings are investment villas, followed by 40.6 thousand private villas. However, the Luxury real estate in the region was adversely affected by COVID-19. </p><p>Since the pandemic, UAE real estate has bounced back stronger attracting significant attention and investments. The emirate’s consistent economic policies, business reforms and extraordinary infrastructure have widely drawn global investors. Both private and corporate investors have shown affinity, especially towards the luxury real estate segment. The sector is expected to further gain momentum in the months to follow. </p><p>According to the reports, the emirate has already recorded and attracted more than 43,000 deals amounting to about Dh170 billion in investment within the first seven months of 2022. This marks an 87% increase in the figures in H1’2022 as compared to H1’2021. In particular, the sales transactions recorded in the month of June 2022 were at 8,900, valued at Dh22.75 billion in total. Similarly, Abu Dhabi’s property market recorded 7,474 transactions in H1’2022 worth Dh 22.38 billion.</p><h3>What’s driving the increase in investments?</h3><p>There are various factors behind the increasing demand and supply of real estate in the UAE. Especially since the pandemic many rules and regulations have been changed that have attracted not only domestic but also international investors. </p><h3>Reformed visa rules</h3><p>One factor that has highly contributed to the growth of the real estate segment in the UAE is the relaxed visa regulations; it has become comparatively easier for investors to invest in real estate and obtain a golden or silver visa. Visa relaxations were implemented to encourage foreign investors and as per statistical data, authorities have well achieved their goal.</p><h3>A rise in foreign investments</h3><p>In the UAE, Dubai receives the maximum amount of foreign investments in real estate closely followed by Abu Dhabi. Both residential and commercial properties are fast selling, making the market highly competitive. Friendly policies for investors and expats and a strong global recession resilience are the attracting factors. It has been a good year for luxury properties. 82 ultra-prime property deals were completed in Dubai alone in the first half of the year, setting the stage for a record year. According to statistics, Russia, Ukraine, and the United Kingdom invest heavily in Dubai and Abu Dhabi. Additionally, significant investments have been made in both of these emirates by investors from India, Pakistan, Canada, Italy, and France.</p><h3>Renewed property advertisements</h3><p>Recently, the Dubai Land Department issued updated regulations for property advertisements in order to make investing in Dubai safer for everyone. Despite the fact that it's a step in the right direction, many believe it will negatively impact the real estate market. This initiative, however, is likely to further strengthen the market's position as a safe place for investors and even consumers. Those interested in the property will get clarity on the features advertised making for genuine queries in property portals and a higher chance of sales conversion.</p><h3>The expo wave</h3><p>Dubai set an unprecedented example by successfully hosting Expo 2020 while the entire world was reeling from the effects of the novel Coronavirus. Several other emirates and sectors, as we know, also benefited from the program. Global investors' confidence in Dubai was reinforced by the successful management of this event. Over six months since the Expo 2020, Dubai continues to benefit from the post-event buzz. The real estate sector is expected to see a boost in the coming months as Expo City welcomes residents and businesses. The city is going to be located in the same spot that hosted Expo 2020 and will focus on the future.</p><h3>Recent developments & the way ahead</h3><p>Talking of meatier deals, the UAE-based Alpha Dhabi Holding (ADH) conglomerate acquired an additional stake of 17% in Abu Dhabi’s Aldar Properties (Sublime 2, Sogno 2 and Sogno 3) in January 2022, taking its total stakes in the company to 29.8%. </p><p>In November of 2021, Emaar Beachfront developed a luxurious residential development spanning 10 million square feet. A private, gated island with excellent offerings is being constructed on this site as a resort. Premium resort amenities are expected. Restaurants, bars, and cafes line a 1.5-kilometre promenade, along with shopping and playgrounds. Additionally, Dubai Marina is just a short walk away.</p><p>According to statistics released by the Dubai Land Department (DLD), the real estate sector in Dubai is back strong, recovering from COVID-19-induced uncertainties. Property analysts predicted an increase of 1.1% and 2.8% in Dubai house prices in 2021 and 2022, respectively. </p><p>According to another survey, residential property prices in Dubai are expected to rise modestly over the next two years. On the one hand, this indicates affordability, and on the other, it shows sustainable growth. As leading real estate players to plan newer and modern projects, Dubai now has an enticing climate for property investments. It's a good sign for UAE's subsequent regions as far as the overall business environment is concerned.</p><h3><strong>Authored by Richa</strong></h3><p>For more information, please reach out to the <a href="Marketing@purplequarter.com">Marketing Team.</a></p></p>
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<p>We have seen rising cases of <em>‘social engineering’</em> where phone calls, messages or other mediums are being exploited to hand over an organization’s sensitive data. The most recent is that of American ride-hailing giant, Uber. <strong>“We are currently responding to a cybersecurity incident. We are in touch with law enforcement and will post additional updates here as they become available”</strong> read Uber’s official tweet on the morning of 16th September 2022. What took the internet by storm was how a company as big as Uber became a victim of “social engineering”. There are numerous speculations and ideas going about the how and what happened, however, the officials at Uber have in their recent statement commented that <strong>"the</strong> <strong>investigation is still going on”</strong>. Soon after, the security breach gathered headlines with several tweets and statements. <h3>So what really happened?</h3><p> Dale Vaz, CTO, Swiggy, in a series of <a href="https://twitter.com/dale_vaz/status/1571009670160207875">tweets</a> simplified the incident — It is believed that a 16-year-old hacker by the name "Tea Pot" sensed a loophole in Uber’s security system, and managed to crack into it. The hacker attacked an employee of Uber by posing as the IT team and sent him push notifications to log in. These notifications were designed to look like Uber’s official ones. The trick for this scam to work was to send multiple and continuous notifications. This sense of urgency caused a MFA Fatigue Attack; where an employee gets hassled by the number of notifications forcing them to take action. Now, that the employee did not respond to these notifications, the hacker sent a WhatsApp message asking him to take action giving the entire ruse a sense of validation. The employee looking at the WhatsApp message responded to the request with the required details. The hacker then had access to all the sensitive information of Uber. He found the master key to all the information that is heavily secured and guarded by the company. Once, the hacker was able to get his hands on the admin password, he had sole control over every document and system of Uber. A few days after the Uber incident, Rockstar Games too found itself in a similar situation of social engineering. Supposedly the same hacker of Uber hacked Rockstar Games. The details of the hacking remain unknown but it is rumoured that in this case as well, the hacker posed himself as an IT employee of the company to gain information and access to the data security systems. <img class="aligncenter wp-image-16509 size-full" src="https://admin.purplequarter.com/storage/posts/67fdd70551072-3-1.png" alt="Rockstar games" width="1200" height="800"> </p><h3>What is social engineering?</h3><p> Essentially, it is an online attack that relies primarily on human interaction. It often involves manipulating people to break security procedures and gain unauthorized access to various systems or networks for financial gain. These hackers usually hide their true identities to influence others and give away sensitive and valuable information. It is easier to exploit people than it is to find a network or software vulnerability, which is why hackers use social engineering. Social engineering tactics are often used to infiltrate a system or network and steal sensitive data or disperse malware. In such cases, cybersecurity becomes essentially important for companies worldwide. <img class="aligncenter wp-image-16513 size-full" src="https://admin.purplequarter.com/storage/posts/67fdd7080825c-2-1.png" alt="Social engineering process" width="1200" height="800"> </p><h2><img class="aligncenter wp-image-16516 size-full" src="https://admin.purplequarter.com/storage/posts/67fdd70a89287-5-1.png" alt="Social engineering stats" width="1200" height="800"></h2><h2></h2><h3>Types of social engineering attacks:</h3><h3>Phishing</h3><p> Phishing is the most common type of social engineering attack. Emails and text messages are aimed to create a sense of fear, curiosity and urgency in the mind of the victims. There are various types of phishing attacks, and phishers invest a lot of time in crafting and executing these attacks. Uber was a case of phishing, the hacker cleverly used the power of urgency when he sent multiple notifications to the victim to take an action. And when that did not work, he went for a more personalised touch. Dale Vaz, in his tweet, calls this an <strong>“interesting touch to add more trust to the push notification request.”</strong> <img class="aligncenter wp-image-16517 size-full" src="https://admin.purplequarter.com/storage/posts/67fdd70db17f1-1-2.png" alt="tweet 1" width="1200" height="800"> </p><h3>Pretexting</h3><p> The Pretext is a fabricated scenario where hackers use the personal information of an imposter as bait to steal someone else’s personal data. These attacks usually involve the scammer impersonating a trusted entity/individual and asking for details to validate their identity. In more advanced cases of pretexting, the victim is tricked to do something that threatens the security policies of the organization often leading to cybercrimes. What happened with Uber was partially also a case of pretexting when the hacker impersonated an IT service provider to steal sensitive data from Uber’s data storage. While Phishing uses fear and urgency to take advantage, Pretexting counts on a false sense of trust in the eyes of the victim. This, however, means having a credible storyline that leaves less or no room for doubt. </p><h3>Baiting</h3><p> When it comes to baiting, as the name suggests, the attack is carried on with a promise of an item to entice the victim. This is the easiest and the least suspicious way to attack. As humans, we believe that we may have willingly left our information in a grocery store or another place of transaction, baits help the attacker by leveraging the idea of a freebie. A classic example of bait is when a USB drive carrying a malicious payload is left in a lobby or a parking lot: the hacker hopes someone will plug the USB drive into a device, at which point the malware can be installed. </p><div class="jsx-2488951371 additional-content"> <h3 class="jsx-326324876 search-results">Quid Pro Quo</h3> </div><p> There is a fine line between Baiting and Quid Pro Quo, an attacker here promises something in exchange for the information. While Baiting is in the form of goods, Quid Pro Quo is usually in the form of service. As a caution, hackers can also use Quid Pro Quo offers that are even less sophisticated. These hackers do not have advanced tools at their disposal and do not research about their targets. These hackers keep calling people randomly claiming to be from technical support. Once in a while, they find people with legitimate technical problems and will "help" solve those problems. </p><h3>Tailgating</h3><p> In Tailgating, an attacker without authorization follows an authenticated employee into a restricted area. An attacker might pretend to be a delivery driver and wait outside a building to start the attack. Upon gaining security's approval and opening the door, the attacker asks the employee to hold the door, thus gaining access to the building. In the presence of certain security measures, such as keycards and biometrics, tailgating is not easily possible. Organizations lacking these features, however, are vulnerable to hackers. <img class="aligncenter wp-image-16515 size-full" src="https://admin.purplequarter.com/storage/posts/67fdd7114bf4c-3-2.png" alt="10 common attack vectors" width="1200" height="800"> </p><h3>Can I be the victim of Social Engineering?</h3><p> Of course, you are at as much risk as the CEO of Google or Microsoft. Your personal information, your company’s confidential data and that of the nation, are equally at risk when it comes to infiltrators. More often, a threat is posed by a known person or an attacker who imitates a known individual. It is seen that typically, you are asked by a ‘trusted’ individual to open an attachment, fill out a form, click on a link, or wire funds. You will be tricked into believing the message is legitimate by the personalized details in order to gain your trust. In the case of Uber, the employee became the victim leading to a serious security breach. Not every time the attack is directly linked to the victim as Dale Vaz clearly tweets… <img class="aligncenter wp-image-16519 size-full" src="https://admin.purplequarter.com/storage/posts/67fdd7148f736-2-2.png" alt="tweet 2" width="1200" height="800"> </p><h3>How do you protect yourself?</h3><p> Prevention is the way forward. With digitalization and digital adoption, enterprises store sensitive data online, in the cloud in huge volumes. One can only be protective of the data to the extent of having control over it. When personal information is shared with a third party, the control of this data is minimalistic. However, some security measures can be taken to curb the chances of social engineering: </p><ul> <li style="font-weight: 400;" aria-level="1">Refrain from opening emails received from untrusted sources</li> <li style="font-weight: 400;" aria-level="1">Do not consider offers from strangers</li> <li style="font-weight: 400;" aria-level="1">Purchase & install a good anti-virus software</li> <li style="font-weight: 400;" aria-level="1">Keep the laptop/ computer locked when away from the workstation</li> <li style="font-weight: 400;" aria-level="1">Delete any request for personal information or passwords</li> <li style="font-weight: 400;" aria-level="1">Reject requests for help or offers of help</li> <li style="font-weight: 400;" aria-level="1">Install and use a multi-factor authentication </li> <li style="font-weight: 400;" aria-level="1">Have and implement policies for social media usage </li> <li style="font-weight: 400;" aria-level="1">Set your spam filters to high</li> </ul><p> Although, these measures are not a 100% guarantee that social engineering will be curbed. They are a good start to reducing the chances of these attacks. While technology is to help us better our daily activities and our overall lives, its misuse cannot be ignored. One can only take necessary measures and look out for any unnatural/ suspicious activity. </p><h3><strong>Authored by Richa</strong></h3><p> For more information, please reach out to the <a href="Marketing@purplequarter.com">Marketing Team.</a></p></p>
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<p>Currently, Islamic financial institutions across the globe manage over $2 trillion in assets and are growing at a rate of 15%-25% per year. The Kingdom of Saudi Arabia (KSA) is working to become a regional and global ecosystem for Islamic banking. To achieve this, KSA is keen to develop the sector and attract investments from regional and international Islamic investors and funds. Let us look at how the segment is faring in Saudi Arabia.<h2></h2><h2><b>What is Islamic Finance?</b></h2><p>Islamic finance covers varied aspects of managing money as per Islamic moral principles right from saving, investing, and borrowing to purchasing any physical assets. It regards lending as an unfairly favored relationship; hence, loans must be interest-bearing, and interest cannot be earned. Islamic banking is the largest sector in the Islamic finance industry, contributing to over 70% of the industry’s assets. </p><p>The standard practices of Islamic finance and banking arose alongside the establishment of Islam. Unlike conventional finance, Islamic finance strictly forbids some practices and principles used in traditional finance. The global Islamic finance industry grew by 10.2% in 2021, compared to 11.4% in 2020 (excluding Iran), fueled by banking asset growth. </p><p><img class="aligncenter size-full wp-image-15916" src="https://admin.purplequarter.com/storage/posts/67fdd71a4537f-2.png" alt="Prohibitions under Islamic Finance" width="1200" height="800"></p><h2></h2><h2><b>Islamic Finance in Saudi Arabia</b></h2><p>Despite global economic conditions being tough recently, Islamic finance has managed to maintain a consistent growth rate. This is despite increased COVID-19 cases, the Ukraine-Russia conflict, high inflation, and ongoing supply chain gluts.</p><p>The global Islamic finance market is fragmented, with many players vying for a large share of the developing market. It is moderately growing in some regions, such as Asia and Africa, with the presence of a large number of local players as well as some major players. However, the GCC is a highly competitive market with many international players. </p><p><img class="aligncenter size-full wp-image-15917" src="https://admin.purplequarter.com/storage/posts/67fdd71cf1287-3.png" alt="Islamic Finance Assets Growth" width="1200" height="800"></p><p>Currently, Saudi Arabia is the largest Islamic finance market globally and leads the GCC Islamic Finance segment with a 49% share of the market, followed by the UAE (19%), Kuwait (16%), Qatar (11%), and Bahrain (5%). The Saudi Arabian Islamic Finance Market was worth $945 billion in 2021 and is expected to reach $1,240 billion by 2028.</p><h2></h2><h2><b>What is fuelling the growth?</b></h2><p>The dominant Muslim population and their shift toward Sharia-compliant products is a major driving force for the Islamic finance market. Official statistics show that 90% of Saudi Arabia’s citizens are Sunni Muslims, while 10% are Shia Muslims. Furthermore, the Saudi government has implemented numerous programs and policies in an effort to strengthen Islamic finance in the country.</p><p><i>Saudi Vision 2030</i> is an initiative launched by Saudi Arabia's top leaders to reduce the country's reliance on the oil industry. Diversify income sources and expand public resources such as tourism, infrastructure, education, and the recreation industry. Also to encourage tech-related startups to grow such as <a href="https://www.purplequarter.com/saudi-arabias-e-commerce-market-soar-high/all-about-tech/">e-commerce which is soaring in Saudi Arabia</a> at present. The main goal of Saudi Vision 2030 is to expand Saudi capital markets in order to stabilize the economy and achieve sustainable growth during the projection period.</p><p><img class="aligncenter size-full wp-image-15918" src="https://admin.purplequarter.com/storage/posts/67fdd72065501-4.png" alt="Top Islamic Finance Institutions in the Kingdom" width="1200" height="800"></p><p>Sukuk’s (Islamic bonds are known as Sukuk) debt issuance program was announced by KSA’s Ministry of Finance in July 2017. This program has helped rapidly increase the country’s domestic-market sales of Sukuk to hit $14.4 billion, up 185% from the previous year. The record figures account for more than half of global domestic Sukuk sales, with the Saudi Arabia’s government alone selling more than 60% of it.</p><p>The buying of Sukuk by financial institutions is another factor driving the surge in Sukuk sales. In June 2022, Saudi Central Bank (SAMA) placed about $13 bn with banks to ease a funding crunch, and some of the funds could be invested again in the Sukuk market.</p><h2></h2><h2><b>What next?</b></h2><p>Tadawul, Saudi Arabia’s stock exchange, launched its first-ever Islamic index last month in response to rising demand for Sharia-compliant tools and investment services. This index, known as TASI (Tadawul All Share Index) Islamic Index, will track the performance of Islamic finance institutions listed on the Saudi Exchange.</p><p>The TASI Islamic Index is constructed and will be screened for Sharia compliance, which is approved by the exchange’s Sharia Advisory Committee. The committee will be responsible for overseeing and approving the list of Islamic banking companies which are listed in Tadawul on a periodic basis.</p><p><img class="aligncenter size-full wp-image-15920" src="https://admin.purplequarter.com/storage/posts/67fdd723069d1-5.png" alt="Activities of TASI Islamic Index" width="1200" height="800"><br> BNPL is another segment that is trying to be compliant with sharia practices. The BNPL segment in Islamic Finance is growing nowadays with Saudi Arabia and UAE emerging as leaders in the respective segment. The launch of four new BNPL platforms —- Tabby, Spotti, PostPay, and Tamara since 2019 is a testament to this trend. </p><p>The BNPL startups from the Middle East are offering zero-interest repayment plans to comply with Islamic finance principles. They have a transparent fee structure for missed installments and an upper limit on fees that can be accrued.</p><h2></h2><h2><b>Purple Quarter for Islamic Finance</b></h2><p>With the Islamic finance market being very competitive in Saudi Arabia, to survive and thrive in the changing market environment sharia-compliant startups should adopt the latest technologies. Technology is disrupting numerous facets of Islamic finance at present. Technologies will help these companies connect better with their consumers.</p><p>Information technology enables sophisticated product development, better market infrastructure, implementation of reliable techniques for control of risks, and much more. Strong technology leadership is an essential part of any successful digital transformation. Tech Leaders play an important role in continuous innovation and building new products that will scale up Islamic finance companies across Saudi Arabia with better architectures and products. </p><p>Since 2017 Purple Quarter has helped several companies match with their ideal tech leaders across the globe. Leveraging our IP — <a href="https://www.purplequarter.com/identify-the-right-tech-leader-with-behavioural-metrics-model-purple-quarter/leadership-advisory/">Behavioral Metrics Model</a>, companies across sectors, regions, and technology domains have recruited chief technology officers (CTO), VP of Engineering, and head of Engineering (hoe), among other tech leaders. With a huge talent pool to choose from <a href="https://www.purplequarter.com/contact-us/">you are just a step away from finding the right tech leader for your business.</a></p><h3><strong>Authored by Pratheek. V</strong></h3><p>For more information, please reach out to the <a href="Marketing@purplequarter.com">Marketing Team.</a></p></p>
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