GCHQ chief: west faces ‘moment of reckoning’ over cybersecurity
April 23, 2021, 10:14 am

GCHQ chief: west faces ‘moment of reckoning’ over cybersecurity

The GCHQ director, Jeremy Fleming.

Jeremy Fleming to say UK must ‘develop sovereign technologies’ and work with allies to ‘build better cyber-defences’

Britain and its allies face a “moment of reckoning” in which secure encryption and other future technologies may no longer be “shaped and controlled by the west”, according to the head of the spy agency GCHQ.

In a speech on Friday, Jeremy Fleming will say the UK has to “develop sovereign technologies” and work with allies to “build better cyberdefences” to prosper in the future.

Although the spy chief does not mention China by name, his remarks are largely aimed at Beijing’s growing strength in high technology, revealed recently by the row over the deployment of Huawei kit in Britain’s 5G mobile phone networks.

There are also growing concerns about Russian state-sponsored hacking. This is showing signs of increasing sophistication, as demonstrated by the recent exploitation of a vulnerability in SolarWinds software used in several US government departments.

“Cybersecurity is an increasingly strategic issue that needs a whole-nation approach. The rules are changing in ways not always controlled by government,” Fleming is expected to say in a speech at Imperial College London. “And without action it is increasingly clear that the key technologies on which we will rely for our future prosperity and security won’t be shaped and controlled by the west. We are now facing a moment of reckoning.”

The comments represent an argument for a shift away from the laissez-faire model in which Conservative and Labour governments have argued for a UK economy that is opened up to international competition and investment.

Fleming will say that the UK needs to ensure a diversity of supply in technologies that underpin the country’s security and prosperity – a coded reference to Huawei, which over a period of nearly 20 years gradually became the market-leading telecoms equipment supplier, prompting fears that it would crowd out western rivals.

Sovereign technologies that Fleming believes the UK must maintain a foothold in include ultra-high-speed quantum computing, and also areas such as artificial intelligence and bioscience, whose significance has been underscored in vaccine development during the coronavirus pandemic.

Policymakers, academics and teachers also need to help foster the scientific and technical skills the country needs, with an emphasis on “diversity of thought”, the spy chief will argue.

Not keeping pace with China and Russia would have consequences, despite the UK’s “strong tech sector” and “world-class universities” that help make Britain “a global cyberpower” today. “Historic strength does not mean we can assume we will be in the future,” Fleming will warn.

The speech reflects longstanding concerns in the intelligence community that the UK has too readily given up its strategic advantage in areas of emerging technology, through the sale of startups or even established businesses to foreign owners, even to allied countries such as the US.

But there are signs that warnings like Fleming’s are now being taken seriously by politicians. This week Oliver Dowden, the culture secretary, asked for the $40bn takeover of the Cambridge-based chipmaker Arm Holdings to be referred to the Competition and Markets Authority on national security grounds. Its would-be buyer is a US company, Nvidia.

Meanwhile, a national security and investment bill that will introduce sweeping powers to block takeovers and other deals involving foreign firms is close to completing its passage in parliament. It is expected to increase the number of takeovers and other deals that are security-screened from one a year to about 1,000.

source: Dan Sabbagh

Levant

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BENEFIT, the Kingdom’s innovator and leading company in Fintech and electronic financial transactions service, held its Annual General Meeting (AGM) at the company’s headquarters in the Seef District.
During the meeting, shareholders approved all items listed on the agenda, including the ratification of the minutes of the previous AGM held on 26 March 2024. The session reviewed and approved the Board’s Annual Report on the company’s activities and financial performance for the fiscal year ended 31 December 2024, and the shareholders expressed their satisfaction with the company’s operational and financial results during the reporting period.
The meeting also reviewed the Independent External Auditor’s Report on the company’s consolidated financial statements for the year ended 31 December 2024. Subsequently, the shareholders approved the audited financial statements for the fiscal year. Based on the Board’s recommendation, the shareholders approved the distribution of a cash dividend equivalent to 10% of the paid-up share capital.
Furthermore, the shareholders endorsed the allocation of a total amount of BD 172,500 as remuneration to the members of the Board for the year ended 31 December 2024, subject to prior clearance by related authorities.
The extension of the current composition of the Board was approved, which includes ten members and one CBB observer, for a further six-month term, expiring in September 2025, pending no objection from the CBB.
The meeting reviewed and approved the Corporate Governance Report for 2024, which affirmed the company’s full compliance with the corporate governance directives issued by the CBB and other applicable regulatory frameworks. The AGM absolved the Board Members of liability for any of their actions during the year ending on 31st December 2024, in accordance with the Commercial Companies Law.
In alignment with regulatory requirements, the session approved the reappointment of Ernst & Young (EY) as the company’s External Auditors for the fiscal year 2025, covering both the parent company and its subsidiaries—Sinnad and Bahrain FinTech Bay. The Board was authorised to determine the external auditors’ professional fees, subject to approval from the CBB, and the meeting concluded with a discussion of any additional issues as per Article (207) of the Commercial Companies Law.
Speaking on the company’s performance, Mr. Mohamed Al Bastaki, Chairman BENEFIT , stated: “In terms of the financial results for 2024, I am pleased to say that the year gone by has also been proved to be a success in delivering tangible results. Growth rate for 2024 was 19 per cent. Revenue for the year was BD 17 M (US$ 45.3 Million) and net profit was 2 Million ($ 5.3 Million).

Mr. Al Bastaki also announced that the Board had formally adopted a new three-year strategic roadmap to commence in 2025. The strategy encompasses a phased international expansion, optimisation of internal operations, enhanced revenue diversification, long-term sustainability initiatives, and the advancement of innovation and digital transformation initiatives across all service lines.
“I extend my sincere appreciation to the CBB for its continued support of BENEFIT and its pivotal role in fostering a stable and progressive regulatory environment for the Kingdom’s banking and financial sector—an environment that has significantly reinforced Bahrain’s standing as a leading financial hub in the region,” said Mr. Al Bastaki. “I would also like to thank our partner banks and valued customers for their trust, and our shareholders for their ongoing encouragement. The achievements of 2024 set a strong precedent, and I am confident they will serve as a foundation for yet another successful and impactful year ahead.”
Chief Executive of BENEFIT; Mr. Abdulwahed AlJanahi commented, “The year 2024 represented another pivotal chapter in BENEFIT ’s evolution. We achieved substantial progress in advancing our digital strategy across multiple sectors, while reinforcing our long-term commitment to the development of Bahrain’s financial services and payments landscape. Throughout the year, we remained firmly aligned with our objective of delivering measurable value to our shareholders, strategic partners, and customers. At the same time, we continued to play an active role in enabling Bahrain’s digital economy by introducing innovative solutions and service enhancements that directly address market needs and future opportunities.”
Mr. AlJanahi affirmed that BENEFIT has successfully developed a robust and well-integrated payment network that connects individuals and businesses across Bahrain, accelerating the adoption of emerging technologies in the banking and financial services sector and reinforcing Bahrain’s position as a growing fintech hub, and added, “Our achievements of the past year reflect a long-term vision to establish a resilient electronic payment infrastructure that supports the Kingdom’s digital economy. Key developments in 2024 included the implementation of central authentication for open banking via BENEFIT Pay”
Mr. AlJanahi concluded by thanking the Board for its strategic direction, the company’s staff for their continued dedication, and the Central Bank of Bahrain, member banks, and shareholders for their valuable partnership and confidence in the company’s long-term vision.