FAIR Institute hosts 1st summit in Middle East, Africa in Jordan

AMMAN — FAIR Institute, a non-profit organisation dedicated to measuring and managing information risk, held its first summit in the Middle East and Africa region on Monday at the Dead Sea.

The event, focused on cybersecurity risks and quantitative analysis of those risks, was endorsed by the National Cyber Security Centre of Jordan, according to a statement from the institute. 

The summit featured experts from various Arab and African countries, as well as the heads and founders of the FAIR Institute in the US. Attendees participated in multiple panel discussions and presentations, including a speech by Bassam Al Maharmeh, president of the National Centre for Cybersecurity, who highlighted the government's role in enhancing cyber risk management and the National Cyber Security Centre of Jordan's efforts in developing a national risk-based framework for cybersecurity.

Nik Sana, president of FAIR Institute, delivered a presentation on the economics of risk in cybersecurity, emphasising the importance of creating a safe cyberspace for any organisation. The creator of the FAIR model, Jack Jones, explained the details of the model and how to apply it to benefit organisations in various sectors.

Adham Al Etoom, co-chair of the FAIR Chapter and director of Policies and Compliance at the National Cyber Security Centre of Jordan, delivered a presentation on Leveraging the Cyber Risk Handbook 2023 to Support the Transition to a Risk-Based Approach to Cybersecurity. 

He also announced the translation of this handbook into Arabic as part of the regional chapter’s efforts. The handbook explains the six essential principles for boards to oversee cyber risks, and provides guidance on moving to effective risk management to control the damage growing from cyber threats.

Mohamed Abdel Rahim, CEO of Octopian Security, and co-chairman of the FAIR Chapter in Jordan, highlighted the importance of business modelling before conducting risk assessment, and the importance of shifting to the quantification of cybersecurity risks to determine priorities and risks that must be addressed first.

The FAIR Institute's first summit in the Middle East and Africa provided a platform for cybersecurity experts to discuss and share best practices in cybersecurity risk quantification for all sectors and business owners, according to the statement. 

The event showed the significance of implementing a unified approach in managing and supervising risks to bridge the gap between the operational and strategic aspects in organisations and public companies, concluded the statement.