Page 106 - July 2024 Issue 632

Abdullah Biary

(Cyber Security Subcommittee Member - KSA Insurance Authority) (Previously CISO - UCA):

We are very satisfied with our results

ince its foundation, United Cooperative Assurance (UCA) has appointed experienced staff
Swith high technical capabilities to fulfill the immediate and future needs of its clients and
having constantly anticipated the daily demand of new insurance coverage and making them
available. UCA still repeats the same story of success day after day presenting the same high
standards of quality, service and integrity; thus, positioning itself as one of the insurance indus-
try leaders in the Kingdom. Abdullah Biary, previous Chief Information Security Officer at
UCA and currently one of the Cyber Security Subcommittee Member in Saudi Arabia’s
Insurance Authority, was among the prominent people who participated at the InsureTek Saudi
Arabia along with several of his colleagues. On the sidelines of the event, Al Bayan Magazine
met Mr. Biary and conducted the following interview.
“ Insurers can mitigate their own risks & contribute to climate resilience by promoting sustainability ”

• What is the added value behind your participation at • In your opinion, to what extent is sustainability important in
InsureTek Saudi Arabia? the insurance industry nowadays?
- InsureTek Saudi Arabia provides an important platform for all ven- - Insurance leaders must prepare for shifting regulations, consumer
dors and insurance companies to get unified into one place where demands, and environmental risks by recognizing their role in sus-
they can each share and gain knowledge from one another, and as tainability. By actively addressing environmental risks and promoting
you know, insurance is based on experiences, risks and many other sustainability, insurance companies are better equipped to mitigate
factors so having all these people, that deal with insurance whether their own losses and contribute to climate resilience. The better an
in Saudi Arabia or across the MENA region, put in one place and lis- insurer understands and manages climate-related perils, the more
tening to sessions by experts and organizations that are well-known, effective they can be in assisting policyholders and therefore, serv-
this provides unlimited knowledge that one could gain and utilize it ing their primary role in our society during times of need. But while
and put it back in his workplace. Thus, it is very essential to attend insurers are making considerable strides in embracing sustainabili-
such type of conferences. ty, the path forward isn’t free of challenges. Assessing climate risks
in the insurance industry is a complex process, and without signifi-
• How are you implementing AI and digitalization to enhance cant precedents to follow, insurance leaders must newly discover
your products and services? data analysis and modeling opportunities. Nevertheless, the impor-
- From a security perspective, we utilize artificial intelligence to pre- tance of sustainability in the insurance industry is undeniable—and
vent ourselves from ransomware and zero-day attacks. AI main fac- efforts to reduce carbon emissions can certainly drive long-term
tor is the amount of data you feed into it and how we synchronize profitability. Insurance companies must turn to CSOs who are data-
and feed AI for it to be intelligent. Thus, if we have good data and driven, business-minded, and champions of ESG goals to effective-
feed it into the AI, we will have a system that is very productive and ly navigate the current insurance market and pursue the expansive
we can utilize the AI instead of having day-to-day tasks which take benefits of going green. And insurers must grant sustainability
numerous of hours, algorithms and calculations. In Saudi Arabia for executives the authority and resources to drive widespread trans-
instance, right now it takes around a minute and 30 seconds to get formation.
an insurance policy whereas in other parts of the world it is around
five minutes. Thus, AI is definitely a
factor here and digital transformation • Are you satisfied from your
is also another factor. results in 2023?
- We are very satisfied with our
• What are some challenges that results. If we talk about cyber securi-
you are facing in the industry? ty, we have accomplished the
- Everybody is talking about AI with- required maturity level of our regula-
out even knowing that it is a big word tors and we have also accomplished
and comes with its own major risks. the ISO certification only within three
Therefore, companies should assess years of establishing the cyber secu-
it very well before adopting such tech- rity department. In addition, we have
nology, keeping in mind that right now won various awards and that comes
unfortunately we don’t have any regu- with the support of the regulators and
latory requirements when it comes to their enforcement. As long as the
AI. I believe that all countries should Kingdom is very well regulated, and
have artificial intelligence regulated we are getting the support from the
so it can be fully utilized in a safe and regulators, we will be able to achieve
proper way. all our goals.
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