Financial institutions a ‘prime target’ of cyber crimes, says expert

The Saudi Arabian Monetary Agency (SAMA) held the “Information Security Workshop for the Financial Sector” yesterday.
The workshop was conducted at the Institute of Banking under the sponsorship of the Banking Committee for Information Security (BCIS).
Mike McConnell, former US director of National Intelligence and the current vice chairman of Booz Allen Hamilton, delivered the keynote address, warning of the growing cyber threat in the financial services sector of the Middle East.
He also offered insight into “addressing cyber system threats to make information systems more robust.”
He said that in tandem with the phenomenal growth of Internet connectivity and online transactions, the Middle East has seen a significant increase in cyber criminal activities. The threat has targeted critical infrastructure on this region.
McConnell urged the workshop participants to “treat cyber-attacks as a call to action to strengthen information infrastructure, educate users in security awareness and develop a framework for information-sharing to be able to better confront with cyber crime and cyber-attacks.”
“The GCC states have become global hubs in finance. However, this growth introduces increased cyber security risks by threat actors who target this region for monetary or political gain,” McConnell said.
He added that “GCC states have already experienced significant cyber crime in the recent past so that it is now more important than ever to ensure that these are not repeated.”
“Financial institutions are a prime target for cyber criminals, and as a result, they need to focus on staying ahead of cyber threats by developing the right human capital and appropriate training programs and retaining the right skills and technology to properly access and protect corporate data,” he said.
Prince Abdullah bin Bandar, Al-Bilad consulting chairman and strategic partner of Booz Allen Hamilton in the Kingdom, hosted a private event at his palace where many of local industry leaders and government officials share their insights on global cyber security practices and the importance of cross-border cooperative approach to protecting the critical infrastructure of the Gulf.
Booz Allen Hamilton recently registered with the Saudi Ministry of Commerce and Industry to pursue business opportunities in the Kingdom.