Quotes: MENA   Enter Symbol: NewsLetter: Search: advanced

Survey shows two in five banks under cyberattack  Join our daily free Newsletter

MENAFN - Khaleej Times - 30/05/2014
No. of Ratings : 0
Add to Mixx!

(MENAFN - Khaleej Times) Gulf information security expo and conference to explore ways of warding off rising attacks

recent high-profile cases in the middle east highlight the risks of cybercrimes to local corporations and individuals. — ap

leading experts from the banking and financial sector will convene at the second gulf information security expo and conference (gisec) 2014 to explore ways of tackling cybercrime as a new survey shows a major share of middle east firms are being targeted.

pricewaterhousecoopers’ (pwc) 2014 global economic crime survey suggests that banks are an increasingly desirable target for cyber terrorists and hackers. nearly 40 per cent of financial sector respondents said they had been victims of cybercrime compared with 17 per cent in other industries.

one of the key session topics at the gisec conference will look at case studies of how cybercrime is being tackled in the financial sector. the session will look at the ways in which financial institutions use a combination of fraud and cybercrime prevention technology.

the conference will be held from june 9 to 11 at dubai world trade centre (dwtc).

gisec conference speaker mohammad abbas the chief security officer of bank al habib a pakistan-headquartered bank with branches in the gcc will explore measures and techniques that banks and financial organisations need to focus on to fight the increasing cybercrime rate. he will also address the importance of managing a malware outbreak since malware ranks among the top threats facing organisations.

“online offences such as money and identity theft are the most common and profitable strategies used by cyber criminals” said abbas. “however cybercrime syndicates are now using even more sophisticated attacks to defence systems put in place by organisations and nations and these need to be tracked accurately with robust defence mechanisms against these syndicates.”

habib added: “many government organisations and private sector companies need to take necessary steps and tactics when dealing with malware infections while balancing and maintaining a high operational and low risk profile. they also need to address challenges faced to control deficiencies and align defences with people processes and technologies.”

according to the pwc survey the most common cyber threats in the region target applications systems and networks. but mobile devices removable storage devices and data held by third parties are also at risk.

recent high profile cases in the middle east highlight the risks — an example is the 2012 attack on two of the region’s largest oil and gas companies affecting tens of thousands of individual computers and causing widespread disruption.

“threats are getting more sophisticated and advanced targeted attacks such as apts are now being launched towards financial services firms. in this it security context many of them in the region are now rethinking their it security strategy and replacing their legacy firewalls both to meet the higher throughput requirements and to tackle the growing number and complexity of threats” said alain penel regional vice-president — middle east at fortinet.

joakim sundberg security solution architect at f5 said: “recently financial organisations — both globally and in the middle east — have had to cope with waves of damaging ddos attacks forcing a rethink in network protection measures. in parallel f5 has developed a recommended ddos protection reference architecture a multilayer approach that provides the flexibility and manageability to mitigate even the most crippling of ddos attacks.”

the uae has been tightening its cybersecurity net becoming a leader in this area not only in the gulf but globally as well.

the country’s stance on cybersecurity has ranked it number one in the gcc and number four worldwide in 2012 according to a report issued by the international institute for management development switzerland.

the uae jumped 31 places that year from its number 35 position in 2011.

“uae has managed to be at the forefront of middle east’s information security development because of its continuous efforts to address key challenges faced by emerging economies” said trixie lohmirmand senior vice president of dubai world trade centre.

— abdulbasit?khaleejtimes.com


Khaleej Times

  MENA News Headlines
 Oct 6 2015 - IMF says Iran nuclear deal to boost Mideast economyAFP
(MENAFN - AFP) Iran's landmark nuclear deal will lift economic growth in the war-plagued Middle East next year as the rolling back of sanctions brings a rebound in oil exports, the IMF said ...

 Oct 6 2015 - Abu Dhabi s NBAD is 1 for GCC bonds DealogicEmirates News Agency (WAM)
(MENAFN - Emirates News Agency (WAM)) ABU DHABI 6th October 2015 (WAM) --- National Bank of Abu Dhabi (NBAD) the Safest Bank in Emerging Markets and the Middle East by Global Finance magazine is ...

 Oct 6 2015 - ADEC offers public school students an After School Support ProgrammeEmirates News Agency (WAM)
(MENAFN - Emirates News Agency (WAM)) ABU DHABI 6th October 2015 (WAM) -- The Abu Dhabi Education Council ADEC has organised an "After School Support Programme" for students for the 2015/2016 ...

 Oct 6 2015 - Four UAE soldiers martyred in AdenEmirates News Agency (WAM)
(MENAFN - Emirates News Agency (WAM)) ABU DHABI 6th October 2015 (WAM) -- The General Command of the UAE Armed Forces has announced the death of four of its brave soldiers in Aden during their ...

 Oct 6 2015 - UAE- Ajman Ruler congratulates Egyptian PresidentEmirates News Agency (WAM)
(MENAFN - Emirates News Agency (WAM)) AJMAN 6th October 2015 (WAM) -- H.H. Sheikh Humaid bin Rashid Al Nuaimi Supreme Council Member and Ruler of Ajman has sent a cable of congratulations to the ...

 Oct 6 2015 - UAE Ambassador to Bahrain attends mass weddingEmirates News Agency (WAM)
(MENAFN - Emirates News Agency (WAM)) MANAMA 6th October 2015 (WAM) --- Ambassador of the United Arab Emirates to Bahrain Abdul Redha Khouri recently attended a mass wedding for 202 couples with ...

 Oct 6 2015 - Dubai repays US500 million bonds certificatesEmirates News Agency (WAM)
(MENAFN - Emirates News Agency (WAM)) DUBAI 6th October 2015 (WAM) -- The Government of Dubai acting through the Department of Finance has announced that the US$ 500 million Fixed Rate Note ...

 Oct 6 2015 - UAE- Emirates Airline offers special A380 fares to a host of destinationsEmirates News Agency (WAM)
(MENAFN - Emirates News Agency (WAM)) DUBAI 6th October 2016 (WAM) --- Travellers in the UAE gearing up for year-end trips can now enjoy special fares to a host of destinations served by the ...

 Oct 6 2015 - UAE-MENA healthcare providers to spend US2.73bn on IT products services in 2015Emirates News Agency (WAM)
(MENAFN - Emirates News Agency (WAM)) Dubai 6th October 2015 (WAM) - Healthcare providers in the Middle East and North Africa will spend US$2.73 billion on IT products and services in 2015 ...

 Oct 6 2015 - Dhahi Khalfan opens 2015 edition of Critical Communications Middle East in DubaiEmirates News Agency (WAM)
(MENAFN - Emirates News Agency (WAM)) Dubai 6th October 2015 (WAM) - Lieutenant General Dhahi Khalfan Tamim Deputy Chairman of Dubai Police and General Security led the opening ceremony of the ...




Click to Apply


Middle East North Africa - Financial Network

MENAFN News Market Data Countries Tools Section  

Middle East North Africa - Financial Network

Main News
News By Industry
News By Country

Islamic Finance News
Private Equity News

How-To Guides
Technology Section

Travel Section

Search News

Market Indices
Quotes & Charts

Global Indices
Arab Indices


Oil & Energy

Currencies Cross Rates
Currencies Updates
Currency Converter

USA Stocks
Arab Stocks

Saudi Arabia 

Economic Calendar
Financial Glossary

Financial Calculators

RSS Feeds [XML]

Corporate Monitor


Real Estate
Submit Your Property

Arab Research
Buy a Research

Press Releases
Submit your PR

Join Newsletters

© 2014 menafn.com All Rights Reserved.  Terms of Service | Privacy Policy | Contact Us | Advertise | About MENAFN | Career Opportunities | Feedback | Help