Quotes: US 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 25 2014 - Qatar's inflation rate to hit 5.5 percentMENAFN
(MENAFN) Qatar's inflation rate in 2014 is expected to touch 5.5 percent due to steady rise in housing rentals, according to the finding of a research conducted by Standard Chartered, The Peninsula ...

 Oct 25 2014 - Flydubai launches two flights to TanzaniaMENAFN
(MENAFN) Dubai-based flydubai's inaugural flights to Dar es Salaam and Zanzibar touched down in Tanzania. The new routes further underline flydubai's rapid expansion in Africa, which has seen the ...

 Oct 25 2014 - UAE air cargo to grow 4.1 percent in 5 yearsMENAFN
(MENAFN) The International Air Transport Association (IATA) Airline Industry Forecast 2014-2018 shows that international freight volumes are expected to increase at a compound annual growth rate ...

 Oct 25 2014 - Qatar- QSL: El Jaish face Al Gharafa todayThe Peninsula
(MENAFN - The Peninsula) Third-placed El Jaish will seek to narrow the gap between them and two higher placed rivals - Lekhwiya and Al Sadd € when they take on Al Gharafa in the ninth round match of ...

 Oct 25 2014 - Somalia- Mogadishu port on development pathThe Peninsula
(MENAFN - The Peninsula) Camels are prepared for export at the loading dock at the seaport in Mogadishu. The Somali government's grand vision for Mogadishu port under its new Turkish managers sees ...

 Oct 25 2014 - Saudi Shias protest death sentencesThe Peninsula
(MENAFN - The Peninsula) More than 100 people protested in eastern Saudi Arabia yesterday to oppose death sentences against a Shia religious leader and seven others convicted after earlier ...

 Oct 25 2014 - Palestine defies US, issues statehood ultimatumThe Peninsula
(MENAFN - The Peninsula) Palestine's chief peace negotiator has laid out in the clearest terms yet plans to establish an independent Palestinian state within three years, even if it means ignoring ...

 Oct 25 2014 - Police kill six militants ahead of key Tunisian pollThe Peninsula
(MENAFN - The Peninsula) Tunisian police killed six suspected militants, five of them women, in a raid on a suburban house yesterday after a 28-hour standoff, fanning tensions ahead of a landmark ...

 Oct 25 2014 - US looking into possible chlorine gas attack in Iraq: KerryThe Peninsula
(MENAFN - The Peninsula) The United States is looking into reports that Islamic State fighters used chlorine gas against Iraqi security forces, US Secretary of State John Kerry said yesterday.Kerry, ...

 Oct 25 2014 - Qatar- Ooredoo marathon offers QR1m prizesThe Peninsula
(MENAFN - The Peninsula) Registration for Ooredoo Doha Marathon 2015 is open, as the company begins preparations to ensure its biggest event yet on January 9.It will provide an opportunity to meet ...

more...


 






Google

 
 

Middle East North Africa - Financial Network

MENAFN News Market Data Countries Tools Section  
 

Middle East North Africa - Financial Network
Arabic MENAFN

Main News
News By Industry
News By Country

IPO News
Islamic Finance News
Private Equity News

How-To Guides
Technology Section

Travel Section

Search News

Market Indices
Quotes & Charts

Global Indices
Arab Indices

US Markets Details

Commodoties

Oil & Energy

Currencies Cross Rates
Currencies Updates
Currency Converter

USA Stocks
Arab Stocks
 

Algeria 
Bahrain 
Egypt 
Iraq
Jordan 
Kuwait 
Lebanon
Morocco 
Oman 
Palestine
Qatar 
Saudi Arabia 
Syria
Tunisia 
UAE 
Yemen

Weather
Investment Game
Economic Calendar
Financial Glossary

My MENAFN
Portfolio Tracker

Voting

Financial Calculators

RSS Feeds [XML]

Corporate Monitor

Events

Real Estate
Submit Your Property

Arab Research
Buy a Research

Press Releases
Submit your PR

Join Newsletters


 
© 2000 menafn.com All Rights Reserved.  Terms of Service | Privacy Policy | Contact Us | Advertise | About MENAFN | Career Opportunities | Feedback | Help