(MENAFN- Kuwait News Agency (KUNA)) The Central Bank of Kuwait (CBK), in collaboration with the Institute of Banking Studies (IBS), organized a forum on "Securing Payments in the Cyber World" on Sunday.
The Forum's objectives were to highlight the growing importance of information security in the banking and financial industry and to raise the awareness of Cyber Security risks through various discussions, presentation, research and best practices in this field.
The forum focused on three domains, namely Securing Payments Systems, Cyber Laws and Regulation, and the latest researches and trends in online and e-crime, cyber security and fraud prevention.
It was also meant to protect consumers, government and private sector institutions, particularly the banking and financial firms, against the increasing threats to payments systems.
In a keynote speech to the gathering Hanaa Razzouqi, Executive Director for the Information Technology and Banking Operations Sector in CBK, welcomed the participants from Kuwait and other GCC states, saying the forum provides an opportunity for sharing information on transaction security systems.
She shed light on the CBK role in maintaining the financial stability and payments systems, noting that this is the first time a GCC central bank to host such a forum.
On his part, Prof. Edelman, from Harvard University, talked the subjects of Bitcoin, electronic currency, and non-traditional payment vehicles.
He elaborated on the criteria that could be used in evaluating electronic payment services, which should include reliability, cost, speed, prevention of abuse, and how it could be regulated. He then profiled the existing systems and contrasted them with new payments methods such as Bitcoins and Apple Pay, and he concluded and explained the factors that make the new payments service successful.
Rolf von Roessing, from the Information Systems Audit and Control Association (ISACA) which defines the roles of information systems governance, security, audit, outlined in his presentation the way in which Europe approaches cybersecurity as a challenge for legislation, regulation and related governance issues.
Noting that these approaches specifically reflect on the financial sector as a typical target, he explained how Europe deals with cybersecurity from strategic, tactical and operational approaches.
Representing Forrester Research, Cser presented mobile fraud by explaining the trends in fraud management as well as the architecture and classification of fraud management.
Cser then elaborated on behavioural analytics that could be used in fraud management. Cser then discussed Mobile fraud management and concluded by providing recommendations and predictions from Forrester in this regards.
Meanwhile, Harish Natarajan, payment system specialist at the World Bank, presented the legal, regulatory and oversight arrangements for securing payments in the Cyber World.
He outlined the public policy objectives in payment systems, as well as the ongoing trends in payment systems and implications from a security perspective.
Mitigation of cyber-security related risks is of central importance in achieving public policy objectives in payment and settlement systems, he concluded.
On her part, Stephanie Czk, from the European Central Bank, discussed the European experience of retail payments security and focused on how the euro-system approaches innovation in the retail payments from an oversight perspective.
She also highlighted the importance of the provision of security in those payments. Additionally, she explained the European Forum for the security of retail payments (SecuRe Pay) which resulted from a joint cooperation of supervisors and overseers to facilitate common knowledge and understanding with respect to safety of electronic payment services and instruments provided within the European Union.
Among the local participants was Abdullah Al-Ajmi - General Manager of the Shared Electronic Banking Services Company (KNET), who discussed measures of securing payments within the GCC network.
He started by explaining the Roles KNET has with GCC NET, and how KNET helps Kuwaiti banks in the process of switching the transactions through GCC NET, highlighting the main benefits of the GCC NET and how it helps GCC banks and Customers.
Al-Ajmi elaborated on the main aspects of fraud prevention methods that are required by these networks.
Speaking on behalf of the CBK, Majed Al-Adwani, head of IT Security Unit, highlighted the importance of organizations to strengthen their operational risk management posture in light of the evolving cyber threat environment.
He reviewed the emerging threats, the need to further enhance the conventional information security and business continuity practices, and some international cyber resilience exercises particularly in the US and Britain.
The forum gathered cybersecurity specialists from the GCC central banks and information networks as well as foreign specialists.
In a closing note Jehan Al-Qabandi - Deputy Manager Information Systems and Operations for Technical Support and Operations, summarized the areas that the speakers covered in the forum, reiterating the importance of mutual cooperation locally and regionally to protect against the risks on payment systems.
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