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Cyber Resilience Oversight Guidelines for Arab Countries: A Must-Have for Financial Market Infrastructures

As technology continues to play a vital role in our daily lives, governments and organizations alike are recognizing the importance of cybersecurity in protecting sensitive information and financial transactions. In response, IBM Security and Ponemon Institute have released their 2019 Cost of a Data Breach Report, highlighting the need for robust cyber threat resilience in the digital age.

Cyber Resilience: A Critical Component

Cyber resilience is defined as an organization’s ability to continuously deliver intended outcomes despite adverse cyber events. It involves sensing, resisting, and reacting to disruptive cyber threats, and recovering from them in a timely fashion. Strong cyber governance requires a systematic and proactive approach within organizations, involving the management of emerging and prevailing cyber threats.

Guidelines for Arab Countries

In light of this report, regulators and supervisory authorities in Arab countries are emphasizing the importance of establishing a national cyber resilient culture. This can be achieved through collaboration among organizations to enhance their resilience against cyber attacks. Regulators play a critical role in monitoring, reporting, participating, and surveilling threats, allowing them to respond on a regional, national, or international scale.

Key Components of Cyber Resilience Framework

A comprehensive cyber resilience framework should consider the following components:

• Governance: Establishing clear policies and procedures for managing cyber risks.
• Identification: Identifying potential vulnerabilities and threats.
• Protection: Implementing measures to prevent cyber attacks.
• Detection: Monitoring systems for suspicious activity.
• Response and Recovery: Developing incident response plans and recovering from breaches.

The Role of Smart Technology

Organizations can further enhance their cyber resilience through the use of smart technology, such as artificial intelligence and machine learning.

A Call to Action

In light of these guidelines, it is imperative that organizations in Arab countries prioritize cyber resilience and implement robust measures to protect against cyber threats. By doing so, they can ensure business continuity, minimize financial losses, and maintain trust with stakeholders.

Conclusion

The IBM Security and Ponemon Institute 2019 Cost of a Data Breach Report highlights the critical need for cyber threat resilience in the digital age. As organizations in Arab countries look to leverage technology and information storage, it is essential that they prioritize cybersecurity and implement robust measures to protect against cyber threats. By doing so, they can ensure business continuity, minimize financial losses, and maintain trust with stakeholders.