Financial Crime World

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Jordan’s Financial Sector Grapples with Cybersecurity Challenges

As the financial sector in Jordan continues to adopt digital technologies, cybersecurity threats are becoming increasingly prevalent. A recent study by researchers from Al-Balqa Applied University and Higher Colleges of Technology has highlighted the growing concerns surrounding cyberattacks in the country’s banking system.

The study analyzed 14 academic articles published between 2017 and 2023, identifying several key trends that are shaping the cybersecurity landscape in Jordan’s financial sector. These include:

  • Cultural factors: Trust and perceived risks play a significant role in determining the adoption of e-commerce practices among Palestinians.
  • Financial technology (fintech): Trends such as blockchain and artificial intelligence are expected to shape the future of banking, but also present new cybersecurity challenges.

The Impact of Strategic Intelligence and Asset Management

The study found that strategic intelligence and asset management play a critical role in enhancing competitive advantage, with cybersecurity playing a mediating role in this process. Additionally:

  • Artificial intelligence: Can have both positive and negative effects on cyber governance, depending on how it is implemented.

Other Key Findings

The study highlighted the importance of developing a cybersecurity risk management framework for non-technical losses in national power distribution companies, as well as the need for technical protection measures to prevent electronic banking operations from being compromised. These findings emphasize the urgent need for financial institutions in Jordan to prioritize cybersecurity and implement robust measures to protect against cyber threats.

Recommendations

The study’s authors emphasized the importance of prioritizing cybersecurity and implementing robust measures to protect against cyber threats. “Cybersecurity is no longer a peripheral concern for banks, but a critical component of their overall risk management strategy,” said Yaser Ahmad Arabyat, one of the study’s authors.

Conclusion

The full study has been published in Springer Nature’s Advances in Intelligent Computing Techniques and Applications volume, titled “Overview of Cybersecurity Trends in Jordan’s Financial Sector.” The findings highlight the growing concerns surrounding cyberattacks in Jordan’s financial sector and emphasize the need for financial institutions to prioritize cybersecurity.