Cybersecurity Threats Loom Large over Financial Institutions in Oman
As Oman continues to develop its digital economy, cybersecurity threats pose a significant risk to financial institutions in the country. The National Programme for the Development of the Digital Economy aims to create a robust and secure cyber infrastructure, but experts warn that financial institutions are still vulnerable to attacks.
The Importance of Cybersecurity
“Cybersecurity is crucial in today’s digital age,” says Kifah AlMahruqi, a cybersecurity expert. “As we diversify away from oil reliance, economic investment will increasingly depend on how well we can demonstrate a secure digital infrastructure and cyberspace.” He added that a good security record is essential for becoming a technology hub.
Vulnerabilities in Financial Institutions
Financial institutions in Oman are at risk of cyber attacks due to outdated and fragmented security infrastructures. “Outdated legacy software and hardware hinder the organisation rather than acting as an enabler that brings value and efficiencies,” AlMahruqi warned.
Key Factors for Success
To ensure success, security professionals must focus on developing timely responses to incidents and be able to handle unexpected events with minimal impact on the business. Having a comprehensive and coordinated cybersecurity strategy is crucial in defending against attacks.
- Develop timely responses to incidents
- Handle unexpected events with minimal impact on the business
- Implement a comprehensive and coordinated cybersecurity strategy
Involving Senior Management
Involving senior management in conversations about cyber risk and its business impacts can ensure the entire organisation buys into security efforts. AlMahruqi believes that most organisations should include cybersecurity in their corporate risk profile and board decisions but traditionally this hasn’t been easy.
Oman’s Cybersecurity Efforts
Oman has prepared a foundation for preventing these risks, with a comprehensive and coordinated cybersecurity strategy. In the latest UN Global Cybersecurity Index, Oman was ranked third in the Arab world and 21st globally as being prepared to deal with cyber crimes.
A Call to Action
The country’s cybersecurity panel at UK Oman Tech 21 warns that individuals, staff, leaders, organisations, and policy makers must remain diligent against attacks and work together to mitigate risks. “We must all work together to create trust for a robust cybersecurity ecosystem in Oman that supports the growth of our digital economy and the objectives of Oman Vision 2040,” AlMahruqi concluded.
Conclusion
In an ever-connected ecosystem of networks and devices with a wider attack surface, criminals are constantly more sophisticated and motivated than defenders. As Oman continues to develop its digital economy, it is essential for financial institutions to prioritize cybersecurity and take measures to prevent attacks.