Financial Crime World

Cybercrime Looms Large over Omani Financial Institutions

Despite being a growing concern globally, many financial institutions in Oman remain unaware of the threat of cybercrime. A recent survey reveals that 40% of CEOs and CFOs in the financial sector believe their organization is unlikely to experience cybercrime in the next two years.

The Threat of Cybercrime

Cybercrime is the act of committing traditional crimes such as theft and fraud using computers. Financial institutions are primary targets, with the goal of achieving financial gain. Oman’s ranking as one of the most prepared countries for cyber attacks makes it particularly concerning.

Banks’ Efforts

Banks in Oman and across the GCC have been doing an excellent job in reminding customers to never share their home banking login credentials. However, despite these efforts, many financial institutions remain complacent about the threat of cybercrime.

The Consequences of Complacency

A staggering 54% of CEOs and 49% of CFOs believe that cyber attacks are unlikely to occur. This lack of awareness is a significant concern, given the severity of the consequences of a successful cyber attack. According to the PWC’s 2014 Global Economic Crime Survey, cybercrime is the second most common type of economic crime in the financial services sector.

Methods Used by Cybercriminals

Cybercriminals use a range of methods to carry out their attacks, including:

  • Fake pop-up windows and viruses
  • Emails allegedly sent from customers’ banks

They target vulnerable systems and exploit weaknesses in infrastructure to gain access to sensitive information.

Oman’s Efforts to Combat Cybercrime

The Sultanate of Oman has taken steps to combat cybercrime by issuing the Cyber Crime Law through His Majesty’s Royal Decree. The country has also hosted conferences on the issue and invested in raising awareness and educating individuals about the importance of cybersecurity.

Statistics

  • In 2015, the Information Technology Authority (ITA) reported that Oman was targeted with over five million cyber attacks.
  • This highlights the need for continued vigilance and investment in defense systems.