Financial Crime World

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Cybercrime on the Rise: Oman’s Financial Institutions Face Growing Threats

Oman has a dedicated law to combat cybercrimes, known as the Cyber Crime Law (Royal Decree No. 12 of 2011). This law aims to prevent and punish a wide range of illegal activities committed through computer devices or networks.

What is considered a cybercrime?

  • Intentionally targeting networks or computer systems with hacking software or malware
  • Phishing, internet fraud, and forgery

Cybercrime has become a significant concern in Oman’s banking sector, where criminals illegally obtain sensitive information to seize control of individuals’ financial assets. According to a recent survey, 58% of Omani residents have been affected by financial crimes, highlighting the need for enhanced cybersecurity measures.

The Cybersecurity Law and its impact on banks

  • Article 6 regards bank confidential data as part of the government’s confidential information
  • Article 28 punishes the use of credit cards by unauthorized persons with imprisonment between one and six months and a fine ranging from USD 1,300 to USD 2,600
  • If the perpetrator intended to access bank information and carried out the activity with full awareness, they can face a prison sentence between six months to one year and a fine of USD 2,600 to USD 13,000

Preventative measures taken by banks

  • Adhering to internal regulations and complying with the ISO 27001 international standard for information security management systems
  • Installing software that limits spam emails
  • Sending warnings to clients about the risks of cybercrime
  • Working with law enforcement agencies to train staff on cybersecurity issues

Strengthening protection against cyberattacks

  • The recent establishment of the Cyber Defence Centre under Royal Decree No. 64 of 2020 further strengthens protection against cyberattacks
  • The implementation of the new Draft Law on Cybersecurity and Data Protection will play a significant role in preventing and tackling cybercrimes in the region

Conclusion

As technology continues to advance, it is essential that Oman’s financial institutions remain vigilant in combating cybercrime. By implementing the necessary measures and staying up-to-date with international standards and regulations, we can work together to prevent and tackle cybercrimes in the region.

For more information, please contact Aida Al Jahdhami at [insert contact details].