Financial Crime World

Cybercrime on the Rise in Qatar’s Financial Sector

Qatar has emerged as a leader in online connectivity, ranking second among 132 developing countries. However, this increased use of digital content services and solutions comes with a darker side - cybercrime is on the rise.

The Growing Threat

In an effort to combat this growing threat, the Qatari government introduced a new cybercrime prevention law (No.14 of 2014) on September 16, 2014. The legislation aims to strengthen cyber security within Qatar by imposing sanctions and penalties for online crimes.

Key Provisions

  • Severe punishments for offenses committed through the internet, IT networks, computers, and other related crimes
    • Forging official e-documents: up to 10-year jail term and a fine of up to QR 200,000
    • Identity theft or stealing movable property using the internet: maximum three years’ imprisonment or fined up to QR 100,000
  • Prohibition on publishing “false news”, with unclear definition
  • Unauthorized possession or use of e-cards (ATM or credit cards): maximum three-year jail sentence and fine of up to QR 200,000
  • Breaching intellectual property rights by using the internet: maximum three-year imprisonment and fine of up to QR 500,000

Concerns and Risks

The law has raised concerns among journalists and social media users, who must now verify the source of their news before sharing it publicly to avoid contravening the law. Additionally, a recent study by Price Waterhouse Cooper found that cybercrimes are the second most common form of economic crime reported in the Middle East.

Risks for Businesses

As such, businesses operating in Qatar are at high risk of falling victim to cybercrime. It is crucial that they take necessary precautions to protect themselves from these growing threats.

Conclusion

Despite concerns raised about the new law during its drafting stages, it is undeniable that Qatar has taken a proactive approach to addressing cybercrime issues and implementing penalties for those who contravene the law. The UAE has also been praised for taking steps to combat cybercrime, making the region a leader in this area. However, with the rise of digital content services and solutions comes increased risk, and it is essential that businesses and individuals take necessary precautions to protect themselves from these growing threats.