Financial Crime World

Cybersecurity Measures Against Financial Crime in Oman: A Key Component of the National Programme for Digital Economy Development

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In October 2021, the Council of Ministers approved the National Programme for the Development of the Digital Economy, a strategy aimed at transforming Oman into a digital economy hub by 2040. The programme’s success is contingent on the country’s ability to maintain a secure digital infrastructure and cyberspace, which is essential for attracting foreign investments and expertise.

The Role of Cybersecurity in Digital Economy Development

Cybersecurity plays a vital role in this endeavour, as it enables businesses to operate securely and efficiently, while also providing employment and entrepreneurship opportunities. However, with the increasing sophistication of cybercriminals and the ever-growing attack surface, cybersecurity threats are becoming more frequent and complex.

Challenges in Cybersecurity

  • Increasing sophistication of cybercriminals
  • Ever-growing attack surface
  • Complexity of cybersecurity threats

Addressing Cybersecurity Challenges

To address these challenges, the National Programme for Digital Economy Development has identified cybersecurity as a key component, focusing on:

  • Developing timely responses to incidents
  • Handling unexpected events with minimal impact on businesses
  • Maintaining situational awareness

This requires organisations to have an up-to-date and refreshed security infrastructure strategy, prioritising and making assessments based on risks.

Importance of Senior Management Involvement

  • Involving senior management in conversations about cyber risk and its business impacts is crucial for ensuring the entire organisation buys into security efforts
  • Quantifying cyber risk in financial terms or potential regulatory consequences can help executives and board members understand the potential hit their company might take if it’s the victim of a ransomware attack or other threat

Bridging the Gap between Security and Business

The Security Operations Center (SOC) may not speak the same language as the C-Suite or board, as security managers tend to focus on technical aspects while executives want to know financial impacts. By bridging this gap, organisations can develop effective first defence against attacks and mitigate risks.

Collaboration for a Robust Cybersecurity Ecosystem

In an ever-connected ecosystem of networks and devices with a wider attack surface, criminals are constantly more sophisticated and motivated than defenders. Therefore, it is essential for individuals, staff, leaders, organisations, and policy makers to work together to create trust for a robust cybersecurity ecosystem in Oman that supports the growth of its digital economy and the objectives of Oman Vision 2040.

Oman’s Efforts in Cybersecurity

The country’s ranking third in the Arab world and 21st globally as being prepared to deal with cyber crimes in the Global Cybersecurity Index 2020 report is a testament to its efforts. However, more needs to be done to ensure the success of cybersecurity in organisations, particularly in preventing risks associated with emerging technologies such as blockchain and artificial intelligence.

Conclusion

Cybersecurity is a critical component of Oman’s National Programme for Digital Economy Development, and its success depends on the country’s ability to maintain a secure digital infrastructure and cyberspace. With the increasing sophistication of cybercriminals and the ever-growing attack surface, it is essential for individuals, staff, leaders, organisations, and policy makers to work together to create trust for a robust cybersecurity ecosystem in Oman that supports the growth of its digital economy and the objectives of Oman Vision 2040.