Financial Crime World

Financial Institution Security Measures Against Cyber Attacks in Oman

Oman has been at the forefront of tackling cybercrimes, particularly in the banking sector, with the implementation of the Cyber Crime Law issued by Royal Decree No. 12 of 2011.

The Challenge of Cybercrime

The banking sector is a prime target for cybercriminals due to the vast amount of sensitive information stored by financial institutions. A recent survey revealed that 58% of individuals in Oman have been involved in issues related to financial crimes, highlighting the need for robust cybersecurity measures in the banking sector.

Types of Cybercrime

Typically, cybercrime occurs when offenders send text messages to victims’ phones posing as their bank branch, requesting account information under the pretext that their card has been blocked. The Cyber Crime Law addresses this issue by making it a punishable offense to use someone else’s credit card without authorization.

Consequences of Cybercrime

Article 28 of the law imposes imprisonment for up to six months and fines ranging from USD 1,300 to USD 2,600. If the offender intended to access an individual’s bank information with full awareness, the penalty is more severe, with imprisonment for up to one year and a fine of USD 2,600 to USD 13,000.

Cybersecurity Measures in Oman

Banks in Oman have implemented various cybersecurity measures to protect their customers’ data and prevent cybercrimes. These include:

  • Adapting to international standards such as ISO 27001, which provides specifications for information security management systems.
  • Installing preventative software to limit spam emails that could potentially lead to hacking into their systems and assets.
  • Raising awareness among customers about the ways cybercrimes can occur and providing tips on how to prevent them.
  • Working with authorities such as the Royal Oman Police and Information Technology Authority to train staff and create public awareness campaigns against cybercrimes.

Compensation for Victims of Cybercrime

In case of a cybercrime, banks will compensate for any losses incurred by their customers if they can prove that they did not willingly provide their banking information to anyone. The Cyber Crime Law also penalizes offenders, ensuring that those responsible for cybercrimes are held accountable.

Oman’s Progress in Cybersecurity

Oman has made significant progress in cybersecurity, ranking third among Arab countries and 21st globally in the Cybersecurity Index Report of 2020. The country is further strengthening its cybersecurity measures with the establishment of a Cyber Defence Centre under Royal Decree No. 64 of 2020.

Conclusion

In conclusion, Oman has taken a proactive approach to addressing cybercrimes, particularly in the banking sector, with the implementation of the Cyber Crime Law and international standards such as ISO 27001. The country’s cybersecurity framework is strengthened by the recent establishment of the Cyber Defence Centre and the expected publication of the new Draft Law on Cybersecurity and Data Protection. These measures provide additional protection to users from the harm incurred by cybercrimes, making Oman a leader in cybersecurity in the region.