Financial Crime World

Oman: Financial Institutions Emphasize Cybersecurity Measures at Forum

Introduction

The Oman Banks Association (OBA) recently hosted a forum on “Cyber Defence and Network Security” under the patronage of HE Hamoud bin Sangour Al Zadjali, Executive President of the Central Bank of Oman. The event aimed to promote global best practices in risk management and discuss the pressing issue of cybersecurity.

Background

The banking and finance industry in Oman has recognized cyber risk as the top operational risk. This forum brought together OBA board members, officials, and key representatives from the banking industry to explore the cyber threat landscape in the Middle East and essential steps for effective management of cyber risk.

Key Takeaways

  • The importance of cybersecurity was emphasized by AbdulRazak Ali Issa, chairman of the board of directors at OBA. He highlighted that “cyber security affects all” and that the association is proud to host the first forum aimed at highlighting best practices in cybersecurity.
  • Strengthening cooperation and coordination among regulatory, law enforcement, and banking institutions is crucial in preventing and controlling crimes through the latest technological applications and expertise exchange.
  • The event underscored the commitment of the banking sector to contribute to Oman’s economy and support economic diversification and development projects.

Best Practices

The following best practices were discussed during the forum:

  • Developing a cyber risk mitigation strategy
  • Managing cyber risk effectively
  • Staying protected from cyber threats
  • Maintaining international standards for cybersecurity awareness and preparedness

Conclusion

The OBA aims to help Omani banks achieve their objectives by promoting a culture of cybersecurity awareness and preparedness. To remain competitive, Omani banks are urged to adopt international best practices, including sound risk management systems.

Next Steps

The banking sector in Oman is committed to contributing to the country’s economy and supporting economic diversification and development projects. The OBA will continue to host similar forums to promote global best practices in risk management and cybersecurity awareness.