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Cybersecurity for Financial Institutions in Oman: A National Priority
In October 2021, the Council of Ministers approved the National Programme for the Development of the Digital Economy, a strategy aimed at building a robust digital infrastructure to support Oman’s economic diversification and growth. The programme recognizes the critical role that cybersecurity plays in ensuring the security of financial transactions and data.
Cybersecurity Preparedness
According to the latest UN Global Cybersecurity Index, Oman was ranked third in the Arab world and 21st globally as being prepared to deal with cyber crimes. This achievement is a testament to the country’s efforts in developing a comprehensive and coordinated cybersecurity strategy.
National Programme Components
The National Programme for the Development of the Digital Economy focuses on:
- Innovation
- Smart e-government
- Cybersecurity, among other components.
- The programme aims to build on previous efforts to realize national goals and key performance indicators (KPIs), with one of the most important KPIs being contribution to the national GDP as Oman diversifies away from its reliance on oil.
Effective Cybersecurity
The success of cybersecurity in organizations depends on:
- Developing timely responses to incidents
- Maintaining situational awareness
- Having an up-to-date and refreshed security infrastructure strategy.
- Security professionals need to focus on prioritizing and making assessments based on risks, rather than replacing everything all at once.
Senior Management Involvement
Involving senior management in conversations about cyber risk and its business impacts is crucial for ensuring the entire organization buys into security efforts. By quantifying cyber risk in financial terms or potential regulatory consequences, executives and board members can better understand the financial impact of a cyberattack or reputational damage if classified data is leaked or customer data is stolen.
Collaboration and Trust
As Oman continues to develop its digital economy, it is essential that individuals, staff, leaders, organizations, and policymakers remain diligent in their efforts to create an effective first defense against attacks. The need is to work together to mitigate these risks and create trust for a robust cybersecurity ecosystem in Oman that supports the growth of our digital economy and the objectives of Oman Vision 2040.
Conclusion
Cybersecurity is a national priority for Oman, and it is essential that all stakeholders work together to create a robust cybersecurity ecosystem that supports the growth of our digital economy and the objectives of Oman Vision 2040. By prioritizing cybersecurity, we can ensure the security of financial transactions, data, and customers, and maintain public trust in the financial sector.