Cybersecurity Measures Against Financial Crime in Oman

Oman is taking significant steps to combat financial crime and protect its citizens from cyber threats. The country’s Cybercrime Law, issued by Royal Decree No. 12 of 2011, has been instrumental in addressing a range of illegal activities committed through computer devices or networks.

Criminalized Activities

The law criminalizes intentional hacking, phishing, internet fraud, forgery, and identity theft, as well as the unauthorized modification of data to obtain an illegal benefit or harm an end user. The abuse of personal data and property is also prohibited under the law.

Cybercrime in the Banking Sector

The banking sector has been particularly vulnerable to cybercrime, with 58% of Oman’s population affected by financial crimes, according to a recent survey. Cybercriminals often use text messages or emails to trick victims into revealing sensitive bank information, which is then used to hack into their accounts and steal money.

Penalties for Cybercrime

Article 28 of the Cybercrime Law makes it punishable to use someone else’s credit card information without authorization, with penalties including imprisonment for up to six months and a fine of up to USD 2,600. The law also provides for more severe penalties if the crime is committed with full awareness and intent.

Cybersecurity Measures by Banks

To combat cybercrime, banks in Oman are required to comply with international standards such as ISO 27001, which provides specifications for information security management systems. This system includes risk management, confidentiality, and integrity protocols to protect against hacking and other cyber threats.

• Preventative software is used to limit spam emails and phishing attempts
• Regular warnings are provided to clients about the dangers of cybercrime
• Banks work with the Royal Oman Police and Information Technology Authority to train staff on how to identify and prevent cyber attacks

Recent Developments in Cybersecurity

Oman has made significant strides in cybersecurity, ranking third best in the Arab world and 21st globally in the International Telecommunication Unit’s Cybersecurity Index Report of 2020. The country has also established a Cyber Defence Centre under Royal Decree No. 64 of 2020 to further strengthen its cybersecurity measures.

A new Draft Law on Cybersecurity and Data Protection is also expected to be published soon, which will provide additional regulations for the sector. These developments demonstrate Oman’s commitment to protecting its citizens from cybercrime and ensuring the integrity of its financial systems.