Financial Crime World

Oman Tackles Cybersecurity Measures Against Financial Crime

As the world continues to grapple with the threat of cybercrime, Oman has emerged as a beacon of preparedness in the fight against this menace. According to the 2015 Global Cyber Security Index, Oman ranks third globally in its readiness to tackle cyber attacks.

The Growing Threat of Cybercrime

Cybercrime is no longer a distant threat for financial services sector; it’s a reality that banks and other institutions must confront head-on. With financial gain being the primary objective, hackers are increasingly targeting the financial sector using sophisticated methods such as:

  • Fake pop-up windows
  • Viruses
  • Phishing scams

Despite this growing threat, many financial organizations remain oblivious to the danger. A recent PWC survey found that:

  • 40% of respondents believe it’s unlikely their organization will experience cybercrime in the next two years.
  • 54% of CEOs and 49% of CFOs declared cyber attacks as “unlikely” – highlighting the urgent need for awareness and investment in defense systems.

Oman’s Proactive Measures

Oman, however, is taking proactive measures to counter this threat. The country has been hosting numerous conferences on cybercrime, investing heavily in education and awareness campaigns. According to the Annual Report 2015 by the Information Technology Authority (ITA), Oman was targeted with over 5 million cyber attacks in 2015 alone.

The ITA’s Information Security Division prevented more than:

  • 4.8 million attacks against government networks
  • 398,000 attacks against government portals

Local Banks’ Efforts

Local banks in Oman are also taking steps to educate customers on the importance of cybersecurity, urging them never to share their home banking login credentials.

The Future of Cybersecurity in Oman

The Sultanate’s Cyber Crime Law issued by His Majesty’s Royal Decree marks a new era for Oman. With this law in place, the country is poised to lead the charge against financial crime. It’s time for the financial sector to wake up to this reality and take proactive measures to protect themselves and their customers from the ever-evolving threat of cybercrime.

By investing in innovative solutions and raising awareness about the threat of cybercrime, only those who take proactive measures will be able to stay one step ahead of the criminal organizations. Oman’s efforts serve as a beacon of hope for other countries to follow suit and join the fight against financial crime.