Jordan’s Financial Sector Grapples with Cybersecurity Concerns

As the digital landscape continues to evolve, Jordan’s financial sector is facing growing cybersecurity concerns. A recent analysis by researchers has highlighted the need for improved cyber defenses in the country’s banking industry.

Increasing Adoption of E-Commerce and Fintech

The adoption of e-commerce and fintech has increased significantly in Jordan, but so have the risks associated with these innovations. According to a study conducted by Yaser Ahmad Arabyat and his colleagues from Al-Balqa Applied University and Higher Colleges of Technology, the lack of awareness among bank employees about cybersecurity threats is a major concern.

Key Findings

The researchers analyzed academic studies and papers published between 2017 and 2023 to gain insights into the current state of cybersecurity in Jordan’s financial sector. Their findings suggest that while some banks have implemented measures to enhance their cyber defenses, others are still lagging behind.

The lack of awareness among bank employees about cybersecurity threats is a major concern.
The increasing use of digital channels for banking transactions has created new vulnerabilities that need to be addressed.
Factors contributing to the growing cybersecurity concerns include the adoption of fintech and e-commerce, lack of awareness among bank employees, and inadequate cybersecurity infrastructure.

Recommendations

To mitigate these risks, Dr. Arabyat and his colleagues recommend that banks:

Invest in advanced cybersecurity solutions
Conduct regular security audits
Educate their employees on cybersecurity best practices

Implications for Jordan’s Financial Sector

The study’s findings have significant implications for Jordan’s financial sector, which is heavily reliant on digital channels for banking transactions. As the country continues to develop its fintech ecosystem, it is essential that banks prioritize cybersecurity to protect their customers’ data and maintain trust in the system.

About the Study

The study, titled “Overview of Cybersecurity Trends in Jordan’s Financial Sector,” was published in the journal Advances in Intelligent Computing Techniques and Applications. The researchers analyzed 14 academic papers and studies published between 2017 and 2023 to gain insights into the current state of cybersecurity in Jordan’s financial sector.

Contact

For more information, please contact:

Yaser Ahmad Arabyat
Al-Balqa Applied University
Salt, Balqa, Jordan
Email: yarabyat@albalqa.edu.jo
Phone: +962 6 493 6000

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