Oman Banks Told to Upgrade Cyber Security as Global Attacks Spike
Growing Concerns Over Cyber Threats in Oman’s Financial Sector
Muscat - The Central Bank of Oman (CBO) has issued a new regulatory framework that requires banking and financial institutions to strengthen their cybersecurity measures. This move comes amid growing concerns over the vulnerability of Oman’s financial sector to cyber threats, with a significant spike in global attacks last year.
Key Pillars for Cybersecurity Measures
The new Regulatory Framework for Cyber-security and Resilience outlines six key pillars that banks, financing and leasing companies, payment service providers, and money exchange companies must meet:
- Governance: Establishing a clear cybersecurity strategy and governance structure
- Compliance & Audit: Implementing compliance programs and conducting regular audits to ensure adherence to regulations
- Technology & Operations: Ensuring the secure design, implementation, and operation of technology systems
- Third Party Supply Chain Management: Managing risks associated with third-party vendors and suppliers
- Online Financial Services: Protecting online financial services from cyber threats
- Risk Management: Identifying, assessing, and mitigating cybersecurity risks
Global Cyber Attacks on the Rise
The global banking and financial industry has experienced a significant surge in cyber attacks, with international cyber gangs targeting institutions for their potential to yield huge rewards. Oman’s financial sector is also at risk, despite having been spared any damaging attacks in recent years.
Regulatory Frameworks and Digital Innovations
The CBO is working on several regulatory frameworks, including one for virtual assets and service providers. The bank is also exploring the introduction of Central Bank Digital Currencies (CBDCs) and other digital innovations.
Conclusion
The new regulatory framework is a crucial step towards strengthening cybersecurity measures in Oman’s financial sector. By outlining key pillars for cybersecurity and requiring institutions to meet minimum security requirements, the CBO aims to mitigate risks associated with cyber threats and ensure the stability of the financial system.