Cybersecurity a Top Priority for Oman’s Financial Institutions as Central Bank Unveils New Framework
As Oman continues to strengthen its cybersecurity posture, recent events serve as a stark reminder of the importance of robust security measures in the financial sector. The January 1, 2020 ransomware attack on Oman United Insurance Company SAOG highlights the need for vigilance and proactive measures to protect against cyber threats.
Cybersecurity Threats in Oman
According to the Ministry of Technology and Communication’s annual report, Oman recorded a staggering:
- 123 million Web application attempts in 2019
- 417,000 confirmed attacks, resulting in losses of over $1 million
- A 13% decrease from the previous year, but still a significant concern
These numbers underscore the ongoing threat posed by cybercriminals and the need for robust cybersecurity measures.
New Regulatory Framework for Cybersecurity and Resilience
In response to these concerns, the Central Bank of Oman (CBO) has issued a new regulatory framework for cybersecurity and resilience. This framework aims to ensure that licensed financial institutions in Oman meet minimum standards for security measures.
The framework is organized into six “Control Domains” or pillars, covering areas such as:
- Third-Party Supply Chain Management
- Online Financial Services
- And more
By implementing this framework, banks and financial institutions in Oman will be better equipped to handle cybersecurity risks and respond swiftly to incidents. This not only reduces the likelihood of successful cyberattacks but also fosters confidence among investors and the general public, promoting stability in Oman’s financial market.
Benefits of the New Framework
The new framework is expected to:
- Enhance customer trust by assuring customers that their financial transactions and sensitive information are safe
- Meet international security standards, making it easier for Oman’s finance industry to attract international investments and partnerships
As Oman continues to prioritize cybersecurity, its financial institutions will be well-positioned to navigate the ever-evolving threat landscape and protect against cyber threats. With this new framework in place, the country is taking a significant step towards securing its financial sector and ensuring the continued trust of its citizens and investors.