Financial Crime World

Oman Tackles Cybercrime in Financial Sector as Cybersecurity Law Comes into Effect

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A Growing Concern for Oman’s Banking Sector

Muscat - As the world becomes increasingly reliant on digital technologies, Oman’s banking sector is facing a new challenge in the form of cybercrime. The country’s Cyber Crime Law, issued by Royal Decree No. 12 of 2011, aims to combat this growing threat by addressing various forms of illegal activities committed through computer systems and networks.

Penalties for Cybercrimes: A Serious Concern

The Cybersecurity Law prohibits using a credit card for unauthorized access to individual bank information. Those found guilty can face imprisonment between one to six months and a fine between USD 1,300 to USD 2,600. However, if the offender intended to access someone’s bank information with awareness, they can expect a prison sentence between six months to one year in addition to a fine ranging from USD 2,600 to USD 13,000.

Banks Take Action to Protect Customers’ Data

To comply with international standards set by ISO 27001, Oman’s banks are required to adopt this system to safeguard their information security management. This framework focuses on managing and protecting information through risk management, emphasizing confidentiality and integrity. Additionally:

  • Banks install preventative measures, including anti-spam software and employee training, to minimize potential data breaches.
  • They use various communication methods, such as emails and text messages, to inform customers about potential cybersecurity threats.

Future Developments on the Horizon

Oman is ranked 21st globally and third among Arab countries in the Cybersecurity Index Report of 2020. In response to the increasing cyber threats:

  • A Cyber Defence Centre (CDC) was established under Royal Decree No.64 of 2020 to provide further protection against cybercrimes.
  • A new Draft Law on Cybersecurity and Data Protection is anticipated, which will further regulate cybersecurity and play a crucial role in preventing and combating cybercrimes in Oman.

Conclusion

Cybercrime is a pervasive issue in today’s advanced digital world. However, through the implementation of the Cybersecurity Law, ISO 27001 regulations, and the proactive measures taken by Oman’s banks, the banking sector in Oman is making significant strides in protecting its customers from cyber threats, ensuring the secure management of sensitive financial information, and creating a safer digital future.