Financial Institution Security Measures Against Cyber Attacks in Oman Take a Significant Leap Forward

In 2020, the IT department of Oman United Insurance Company SAOG faced an unexpected threat from a ransomware intrusion that encrypted valuable data on its main servers. However, thanks to a robust backup system, the company was able to recover lost data within a day.

Improvement in Oman’s Cybersecurity Stance

Oman’s cybersecurity stance saw a significant improvement in 2020, with a reported 13% decrease in confirmed attacks compared to the previous year. According to the Ministry of Technology and Communication’s annual report, this improvement was due to intense security assessments that exposed over 41,000 vulnerabilities and 13,000 Internet Protocol addresses.

Oman’s Leadership in Cybersecurity

Oman has been at the forefront of cybersecurity in the Persian Gulf region since the launch of its Computer Emergency Readiness Team (OCERT) in 2010. This organization aims to detect and analyze cyber-risks and raise awareness about cyber threats.

Central Bank of Oman Issues New Regulatory Framework for Cybersecurity and Resilience

In a major move towards enhancing cybersecurity, the Central Bank of Oman recently issued a new Regulatory Framework for Cybersecurity and Resilience. The framework sets minimum requirements for banks, financing and leasing companies, payment service providers, and money exchange companies to build a resilient financial industry against cybersecurity risks.

Key Categories in the New Framework

The six fundamental categories, or Control Domains, outlined in the framework are:

• Third-Party Supply Chain Management: Ensuring that third-party vendors and suppliers adhere to strict security protocols.
• Online Financial Services: Implementing robust security measures for online banking and financial transactions.

Impact of the New Framework

By implementing this new framework, the Central Bank of Oman aims to establish guidelines for licensed institutions to handle cybersecurity risks and maintain uniform standards across all licensed financial institutions operating in Oman. The impact will be significant, as it will enhance banks’ and financial institutions’ capabilities to safeguard themselves against cyber threats. It will also provide predefined protocols for responding to cyber incidents and minimizing damage control.

Benefits of a Secure Financial Sector

A secure financial sector fosters confidence among investors and the general public, promoting stability in Oman’s financial market. By implementing this new framework, Oman’s finance industry is a step closer to meeting international security standards and potentially attracting international investments and partnerships.