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Survey shows two in five banks under cyberattack

30/05/2014 by


Leading experts from the banking and financial sector will convene at the second Gulf Information Security Expo and Conference (GISEC) 2014 to explore ways of tackling cybercrime, as a new survey shows a major share of Middle East firms are being targeted.

PricewaterhouseCoopers’ (PwC) 2014 Global Economic Crime Survey suggests that banks are an increasingly desirable target for cyber terrorists and hackers. Nearly 40 per cent of financial sector respondents said they had been victims of cybercrime, compared with 17 per cent in other industries.

One of the key session topics at the GISEC conference will look at case studies of how cybercrime is being tackled in the financial sector. The session will look at the ways in which financial institutions use a combination of fraud and cybercrime prevention technology.

The conference will be held from June 9 to 11 at Dubai World Trade Centre (DWTC).

GISEC conference speaker Mohammad Abbas, the chief security officer of Bank Al Habib, a Pakistan-headquartered bank with branches in the GCC, will explore measures and techniques that banks and financial organisations need to focus on to fight the increasing cybercrime rate. He will also address the importance of managing a malware outbreak, since malware ranks among the top threats facing organisations.

“Online offences such as money and identity theft are the most common and profitable strategies used by cyber criminals,” said Abbas. “However, cybercrime syndicates are now using even more sophisticated attacks to defence systems put in place by organisations and nations and these need to be tracked accurately with robust defence mechanisms against these syndicates.”

Habib added: “Many government organisations and private sector companies need to take necessary steps and tactics when dealing with malware infections while balancing and maintaining a high operational and low risk profile. They also need to address challenges faced to control deficiencies and align defences with people, processes and technologies.”

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