Internationally banks are continually evolving innovative products and services across digital platforms to provide immediate customer service while ensuring their security and compliance requirements are properly maintained. Such innovations are none so more prevalent than here in the region and particularly in the UAE. However as this relationship between technology and financial services goes forward, so does the substantial increase in threats posed by the cybercrime community as shown by recent international wide reaching CYBER ATTACKS. This tension between innovation and security will be one of the biggest challenges facing the financial sector in 2017 and beyond.
It has been reported that 63 % of IT leaders in financial services globally have recently experienced a cyber attack and some of these leaders were not optimistic about regaining normal service within 48 hours. So with banks exploring such technologies as blockchain, P2P and AI in order to satisfy customer demands one of their priorities is to demonstrate that they are effectively managing customer data in a safe and secure manner as we know that cybercrime follows money.
Within the UAE the finance sector is the most targeted given the volume of transactions, the establishment of financial free zones and the high appeal the country in attracting FDI and cybercrime can have significant impact on business reputation, disruption and financial loss. Also with the UAE leading the GCC initiatives in digital banking the proper management of cyber security has never been more compelling against the background of getting the correct balance between business, risk and security.
The attacks on Ecuadorian Banco del Austro , Vietnam’s Tien Phong Bank and the Bangladesh Central Bank have highlighted the need for urgent consideration of cyber security policy, management and implementation and MEFSEC has been called to provide a networking venue for all parties concerned to debate the real issues and provide solutions to the increased threat factors , from highly practical and in-depth view points thus benefiting all who attend with latest thinking and best practices to employ in their working environments.