Cybersecurity Culture Development Is The Need Of The Hour

General

The CyberX Qatar is being held on 7-8 June 2021 virtually. Dr. R. Seetharaman, CEO of Doha Bank participated as a Keynote speaker and spoke on “The Making of Cybersecurity Culture” on 7th June 2021.
Dr. R. Seetharaman highlighted the importance of Cybersecurity. He said “Cybersecurity is not just a technology issue; it’s a business risk that requires an enterprise-wide response. The Cyber Security is also a strategic risk for financial sector as it could create damage to Organisation brand and reputation resulting in loss of share value and market confidence. It can also impact the financial and intellectual property resulting in loss of competitive edge and can cause system inoperability caused by a breach resulting in inability to execute trades and access to information.G7 countries simulated cross-border cyber-attack on banks in May 2019 and are also concerned with cyber-attack during COVID-19.”

Dr. R. Seetharaman highlighted on technology developments and its impact on cyber security. He said “More and more disruptive advanced technologies are changing the paradigm of Banking. At the same time, the cyber threats are increasing rapidly. Increased web based Banking channels and interfaces to provide convenient services to customers, the more Cyber threats and challenges. Data is central to contemporary data-driven businesses and mandates a business-relevant strategy for the governance and growth of such vital assets. Data governance programs and initiatives are undertaken by enterprises with the goal of increasing revenue and profitability, enhancing the value of services, products, and decision-making, managing cost and complexity, and/or increasing awareness of risk and/or vulnerability.”

Dr. R. Seetharaman gave insight on digital transformation and impact on cybersecurity. He said “Digital disruption has contributed to cyber risks, Internet of things, which involves connecting various gadgets in the eco-system also contribute to cyber risks. Artificial intelligence can be used to fightback cyber-attacks. Big data tools can be used to monitor cyber risk events. Traditional Penetration testing is not enough you need advanced, crowdsourced testing to find vulnerabilities in systems. The major cyber-attacks in 2021 includes Canadian plane manufacturer, Bombardier, suffered a data breach, Australian broadcaster Channel Nine was hit by a cyber-attack , the London-based Harris Federation suffered a ransomware attack, CNA Financial suffered a ransomware attack , Cyber-attack in US Gas Pipelines and Air India Cyberattack. The key to addressing Cyber risks and threats is integrating cybersecurity into every phase of digital transformation process. ”

Dr. R. Seetharaman highlighted on reforms from Qatar on Cybersecurity. He said “Qatar Central Bank has brought IT Security Strategy and Technology Risk circulars, which will provide directions for the Banks to build their Strategy while adopting advanced technologies. The State of Qatar has brought cyber-crime prevention laws, National information Assurance Policy V 2.0, data privacy laws, monitoring bank websites and alert on probable cyber-attacks in the country. It has conducted cyber security assessment and business viability of banks in Qatar. Qatar Central Bank, have established the Information Security Committee and mandated all the bank’s that operates in Qatar to be a member of it. The Ministry of Interior, MOI, have provided great support in fighting Cyber Security criminals, through its Cyber Crimes Investigation Center. “

Dr. R. Seetharaman gave insight on the making of cybersecurity culture. He said “Establish a robust governance and risk management process, Safeguard the Bank’s critical information assets (CIA) and comply Data privacy requirements, Strengthen systems and increase surveillance /security monitoring to identify a cyber security event, Enhance measures to limit the impact of and quick recover from cyber security incident, Foster a culture of cyber security that promotes safe and appropriate use of cyberspace across the stake holders and contribute towards Strengthening financial Sector resilience at various levels.”

 

Source: Doha Bank