Bahrain banks warned against cyber attacks
Manama, May 13, 2013
Banks in Bahrain are vulnerable to the kind of cyber attacks that saw $45 million stolen from two banks in the Middle East - the UAE-based National Bank of Ras Al Khaimah and the Oman-based Bank Muscat, said an expert.
"This recent event is continued proof that bank crime is moving away from physical attacks to the safer and more financially lucrative tactics of doing it remotely," Bahrain-based financial security specialist Le Beck chief executive Tony Tesar was quoted as saying in the Gulf Daily News, our sister publication.
"The ability to secure data on servers has never been more relevant and the use of effective firewalls has never been more critical.
"The need to regularly test online systems and servers will be essential in combating these types of attacks and smaller banks with less effective measures will always be more prone to attack.
"These types of attacks are very difficult to prevent and detect due to continuous advances in technology and the speed at which an attack can take place," Mr Tesar said.
"Regular penetration testing (Pentesting) is essential and using a variety of organisations and individuals to assist with this will greatly help in staying ahead of advances in technology and in identifying loopholes/gaps in a bank's existing online and internal IT systems," he said.
Tesar said another consideration is the financial and reputational impact it will have on the banks that are victims of this type of attack.
"Having effective security strategies in place, as well as comprehensive crisis management and disaster recovery plans, will greatly assist in dealing with these types of attacks and the aftermath that will follow," he said.
"How a bank deals with a crisis after the event can be as important as what it has in place prior to a serious event taking place."
Meanwhile, Union of Arab Banks chairman Adnan Yousif said Bahrain-based banks are well protected from any cyber crimes, reports our sister paper Akhbar Al Khaleej.
"They are safe from such attacks because they use European technologies originating from major global companies," he said, adding the sound supervisory policies implemented by the Central Bank of Bahrain have helped build a safe banking environment. – TradeArabia News Service
More Finance & Capital Market Stories
- Qatar sets up mixed business incubator
- Kuwait budget spending up 8pc in April-Jan
- Thomson Reuters to host Mena IFR awards
- ADIB offers smartphone industry investment
- Gulf Finance House to start $3bn Tunisia project
- KFH completes ICT project upgrade
- Egypt urban annual inflation slows to 9.8pc
- BIBF signs deal with Palestinian institute
- Bahrain’s GDP set to expand 12pc
- KFH-Bahrain rebrands priority banking
- Bank Nizwa wins top Islamic bank award
- Qatar labour costs may jump: IMF
- Kuwait Q3 trade surplus hits $23bn
- Dubai trade growth up 7.6pc to $362bn
- Deloitte appoints new managing director
- Al Ramz tops UAE trading in Feb
- IFC in $150m loan deal with Bank Audi
- SME funding focus for Abu Dhabi forum
- Insurance House posts second year of profit
- ETF global assets hit record $2.44 trillion
- Bahrain firms plan IPOs
- Serbia wins $1bn Abu Dhabi loan
- Key equity banker resigns from Saudi Fransi
- DMCC to boost Islamic commodity trade with tie-ups
- IDB, KIA units to invest in Morocco
- First Gulf to set up $1bn sukuk in Malaysia
- Singapore’s UOB Bullion and Futures joins DGCX
- Infrastructure investment ‘key to growth’
- BKIC declares 30pc dividend
- StanChart profit falls 16pc in 2013