Financial organisations in the Middle East are implementing state-of-the-art security solutions to protect data and customers from frauds and other threats, said a report.

The banks in the Middle East and North Africa (Mena) region have invested up to $12.5 billion on boosting IT infrastructure and implementing state-of-the-art security solutions this year in bid to protect data and customers from frauds and other threats, stated the report released ahead of a key New Age Banking series event.

FinSec – The Banking Security Summit, to be held in Dubai from February 21 to 22, will offer a comprehensive overview of regional and global perspectives on various security challenges faced by banks, said the organiser UMS Conferences.

CISO professionals from leading banks in the Mena region will discuss and discover the latest technologies, developments and strategies that will help them protect their organisations.

FinSec will also host key dignitaries from government authorities, leading banks and global solution providers in the Mena region.

The attendees will share their experiences and address security challenges in the banking industry, with the objective of upgrading their current security strategies in line with today’s highly sophisticated attacks.

According to experts, the event will focus on challenges faced by financial organisations with regard to securing internet and mobile banking platforms, regulatory compliance, payment security, authentication and data security.

It will also highlight the application of technologies such as IoT, Blockchain, biometrics, digital identity and multifactor authentication to counter security challenges.

The BFSI (Banking, financial services and insurance) industry in the Mena region is widely targeted by cyber attackers, said the organisers.

Traditional security measures have proven to be inadequate, as cyber criminals are exploiting loopholes within the current security systems.

The summit will help attendees bridge security loopholes in their organisations and build a stronger defence, enabling them to recover from system breaches quickly, they added.-TradeArabia News Service