Aug 25th 2017
As part of its commitment to facilitate global best practices in risk management, Oman Banks Association (OBA) hosted a forum on ‘Cyber Defence and Network Security’ under the auspices of HE Hamoud bin Sangour Al Zadjali, the Executive President of the Central Bank of Oman (CBO). The forum held at Bank Muscat head office was attended by OBA board members, officials and key representatives of the banking industry in Oman. The forum on cyber security marked the first major event of OBA in view of cyber risk being the top operational risk for the banking and finance industry. The forum discussed cyber threat landscape in the Middle East; essential steps for effective management of cyber risk; best practices around managing cyber risk; developing a cyber risk mitigation strategy; the impact of cyber risk on reputation and how to stay protected.
AbdulRazak Ali Issa, chairman of the board of directors of OBA, said: “Cyber security affects all and OBA is proud to host the first forum aimed at highlighting the best practices in cyber security. At a time when cybercrimes are widespread, the strengthening of cooperation and coordination among the regulatory, law enforcement and banking institutions is vital to prevent and control crimes through the latest technological applications and exchange of expertise. The banking sector is committed to contributing to the Omani economy and supporting economic diversification and development projects. In order to remain competitive, Omani banks require to adopt the best international practices, including sound risk management systems. The OBA seeks to help Omani banks achieve these objectives.”