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Financial institutions have come to play a key role in the cyber war and there are big challenges ahead, says Council Middle East Chief Information Security Officer (CISO), Ahmed Baig.
With an increasing number of cyber attacks within the last 18 months, issues with cyber security will be emphasised at the GITEX Technology Week 2016 conference, which started yesterday (October 16).
Baig said that the not-for-profit industry body last year experienced a rise in phishing, ransomware, and advanced persistent threats (APTs) against commercial entities and governments.
“A couple of years ago, we had a lot of APT attacks on governments, which still continue to happen. But what we have seen recently is that these attacks have gained a lot of traction in the financial sector and against other commercial entities.”
In spite of increasing security breaches, many Middle Eastern companies are still assuming a reactive stance when it comes to protecting digital assets. The transition to online business, however, will increase cyber risks even further and may lead to a change of attitude.
Baig said that breaches would usually lead to data loss and possibly business reputation. He did say, however, that when organisations go digital, virtual and physical worlds combine and matters become more serious.
Baig may have a point, judging by the increasing sophistication we have seen in recent attacks. This is why it is imperative for businesses in the UK to protect themselves against pending threats. Opening IT security, risk and compliance jobs to those capable of offering that protection is more important than ever.