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Asif Iqbal
Doha
With cybercrime in the country increasing by 52 percent over the course of 2015, the Qatar Central Bank (QCB) is preparing an information security strategy to insulate the banking industry from this pervasive threat.
Speaking at Dean's Lecture at Carnegie Mellon University in Qatar, QCB Governor Sheikh Abdulla bin Saoud al Thani said this would complement the broader National Cyber Security Strategy being implemented by the government.
"Both attackers and their motives are becoming more diverse from financial gains to disrupting activity to causing political and financial instability," Sheikh Abdulla said.
Qatar, he said, had recognised the importance of cyber security and worked"diligently" over the last several years to develop and implement cyber security protection measures across the country.
"These measures have made it possible for government, businesses, institutions, and individuals to respond to threats and challenges in cyberspace, thereby providing a strong foundation for achieving cyber security objectives."
Urging the central banks and the banking community to be vigilant, Sheikh Abdulla said,"They have to be proactive, and ensure the cyber resiliency of the payment system, given the importance of a safe and uninterrupted payment system to the financial and economic development of the country."
Emphasising the importance of strong cyber governance, the QCB governor said there should be continuous monitoring, step-by-step detection and a well-designed contingency plan to mitigate any cyber vulnerability to Qatar's financial sector.
Meanwhile, experts taking part in the Euromoney Qatar Conference on Wednesday also highlighted the importance of digital security policies for countries and companies looking to grow in the digital era.
"Qatar is making progress in these areas," Khalid al Hashmi, Assistant Undersecretary, Cyber Security, Q-CERT (Qatar Computer Emergency Response Team) said at the conference.
He said the threat landscape was growing as the level of digitisation increases across society."Companies are now facing a higher level of risk across their supply chain, as they look to outsource more processes and move more operations into the Cloud," Hashmi said.
He said Q-CERT was working in alliance with regional and international bodies to exchange information on online risks and ensure the highest level of protection for Qatar.
The Q-CERT official highlighted the importance of training and education, detailing Q-CERT's work to"train the trainers" in the private sector and build security championships in small businesses and start-ups, to create a robust cybersecurity framework.
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08/12/2016
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