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Forum discusses measures to shield financial institutions from cyber crimes

By JT - Feb 06,2018 - Last updated at Feb 06,2018

AMMAN — Central Bank of Jordan Governor Ziad Fariz on Tuesday called for increased measures to protect financial institutions from cyber crimes.

Fariz was speaking during a cyber security forum organised by the Union of Arab Banks, in cooperation with the Central Bank of Jordan, the Jordan News Agency, Petra, reported. 

Fariz pointed out that work is currently under way to establish a task force to respond to cyber crimes in the financial sector, highlighting the need to strengthen the security of the financial sector through information exchange, early detection and rapid response.

He said that cyber security faces a number of technical, political, social and cultural threats and “it is high time” to develop cyber security strategies in cooperation with all sectors of society.

For his part, Chairman of the Union of Arab Banks Sheikh Mohammad Al Jarah Al Sabah noted that the “increased dependence on technology” contributed to accomplishing efficiency for financial institutions, adding however, “it also creates new dangers that are developing quickly in various forms, especially cyber attacks”.

Estimates from Meryl Lynch point out that cyber attacks cost the global economy around $575 million annually, according to Petra. 

Sabah cited an example of the risk of cyber attacks that happened in May of last year when over 150 countries were subjected to attacks affecting more than 250,000 computers and that disabled the work of vital institutions.

 

Vice Chairman of the Banks Association in Jordan Kamal Al Bakri said rise in the number of cyber attacks on financial institutions over the years contributed to an increased interest in strengthening cyber security.

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