Businesses need to be more proactive in implementing and testing their cyber defenses, experts stated during a virtual session on The Cybersecurity Challenges and the Protection of the Digital Revolution organised by the Emirates Institute for Banking and Financial Studies (EIBFS).
The EIBFS, which is a regional leader in banking and finance education and training, hosted the webinar as part of its conversational learning initiative, which aims to cover timely banking and finance-related subjects as part of its community outreach goals.
The webinar drew more than 100 participants and a panel of expert speakers including Praveen Vackayil, the senior manager of Digital Trust at PwC (Middle East); Sheikh Shadab Nawaz, the director of KPMG Lower Gulf Limited; Jayakaran Paul, and the SVP and head of Cybersecurity and IAM at FAB. The panel was moderated by Chandran S, the director of Cyberfort Digisec Solutions in India.
During the session, the speakers shed the light on the challenges that have risen due to the ongoing digital revolution characterised by the emergence of cutting-edge technologies such as e-government, e-commerce, blockchains, mobile payments services, online banking and cloud computing, among others.
Experts also discussed why cybersecurity threats have been ranked among the top risks facing the world, the state-run news agency, Wam, reported.
The experts stated that intrusions, data breaches, ransomware, defacement, phishing, and fraud have increased as organisations become increasingly reliant on technology. They advised business to take measures to tackle the cybersecurity exposure.
Commenting on the session, the general manager of the EIBFS, Jamal Al Jassmi, said: “Through this thought-provoking webinar, we aim to assist financial services participants in understanding and taking proactive steps to strengthen their cybersecurity. This is in line with the UAE government’s strategies and initiatives to create a secure and robust cyber infrastructure that empowers both individuals and businesses in the country.”
He added: “Our webinar also shed light on the cybersecurity challenges the financial service providers currently face and ways in which they can overcome them. Cybersecurity is a shared responsibility and we at EIBFS offer a number of programmes that discuss the cybersecurity risks in the banking sector from intermediate to more specialised courses. We hope that our patrons benefit from the important insights that were shared in the session.”
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