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Mon 6 Jun 2016 12:39 PM

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Online banking and shopping in GCC 'potentially at risk', says expert

Cyber security intelligence director urges GCC companies to set up strong cyber defence infrastructure

Online banking and shopping in GCC 'potentially at risk', says expert

Cyber criminals are becoming more aggressive in finding ways to access your personal data in order to steal your money, it has been reported.

As more UAE consumers shop and bank online, financial organisations in the GCC are facing their biggest threat, according to a security expert.

Mohammed Abukhater, regional director of FireEye, a payment and cyber security intelligence company, told Gulf News: “Online banking services and online shopping portals, as well as credit cards and debit cards, are potentially at risk.

“Organisations would be well-advised to think ahead and have a strong cyber defence infrastructure in place to combat a new wave of threats by a new generation of savvy attackers.”

Recent data shows that more than half of residents in the country access the internet to make purchases, said the report.

No major security breaches have been reported publicly by financial institutions in the UAE.

“This doesn’t mean that there haven’t been financially damaging attacks in the GCC,” said Abukhater.

“Around the world, bank breaches often go unreported to regulators and the wider public because the losses are not deemed material. That doesn’t mean they’re not a significant problem.”

At least two million residents in the country reported having experienced cybercrime in one year and lost Dh4.9 billion in the process, according to Norton by Symantec.

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