The forum held at the Bank Muscat head office was attended by OBA board members, officials and key representatives of the banking fraternity in Oman.
The forum marked the first major event of OBA in view of cyber risk being the top operational risk for the banking and finance industry. The forum discussed the cyber threat landscape in the Middle East; essential steps for effective management of cyber risk; best practices around managing cyber risk; developing a cyber risk mitigation strategy; the impact of cyber risk on reputation and how to stay protected.
AbdulRazak Ali Issa, chairman of the board of directors of OBA, said, “Cybersecurity affects all and OBA is proud to host the first forum aimed at highlighting the best practices in cybersecurity. At a time when cyber crimes are widespread, the strengthening of cooperation and coordination among the regulatory, law enforcement and banking institutions is vital to prevent and control crimes through the latest technological applications and exchange of expertise.The banking sector is committed to contributing to the Omani economy and supporting economic diversification and development projects. In order to remain competitive, Omani banks require to adopt the best international practices, including sound risk management systems. The OBA seeks to help Omani banks achieve these objectives.”
The OBA was formed as part of an initiative to foster closer co-operation and joint efforts by banking institutions in Oman. The country’s banking sector comprises nine local banks, two specialised banks, nine foreign commercial banks, two full-fledged Islamic banks and six Islamic banking windows of conventional banks.