Doha Bank chief executive officer Dr R Seetharaman has urged global and regional banks to synchronise developments in information technology (IT) with the latest security trends.
"Information Technology is moving faster hence, information security should catch up with IT. The changes in IT and security developments should synchronise to promote value advantage to stakeholders," said Seetharaman, who spoke at the "Information Security Conference in the Financial Sector: Challenges & Solutions," held in Doha.
He also emphasised the need for a cyber security law in Qatar. "There is a strong need for the cyber security law in Qatar as the function of information security should be strengthened further in banks," he said.
Seetharaman said banks should develop information security awareness and involve staff in the Electronic Crimes Unit of the Ministry of Interior (MoI) and the Qatar Central Bank (QCB) security committee.
"Regulation in Qatar has changed to support managing information security risk for financial institutions. There is a current draft related to cybercrime laws, which is going through the legislative process," Seetharaman said.
The Ministry of Information and Communication Technology (ictQATAR) has implemented laws on electronic transactions or the e-Commerce Law No 16 of 2010, while the QCB has issued circulars that stress on the importance of securing financial and customer information, he said.
Seetharaman also highlighted the efforts of Qatar on information security and said, "The Qatar Central Bank has established the Information Security Committee (ISC) and made the membership of all banks operating in the country mandatory.
Similarly, he recognised the efforts of ictQATAR and the Qatar Computer Emergency Response Team (QCERT) for their roles in supporting all banks in Qatar.
He added that ictQATAR has developed the Qatar National Information Assurance Policy, which will "significantly improve" the overall information security and technology controls for the "critical" infrastructure in Qatar.
"The MoI," Seetharaman said, "has provided great support in fighting cyber security criminals through its Cyber Crimes Investigation Center. Qatar should be a cyber-secured country in years to come, which will also enable it to support the Qatar National Vision 2030."
Seetharaman provided insights on initiatives by various banks on information security and said, "Banks must introduce new policies and standards that address the dynamic nature of information security."
"Due to increased security risks over automated teller machine (ATM) hardware and software, banks have conducted ATM security assessments. Physical security controls have been enhanced within bank premises. Banks also implement many cyber security controls to reduce impacts of online phishing attacks," Seetharaman explained.
© Gulf Times 2014
