Dubai, April 29, 2014:The rapid developments in information technology and security segments should promote value advantage to stakeholders, says Dr. R. Seetharaman, Group CEO, Doha Bank, the leading private commercial bank in Qatar.

He was speaking at a conference titled "InformationSecurity in the Financial Sector- Enabling a Secure Financial Community", held this week at WestBay Lagoon, Doha. Senior executives from various CentralBanks, Global and Regional Bankers, as well as technology consultants participated in this event.

Dr. Seetharaman highlighted the key purpose of the meeting and current trends in the niche I-banking segment. "There isa significant change on how banks do business these days, and how the customers are now banking and obtaining a multitude of financial services.The rules have changed for better, and opponents - old and new - are armed with experts in information security, and the risks are more than ever.I- Banking changes present huge business opportunities for banks, while on the flipside they have dramatically modified the sector and in some cases this development increased many of the traditional information security risks associated with banking activities," he said.

Dr. R. Seetharaman gave insights on responsibilitiesarising from information security developments. "Regulation in Qatar has changed further to support the efforts in managing Information Security risks for financial institutions. There is a current draft related to cyber-crimes law, which is going through the legislative process. ICT Qatar implemented regulations related to Electronic Transactions (the E-Commerce Law No. 16of 2010), and associated laws, which contains limited provisions in relation to certificates for electronic transactions. Qatar Central Bank (QCB) issued circulars such as 105/2012 and 101/2013, to emphasis on the importance of securing financial and customers information," he added.

Dr. R. Seetharamanhighlighted the efforts of Qatar authorities on information security. He said, "Qatar Central Bankestablished the Information Security Committee(ISC) and mandated to all the banks that operates in Qatar to be a member of it.The Ministry of Information & Communications Technology (ICT) in Qatar and its Qatar Computer Emergency Response Team (QCERT)have played a major role in supporting the entire Banks in Qatar. The Ministry of Information and Communications Technology - Qatardeveloped the Qatar National Information Assurance Policy, NIA."

Policy (equivalent to ISO 27001), which will significantly improve the overall Information Security and Technology Controls for the key infrastructure in Qatar.The Ministry of Interior (MoI) provided great support to fight cyber security criminals, through its Cyber Crimes Investigation Centre. Qatar will be a completely cyber-secured country in the immediate future, further strengthening the Qatar National Vision 2030."

Dr. Seetharmanalso gave insights on the initiatives undertaken by various banks on information security system. "Banks introduce new policies and standards that address the dynamic nature of Information Security. Banks conduct security assessment of ATMs to prevent the increased security risks related to the related hardware and software. Physical Security Controls have been enhanced in the premises bank, which also implement many cyber security controls to reduce the impacts of online Phishing Attacks.IT Security Controls improved through a number of progressed measures that includes Data Leakage Prevention (DLP),controls over Email, web, and endpoints with new ways of DLP detection and prevention techniques, along with other requirements such as removable media security, security operations Centre, formalized process for code reviews to identify application level threats, and common infrastructure security reviews," he said.

"When it comes to the evolution of information security, Dr. Seetharman says, "Security management has evolved over a point of time.The computers evolved from mainframes, then shifted to Personal Computers, and then to the Internet, Cloud Technology and Mobile. The IT Security has also evolved on account of developments in Computer. In information security management, risks associated in the mainframe include unauthorizedaccess, Disaster recovery, Back-up of data and Computer dependency.The risks have further compounded today due to Privacy concerns, Vulnerabilities, Cyber terrorism, Insider sabotage, mobile computing, Wireless access, Worms,Trojan Horses andspyware.Information security is now viewed as a key risk management and compliance issue. The focus is on accountability and integrity."

Dr. Seetharaman emphasized the key intiatives on information security in Qatar. He said "There is astrong need for cyber security law in Qatar. Information security function should be strengthened further in banks. Information security awareness to be developed. Roles of customer and bank clearly defined. Information security planning part of strategy in banks. Involve staff in electronic crimes unit of Ministry of Interior with QCB security committee. Increase frequency of regulatory inspections on banks cyber security network.Information technology is moving faster hence Information Security should catch up with Information technology."

About Doha Bank
Doha Bank is the largest private commercial bank in the State of Qatar. It was incorporated in 1978 and commenced its banking business (including its International Banking services) in Doha, Qatar on March 15, 1979.

As one of Qatar's leading financial services company, Doha Bank is committed to making banking work for customers and clients like it never has before. Through innovative technologies and the ingenuity of its people, Doha Bank provides individuals and commercial, corporate and institutional clients across Qatar and even internationally, new and better ways to manage their financial lives. The company enables customers to do their banking and investing whenever, wherever and however they choose through an extensive network, and multiple access channels.
The Dubai branch of Doha Bank was opened in 2008.

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© Press Release 2014