Sunday 16 June 2024

Cloud adoption 'requires highest standards of cybersecurity'

MANAMA, June 26, 2022

The adoption cloud computing by more financial and banking institutions requires the application of the best cybersecurity standards, said Khalid Waheed, Chief Information Security Officer at Al Baraka Islamic Bank.
He was participating as a key speaker at the “Zero Trust Security – Always Verify” Forum, held by NGN International, a full-fledged systems integrator and Managed Security Service Provider based in Bahrain. The forum was a part of the "NGN Majlis"' efforts to enhance awareness of cyber security amongst Bahraini institutions and individuals.
"Digitalization is driving the banking industry, and this calls for a constant review of cybersecurity strategies, especially at a time when cyber threats and risks rise, as well as employees who work from home and may cause security gaps,” said Waheed.
He noted the sharp rise in online banking brings risks since many of the customers are new to digital banking and are more prone to online fraud or phishing attacks. 
He added that these challenges illustrate the importance of "Zero Trust Security", which is a strategic approach to cybersecurity that secures an organisation by eliminating implicit trust and continuously validating every stage of digital interaction.
"Zero Trust security is an IT security model that requires strict identity verification for every person and device trying to access resources on a private network, regardless of whether they are sitting within or outside of the network perimeter. This means authentication no longer occurs just at the front gate, but continuously throughout the user's experience through an adaptive, risk-based assessment to identify potential threats,” Waheed added.
 He concluded by adding that considering the economic challenges and the development of fraud and phishing methods, banks are vulnerable to large-scale cyberattacks due to their focus on digital transformation. Therefore, one of the most crucial factors in the success of electronic banking services is the zero-trust approach, which offers tight protection for digital assets. - TradeArabia News Service


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