Efficient monitoring on to fix cybersecurity threat: BBK Chairman

TDT | Manama

The Daily Tribune – www.newsofbahrain.com

By P Unnikrishnan

Efficient monitoring is being implemented to tackle cybersecurity threats, said BBK Chairman Murad Ali Murad yesterday.

Speaking to The Daily Tribune, Murad said cybersecurity threats to the banking sector is a significant challenge not only for the Kingdom but also for the region and the whole world.

“Cyber security threats have grown exponentially and you will never be able to eradicate them. When we compare the resilience we have and the effectiveness we offer compared to other countries, I think Bahrain is one of the best countries successfully dealing with the issue.

“You have to look from different sides and continuously monitor the issue. You have to frequently update systems and procedures to overcome this issue.

"Even then, we can never expect a 100 per cent foolproof system.

“The only way to sustain is to develop an efficient monitoring system within the bank. It is in the back of our minds and we are cautious to minimise any possible damage due to a lack of cyber market security.”

Dr AbdulRahman Saif, Group Chief Executive, said that there is a positive correlation between distrust and the level of automation and digitalisation. “We are updating our infrastructure, our setup and our application,” he said.

“There are two issues: hacking directly bank data and targeting our customers. When it comes to BBK, we are of the utmost care and vigilant.

Unfortunately, we don’t have much control over the customers, who must be very careful while disclosing their credentials.”

The Central Bank of Bahrain and the Ministry of Interior have introduced a comprehensive campaign to minimise the risk and raise awareness. “Banks never ask for any credentials through WhatsApp or SMS. The awareness campaign is helping a lot to reduce such issues in Bahrain,” the CEO said.