Cyber Security Strategy and Cyber Security Awareness in the Banking Sectors of Bahrain

Category: Cyber Security
Last Updated: 18 Dec 2022
Pages: 10 Views: 74

Digital dangers are getting progressively refined with the mixing of once unmistakable sorts of assault into all the more harming structures. Expanded assortment and volume of assaults is unavoidable given the longing of monetarily and criminally-roused on-screen characters to acquire individual and secret data, as featured in this paper. We depict how the creating awareness of cybercrime can be applied to alleviate these dangers by decreasing the open doors for digital wrongdoing to happen, making digital wrongdoing progressively hard to carry out, and by expanding the dangers of discovery and discipline related with perpetrating digital wrongdoing.

Potential research questions are likewise recognized. The report also discusses about various cybercrimes across middle-east and costs associated with each by stating importance of adopting an innovative cyber security systems. With view to all these factors, this report discusses about cyber security strategy and cyber security awareness in banking sector of Bahrain.

The report includes the awareness and innovation impact of cybersecurity in the banking sector. It also talks about vulnerabilities of cyber-attacks and necessary solutions to best approach the upcoming internal and external actors of the threat. The research objective of this report talks about the problems faced by banking sectors, the impact of cyber-attacks, strategies, and budgets to deal with the cyber-attacks or problems.nThis part of the report talks about the benefit to the audience of this research. It also includes an analysis of the data from our findings and answers to the problem

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Today we live and work in a universe of worldwide availability. We can trade our causal connections and direct multimillion-dollar fiscal exchanges with individuals on the opposite side rapidly and with less cost. Computers made simple access to the Internet, and a blasting business sector for related new specialized gadgets has changed the manner in which we invest our relaxation energy.

A few people or substances can benefit from undermining the data of the association's properties. This may incorporate previous representatives of the organization, or individuals with whom the organization is working together. The inadequacy of a representative who has unexpectedly undermined the organization's records, or of different business rivals who need to penetrate other fruitful organizations to increase monetary favorable position, all include cybercrime authoritative hazard. This can involve disturbance of the exchanging business, particularly for the individuals who direct their business web based, causing them budgetary misfortunes because of data burglary, which will bring about the organization charging costs for information penetrates. For other related expenses for these occasions, for example, an organization that loses its picture and its client base, and bring about expenses.

Until the mid-1990s, dealing with a record section in numerous pieces of the world was essential and reliable; at any rate since the happening to advancement, the keeping cash division saw an adjustment in Banks to overhaul their customer base introduced various stages through which trades should be conceivable missing a lot of effort. These progressions enabled the customer to get to their bank subsidizes 24*7 and year around through, ATMs and Web-based dealing with a record strategies.Cybercriminals are using different means to steal one‘s bank information and ultimately their money as well(Choo, 2011).

Regardless, with the overhaul in development, keeping cash cheats have furthermore extended also. Advanced guilty parties are using assorted expects to take one's bank information and finally their money moreover.

It is as such, a total understanding of banks and controllers to make game plans and grasp measures to shield setting aside cash stages from advanced perils. Different specific gatekeeper and control gauges like extended persistent management on trades have been endeavored by the banks, in any case, even today the issue hangs on. The clarification for this is the opposition quantifies right now available with banks are routinely responsive, repetitive, and available out in the open region which can be gotten the opportunity to even by the computerized criminal who in this way gets measures to fight from these protections. The attackers apportion their time in developing new strategies for advanced bad behavior and simultaneously go after finding the responses for augmentation these insurance measures.

One of the ways to deal with mitigate the issue of advanced bad behaviors in keeping cash portion is to recognize the factors related to banks that are overall focal points of such computerized ambushes, and why a couple of banks have never gone up against such a condition. Banks which are generally center around computerized bad behaviors experience the evil impacts of various malware attacks in a sort of online phishing, keystroke-loggings malware, discount extortion, etc.

Technology has made everything at our fingertips. Whether a product or service, no matter what situation it is, it's delivered the best way to their clients because of the advanced technology. For any service or product, priority towards customer satisfaction stands at the peak. Banking sectors in the recent past have adopted technology efficiently to best meet their customer needs and stay advanced. Modern banking nowadays avails online services through different channels which is electronic. Bahrain is successful in its e-banking system by providing its citizens and residents any type of banking facility. Amidst all these, we shall know how successful Bahrain is in handling the cyber threats and how banks and governments allocate for managing the security controls. For the banks to be secured, they shall adopt innovations to best manage their cybersecurity and necessary forecasting shall be done so they can assure their customer's safety.

Many facilities have been provided to its citizen for any type of banking facility. Within 12 years from now, 80% of financial services or firms will either be out of their business or be rendered negligible by new competitors, altering customer behavior and advancements in technology (Gartner,2018). Reports are stating that banks could be doomed to failure if they stay with outdated business planning and only those which use digital platforms to lower its cost and provide services as and when customer needs will survive. (Alam, N., Gupta, L., &Zameni, A. 2019). Let us discuss these key issues of e-banking in detail.

Digital Wrongdoing can be simply communicated as infringement that incorporate the use of PC and a network as a medium, source, instrument, target, or spot of a bad behavior. With the growing piece of electronic business and e-trades, the budgetary bad behavior has skimmed towards the propelled world. Advanced bad behaviors are growing all around and India likewise has been seeing a sharp addition in computerized infringement related cases in the progressing years. Computerized Violations can be completely masterminded into groupings, for instance, advanced dread based abuse, Digital hassling, PC Vandalism, Programming Robbery, Wholesale extortion, Online Robberies and Fakes, Email Spam and Phishing and some more. In any case, from the piece of cash related computerized bad behaviors submitted electronically, the going with characterizations are extraordinary:

  • Hacking: It is a framework to increment unlawful access to a PC or framework to take, degenerate, or misguidedly observe data.
  • Phishing: It is a method to secure private information, for instance, usernames, passwords, and charge/Master card nuances, by emulating as a solid substance in an electronic correspondence and replay comparable nuances for malignant reasons
  • E-mail Satirizing: It is a method of disguising an email's genuine beginning stage by molded the email header to appear to start from one genuine source instead of the genuine starting source.
  • Spamming: Undesirable and unconstrained messages regularly sent in mass attempting to oblige the message on people who may not by and large get it are insinuated as Spam Messages.
  • Denial of Administration: This ambush is depicted by an express undertaking by aggressors to thwart genuine customers of an organization from using that advantage by 'flooding' a framework to prohibit genuine framework traffic, upset relationship between two machines to deny access to an organization or shield a particular individual from getting to an organization.
  • Advanced Constant Danger: It is depicted as a ton of multifaceted, concealed and advancing PC hacking structures, as often as possible concentrating on an express component to break into a framework by avoiding area together sensitive information over a crucial time period. The aggressor by and large uses a social structuring, to get to the concentrated on framework through bona fide strategies.

No matter what innovation in the banking sectors takes place, the cyber threats for example Phishing when a customer uses online banking using public WiFi, then automatically the identity information of a person is tracked by the attackers. Roughly 80% of successful attacks originate with external threat agents, but the majority also involve either deliberate or accidental actions internally, who are members or employees of the targeted organizationnMobile devices and applications used for payments at stores, theatres, hotels, etc. failed to encrypt Social Security Numbers because of their weak security.Very new and more dangerous threats are emerging nowadays; one of them is a 'ransomware'. A criminal attacker can encrypt a victim's databases and demands for payment to restore them.

Most successful hackers don't need to employ hacking methods; Attackers simply enter the victim's network through unprotected public interfaces. ( Simonet, J., &Teufel, S. 2019) Another cause for cybercrimes in society depends on when investment return is high and risk is low. Many people will benefit from such a situation and this means that accessing and trying to use the valuable information acts as a high yield of return. (Al-Alawi, 2014, Al-Alawi, et al. 2020).

Bahrain banks are looking to expand their piece of the overall industry and lift their presentation. Bahrain banks are hoping to discover new dissemination channels to reach of offering their types of assistance to keep up and increment their pieces of the pie. The engaging method to do this is through the Internet, since it can offer financial administrations at lower costs to progressively imminent clients and cash moves can be produced using everywhere throughout the world whenever.

This implies, by utilizing on the web administrations, money related firms can build up an immediate relationship with clients and improve their pieces of the pie while expanding their benefits, without paying significant expenses for the development of new branches. Bahrain is a prospering worldwide budgetary center point, as is obvious by the expanding number of establishments authorized and resources under administration. The budgetary framework incorporates an assortment of foundations which give items and administrations to the two establishments and people.

Cybersecurity has been a vital sector for businesses, government, banking, and other sectors in Bahrain. Since computer security companies strive to protect assets and data or information from cybercriminals, possibility in the market grows, making it attractive to the investors in Bahrain. There is a vital need for cybersecurity investment and cybersecurity firms in the region since 2015, because 56% of Middle Eastern companies suffered losses of more than $500, 00 when comparing 33% globally. (PwC Middle East CEO Survey, 2015)

The reaction of the CEOs to technological alterations reflects both increasing worldwide awareness of the need to oversee the protection and cybersecurity dangers of technology and a regional background in which there is a necessity to manage with geopolitical instability highlights importantly in business planning. The ratio of Middle East CEOs who recognize rising pressure as a key figure of forming their cybersecurity strategy is nearly twofold the worldwide survey average. (PwC Middle East CEO Survey, 2020). This makes Bahrain an ideal location for cybersecurity investment, with over 400 financial institutions in Bahrain alone, Bahrain is a target to a large number of cyber attackers worldwide because this small island is central to a large number of companies'.The financial services industry takes cybersecurity seriously as the situation brings crisis. Customers expect both ease of using online services and total security while threat remaining as a nightmare even in this century.

The size of the cybersecurity market in MENA is forecasted to increase from 5.2 billion dollars to 9.5 billion dollars, making it a vital need to invest in this market. (Al-Alawi, A. I., & Al-Bassam, S. A., 2020.)

This resulted due to the many cyber-attacks mainly the following: In September 2015 Aramco /Oil and Natural Gas Corp. (ONGC). Saudi Aramco thwarted US$30.3 million scam due to the Indian cybercriminals who replicated the official email address of the national firm known as Oil and Natural Gas Corporation (ONGC) with small changes and used it to encourage Saudi Aramco to transfer the money to their account. The original email was patel_dv@ongc.co.in, while the fake one was patel_dv@ognc.co.in, and by not making the distinction, the fraudsters at that point sent an email inquiring for the sum to be credited to the Bangkok-based account (Arab News, 2015).

In Nov 2015 A Sharjah based Invest bank thwarted $30 million. The programmer or hacker called (Buba) assaulted a huge bank within the UAE and debilitated the bank with the discharge of the customers' information after they denied paying a BitcoinRansomware which was worth US$ 3m. The obscure hacker dumped tens of thousands of records on the internet, and he began to release delicate information utilizing Twitter accounts such as credit card numbers and authorization codes for transactions (Metzger, 2015; Thomas, 2015).

There is a vital need for banks to allocate enough resources to best meet cybersecurity needs and to get deprived of various cyber-attacks. The Establishment of a secure cyber-space to safeguard national interests and protect the Kingdom of Bahrain against any cyber-threats to reduce risks is the Vision of Bahrain.

As a result, in the Kingdom of Bahrain Cyber Security remains as the fundamental pillar of the national ICT framework. The Kingdom has a well-defined national cybersecurity framework which is governed by the General Directorate of Anti-Corruption and Economic and Electronic Security at the Ministry of Interior (MOI) for cybersecurity in all sectors including banking. Relatively, Data and e-Government specialist center on cybersecurity on the Government divisions and ensuring the government information arrange through executing the foremost progressed innovations in the market, ensuring quality, conducting several awareness programs, workshops and providing on the spot help and responding services for government organizations such as : The information and e-Government Authority (iGA) has launched a series of information security programs and initiatives. Mainly, the security awareness program for government employees launched in 2016 to raise awareness of the importance of information safety, equip various devices and systems with the necessary security and use the technology securely.

The iGA conducts interactive training courses which are offered by a qualified team from the General Directorate of Information Security & Radio Communication weekly. The program includes theoretical, practical, and discussion sessions that are designed to suit all specialties and functional levels of Bahrain government employees as they speak in a very simplified language.

However, developments will not come in action without any risk of incurring costs. Malicious actors such as hackers or programmers, organized criminals, and possibly foreign governments can exploit this gap. A loss of confidence in the integrity endangers the benefits of the technological revolution. From the beginning, the hardware and software developed to deploy the interconnected digital environment lacks security protection. Malicious actors – hackers, organized criminals, and possibly foreign governments can exploit this gap. Thus, a comprehensive national strategy is required to address the current and rising cyber-threats as well as reduce the associated risks.

To address the current cyber-threats and the rising cyber-risks, the National Cybersecurity Strategy is a committed towards safeguarding Critical National Infrastructures Structures to protect the Kingdom's interests in cyberspace. Furthermore, the strategy outlines the nation's vision for Cybersecurity and identifies the objectives towards its execution. Overall, the strategy abides by the principles that maintain the rights and values of people .The Kingdom has successfully achieved a 'Mature Stage' of Cyber Security readiness as per the assessment of the International Telecommunications Union's (ITU) (Global Cyber Security Index 2018)

Here, we have gathered information by using quantitative and qualitative analysis. We also have gathered information by referring journals, articles, and by doing internet surveys. In study methodology we can discuss approximately the techniques to be used to get the facts approximately the customers in the digital banking region.

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Cyber Security Strategy and Cyber Security Awareness in the Banking Sectors of Bahrain. (2022, Dec 18). Retrieved from https://phdessay.com/cyber-security-strategy-and-cyber-security-awareness-in-the-banking-sectors-of-bahrain/

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