DATA SECURITY
Championing safe digital transformation Cybercriminal activities which include fraud, e-commerce data seizure and phishing attacks have increased as regional banks swung to digital-only models amid new models of operations such as remote working
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hough the outbreak of the coronavirus pandemic has had a devastating impact on the global economy, it has also accelerated digital transformation across business models, channels, and touchpoints. Before COVID-19 was declared a pandemic, financial service providers across the Gulf region had
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long made considerable progress in digitizing their products and services compared to their peers in other emerging markets regions. “Digital transformation is no longer a luxury, but a necessity. Banks that are agile, flexible, and willing to transform their business models will be the ones that succeed, and secure their
Banking and Finance news in the MEA market
financial strength for future growth,” said KPMG. When the pandemic made landfall on the shores of the Arabian Gulf almost a year ago, all regional banks swung to digital-only models moving nearly all their interactions with customers online to build solutions that better suit clients’ needs at that time. However, the recent cyberattack on Microsoft’s widely used business email software shows that banks are presented with the difficult task of balancing the traditional approach to risk management with the need to respond quickly to a crisis that has created massive changes to their operating environment. Cybercriminal activities which include fraud, e-commerce data seizure and phishing attacks have increased
