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EDITOR IN CHIEF- ABDULLAH BIN SALIM AL SHUEILI

Fintech drives GCC cybersecurity market to $8 billion

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MUSCAT, JUNE 26 - From facial recognition and iris scans, to cryptocurrency, the UAE’s banking and finance security innovation is driving the GCC’s cybersecurity market to $8 billion in 2018, industry experts have announced. UAE banks are rapidly deploying multi-factor authentication to confirm a person’s identity, with several factors, such as a smartphone, a password, and a facial scan. The Emirates Blockchain Strategy 2021 could also see digital banking transactions on bitcoins, based on the secure digital ledger technology called blockchain.


Cybersecurity is vital to the business world, ranking as the top priority for more than 36 per cent of CEOs worldwide in their digital transformation, according to IDG’s State of the CIO 2018 report. As more regional organisations invest in cybersecurity, Visiongain predicts the GCC’s cyber security market will top $8 billion in 2018.


At the heart of financial technology cyber security strategies is organisation-wide digital transformation and information management, argues the UAE-based IT infrastructure and information management consultancy and solutions provider Condo Protego.


“The UAE’s financial sector has always been at the forefront of innovation. Multi-factor authentication should include an object, a fact, and a person, and is the next step for banking and finance organisations to defend against cyber-attacks and secure transactions,” said Andrew Calthorpe, CEO, Condo Protego.


“Banks need to place the trust of their customers and employees front and centre. Channel partners play a key role in supporting banks with unified tools and processes to securely store, manage, and access customer data at all times, locations, and devices,” added Andrew Calthorpe.


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