With the development and complexity of the economic, financial and banking activities, depending on computer networks and the Internet has become almost absolute in the business world. Given the interconnected nature of these networks and their openness to the world have made these networks a tempting target for piracy, particularly the piracy of economic targets and hence leading to disastrous destructive consequences.
Each year electronic and cyber attacks cost the world huge sums of money. And according to “Merrill Lynch”, cybercrime cost the world economy around 575 billion dollars a year, resulting from pirates attacks of hundreds of companies and individuals. A “McKinsey” study also estimated that cyber attacks could cause economic losses of up to 3 trillion dollars by 2020 if governments did not take the necessary measures.
Recently, more than 70 countries in Europe and Asia have been attacked by a virus called “WannaCry” that has disrupted vital institutions. Britain, the United States, China, Russia, Spain, Italy, Germany, Vietnam and Taiwan have been exposed to the attacks. The most prominent attack is the one which hit the public health service in Britain, and lead to freezing the work of computers in many of its institutions, and causing confusion in dozens of hospitals.
According to the World Data Organization, companies worldwide have spent 74 billion dollars on e-security in 2016. Global revenue for hardware, software and security-related services is expected to grow to about 100 billion dollars by 2020, because e-security has become a growing concern for companies in the world, and is at the top of the business risk list. For the financial sector in particular, more attacks are expected on their important infrastructure, such as the SWIFT-related attacks of 2016.
In the Arab region, cybercrimes and security threats have become a new danger facing companies operating in the region. The Gulf region has witnessed the highest rise in global fraud in 2016, where cybercrime rate in the GCC countries has exceeded the global average. It is expected that electronic attacks will continue in the Arab region, where central and commercial banks will be the most targeted sectors in the coming period, as well as vital facilities such as energy, oil, health and communications.
Therefore, investing in cyber security has become a top priority for these sectors, as well as the need for systematic procedures for preventing, detecting and dealing with cyber threats to avoid the damage that may be caused to them, in addition to their ability to respond effectively, comprehensively and appropriately once these incidents are detected.
The Union of Arab Banks’ Forum on “Cyber Security” will shed light on one of the most important issues of concern for both central and commercial banks. It will be a platform for studying and discussing the reality and developments of electronic risks, and the possibilities of cooperating and sharing experiences to face the dangers of cyber attacks.
TOPICS OF DISCUSSION
The reality of Electronic attacks and cyber risks around the world
The reality of Electronic attacks and cyber risks in the Arab region
The importance of facing cyber risks for preventing financial losses and reputation risks
Investing in infrastructure and human resources to face cyber risks
The importance of Arab-Arab and Arab-international cooperation to confront cyber threats
Cyber Security: Fortifying and strengthening the Arab Economy
Chairmen & General Managers of Arab Banks
Senior Managers in Arab Central Banks
Managers and senior assistant managers at the Arab Supervisory and regulatory bodies
Risk Managers and their senior assistants
Credit Managers and their senior assistants
Accounting Managers and their senior assistants
Information technology Managers and their senior assistants
Internal Auditors and their senior assistants
STRUCTURE OF THE FORUM
Working papers and panel discussions presented and moderated by senior bankers and businessmen thus allowing for more informative, in-depth and useful sessions.
Real life case studies related to Cybercrimes and Cybersecurity development and means of combating its danger.
An exhibition for sponsoring institutions where by the participating institutions and companies would be able to establish and develop business ties.